ST. JOHN’S, NEWFOUNDLAND – 13 JUNE 2019/GLOBE NEWSWIRE/– Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has received a purchase order from ThayerMahan Inc., for a KATFISH™180 system. ThayerMahan Inc. is a US-based company specializing in the design, integration, and operation of autonomous maritime systems for government, industry, and academic customers. The contract value is $2.1 million and delivery is expected in Q3, 2019.ThayerMahan will deploy Kraken’s KATFISH 180 as part of its SeaScout® expeditionary system for seabed mapping and intelligence.
Admiral (retired) Mike Connor, ThayerMahan’s President and CEO said, “We are pleased to bring Kraken technology into the portfolio of systems and services we provide to our clients. The search rate, resolution, seakeeping ability, and real-time processing of the KATFISH system will enable ThayerMahan to deliver a level of service that will fundamentally change the maritime survey industry. We are committed to helping our customers operate safely and responsibly on and under the ocean.”
This is the first order resulting from a strategic alliance entered between the two companies in February 2018. Under this collaboration, both companies are delivering next generation underwater sensors and robotics for military, law enforcement, port and maritime security, environmental monitoring, and seabed survey applications. In August 2018, the companies participated in the US Navy’s Advanced Naval Technology Exercise, an annual invitation-only event that was created by the U.S. Navy to see the future of naval technology in action today.
Karl Kenny, Kraken’s President and CEO said, “We are delighted to receive this order from ThayerMahan. Seafloor mapping is one of the oldest professions known to humankind. For thousands of years, mariners have been measuring the seabed under their vessels. Today’s ocean surveying market is valued at over US$3 billion per year. Kraken’s customers have requested a high speed, ultra-high resolution seabed mapping solution that leverages our sensor and robotics technology. With KATFISH™, surveyors can now increase the quantity of seafloor data, significantly improve data quality and lower data acquisition costs – all in real time.”
SeaScout® is an expeditionary system for seabed mapping and intelligence. SeaScout® features the following characteristics:
- Kraken’s KATFISH™ 180, an actively stabilized towfish with Synthetic Aperture Sonar providing wide area seafloor survey, with area coverage rates (ACR) of 3km2/hour and up to 8 knots tow speed; superior pixel resolution for detection and classification (3cm x 3cm @ > 200m per side range); real-time, full-swath, full-resolution SAS processing; 200m+ operating depth; altitude- or depth-keeping navigation; automatic target detection; and in-stride classification.
- Real-time seafloor imagery transmission using secure, reliable (zero-error), rapid, data-compressed content delivery to cloud-based storage between fixed sites and mobile platforms.
- Cloud-based data analytics, using machine learning for automated change detection of seabed targets by comparing test-generated and deployed seabed targets against previously surveyed bottom mapping baseline information.
ABOUT THAYERMAHAN INC
ThayerMahan Inc. is a maritime systems and services company headquartered in Groton, Connecticut, USA, with an office in Boston, Massachusetts. The company was founded by retired U.S. Navy Vice Admiral Mike Connor, who also serves on Kraken’s Board of Directors. For more information, please visit www.thayermahan.com.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kraken or its subsidiaries and customers to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Examples of such statements include statements with respect to the Company’s anticipated revenue growth; completion of industry contracts between the Company and its clients, and between its clients and other industry partners; anticipated impact of industry upgrade cycles in naval mine warfare and the anticipated and timely adoption of underwater robotics; the Company’s ability to capitalize on existing and future bids for services, including the Ocean Supercluster; among others. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information including such risks contained in the Company’s management’s discussion and analysis for the fiscal year ended December 31, 2018 and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all.
Certain forward-looking information in this press release constitutes future-oriented financial information or financial outlooks, within the meaning of securities laws. Such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are based on assumptions and subject to risks, uncertainties and other factors. Actual results may differ materially from what the Company currently expects. Readers are cautioned that any such future oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that that the prospective financial information as to the Company’s anticipated 2019 financial results has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.
The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, please contact:
Greg Reid, Chief Financial Officer
Sean Peasgood, Investor Relations
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
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