ST. JOHN’S, NEWFOUNDLAND, September 6, 2022 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that it has signed a follow-on contract to supply minehunting systems as part of a contract for new Mine Countermeasure Vessels (MCMVs) for a leading NATO Navy. Kraken’s KATFISH™ system has been in full production since 2017, and since 2020 Kraken has delivered several KATFISH™ towed Synthetic Aperture Sonar, Tentacle® Winch and Autonomous Launch and Recovery System (ALARS) to customers in North America, Europe and the Middle East. As part of this new contract, Kraken will deliver additional KATFISH™, Tentacle® Winch and ALARS and topside systems. Kraken’s sonar equipment will be integrated onboard new MCMVs , with deliveries occurring in 2023 and 2024.
Karl Kenny, Kraken President and CEO noted: “We are very pleased to sign this follow-on contract to supply additional KATFISH™ and ALARS systems for this NATO Navy’s new minehunting vessels. Like many other NATO countries, Kraken’s customers are upgrading their minehunting capabilities, as the war in the Ukraine with Russia highlights the need for stronger national security. Against this global geopolitical backdrop, Kraken is seeing continued opportunities for growth in all regions of the world. With an innovative and world leading portfolio of synthetic aperture sonar technologies, we look forward to additional significant program wins both as prime contractor and in partnership with other global defense primes. Our next generation technology is commercially available today and offers industry leading performance and a highly competitive value proposition.
Figure 1: KATFISH™and ALARS – Storage Position
Kraken also announces that it has issued 100,000 stock options to an employee. These options have a five-year term, with vesting in three equal instalments consisting of six months from the date of grant and on the one and two-year anniversaries of the initial grant. The exercise price on the options is $0.37.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company dedicated to the production and sale of software-centric sensors, subsea batteries, and underwater robotic systems. The company is headquartered in Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed. PanGeo with offices in Canada, the United States and the United Kingdom is now a wholly owned subsidiary of Kraken. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.
Certain information in this news release constitutes forward-looking statements. When used in this news release, the words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “seek”, “propose”, “estimate”, “expect”, and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company’s current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company’s public disclosure documents. Many factors could cause the Company’s actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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For further information, please contact:
Joe MacKay, Chief Financial Officer
Greg Reid, Chief Operating Officer
Sean Peasgood, Investor Relations