ST. JOHN’S, NEWFOUNDLAND, May 31, 2023 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) announces a $9.5 million contract to supply high-resolution seabed mapping sonar equipment to a navy in Asia-Pacific. The customer cannot be named at this time. Under the scope of the contract, Kraken will deliver its KATFISH™ high-speed minehunting solution. The contract also includes a variety of support and sustainment options, including training, spares and operational support.

Under the acquisition contract, Kraken will deliver its KATFISH towed Synthetic Aperture Sonar, Tentacle® Winch and Autonomous Launch and Recovery System (ALARS) in Q2, 2023. Kraken’s equipment will be integrated onboard a vessel of opportunity selected by the customer. Continuing to build off successful KATFISH deliveries with various NATO navies, this represents Kraken’s first KATFISH system sale in the Asia-Pacific region.

This contract follows the results of a successful in-country demonstration of KATFISH™ for the customer in Q1 of this year. Kraken’s team worked in concert with a local survey company to complete a 200 km seabed survey that provided real-time ultra- high-resolution imagery and bathymetry of the seafloor along coastal waters.

Kraken is seeing continued opportunities for growth in all regions of the world as several trends are driving demand for Kraken’s synthetic aperture sonar technology. These include:

  • A heightened focus on maritime security and protection of subsea infrastructure.
  • An industry upgrade cycle and a gradual shift to smaller unmanned surface vessels for mine hunting. There are over 300 manned mine hunting vessels that are more than 20 years old and need to be upgraded over the next 5-10 years. Many of these will be replaced with smaller, unmanned vessels.
  • Strong growth in the commercial market from growing requirements for high resolution data for seabed surveys and subsea asset inspection in the offshore oil and gas and offshore wind sectors.

 

 

ABOUT KATFISH

The KATFISH is a high-speed seabed survey system providing ultra-high resolution seabed imagery and bathymetry for defense and commercial customers. The acoustic imagery and bathymetry collected by KATFISH systems provides customers with actionable intelligence about subsea assets and infrastructure such as subsea pipelines and fiber optic cables, as well as important hydrographic information about the safety of key transit routes for ocean going assets. Kraken has integrated KATFISH to a variety of manned and unmanned vessels of opportunity, providing both standalone turnkey seabed mapping as well as optional integration to a customer’s combat mission management systems.

 

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans – safely, efficiently, and sustainably.  Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

 

LINKS

www.krakenrobotics.com

 

SOCIAL MEDIA

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Instagram www.instagram.com/krakenrobotics

 

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.

 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 OTCQB has neither approved nor disapproved the contents of this press release.

 

For further information:

Stephen Griffin, Group Marketing Manager
Stephen.Griffin@krakenrobotics.com

Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com

Greg Reid, President & CEO
(416) 818-9822
greid@krakenrobotics.com

Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com