ST. JOHN’S, NEWFOUNDLAND, September 8, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to announce that today it has signed a contract with Danish Ministry of Defence, Acquisition and Logistics Organization (DALO) to supply mine-hunting sonar equipment to the Royal Danish Navy. This was a competitive bid process and under the program, Kraken will deliver its KATFISH™ towed Synthetic Aperture Sonar, Tentacle® Winch and Autonomous Launch and Recovery System (ALARS). Kraken’s minehunting system will be integrated onboard the Royal Danish Navy’s optionally unmanned surface vessels (MSFs as seen in Figure 3). The total contract value is approximately $36 million, with the majority of that received over a 2-year equipment acquisition phase. Product margins on this contract are expected to be in line with historical Kraken averages.
Kraken CEO Comments
Karl Kenny, Kraken President and CEO noted: “We are very pleased to sign this contract to supply our KATFISH™ and ALARS systems to the Royal Danish Navy. This was a very competitive process and we are proud to have been selected. We are looking forward to a long-term relationship with the Danish Navy. As part of its commitment to Denmark, Kraken will be expanding its European presence with the establishment of a new Danish Centre of Excellence in Mine Counter Measures. This new operation will not only conduct research and development to further improve the capabilities of Kraken’s world-class MCM solutions but will also be able to offer local technical support for Danish customers. Kraken’s new Danish operation will also engage with local Danish companies, universities and technical institutes, ensuring a long term benefit to Danish technical development.”
Figure 1: KATFISH™and ALARS – Storage Position
The Head of the Maritime Division within DALO, Captain (RDN) Kim Bo Meier noted:
“The ability to recognize conditions below sea level on Danish maritime territory is as ever considered a vital task of the Royal Danish Navy and its MCM forces. After a lengthy and rigorous procurement process the Royal Danish Navy has selected Kraken’s KATFISH™ 180 system as its future main mine hunting sensor. A modern sensor, which within the months to come is to be fully integrated in to the Danish MCM modular concept of unmanned and remotely controlled MCM drones. With this new sensor the Royal Danish Navy can maintain its MCM capacity and necessary operational preparedness in relation to being able to locate and clear mines in both national and international waters and straits. We look forward cooperating with Kraken ensuring a smooth integration of the new main sensor.”
Figure 2: KATFISH™and ALARS – Deployed Position
Figure 3: Danish Navy MSF1 Minehunter
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 thrusters, 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.
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, please contact:
Joe MacKay, Chief Financial Officer
Greg Reid, Chief Operating Officer
Sean Peasgood, Investor Relations
Shauna Cotie, Marketing Manager
(709) 757-5757 x 241