February 24, 2015 – St. John’s, Newfoundland – Kraken Sonar Inc. (TSXVENTURE: PNG) (formerly Anergy Capital Inc.) (the “Company”, “Kraken” or “We”) is pleased to announce the start of trading today at the opening of the TSX Venture Exchange, following the previously announced acquisition of all of the issued and outstanding shares of Kraken Sonar Systems Inc., constituting the qualifying transaction of the Company, and subsequent name change.
Kraken was founded in 2012 with the objective of commercializing a software-centric version of Synthetic Aperture Sonar (SAS) technology, to compete with more hardware-dependent and expensive SAS solutions. These legacy SAS systems were seen as the domain of global defence contractors using SAS for military surveillance purposes to detect seabed mines or other types of unexploded ordnances. SAS is the next generation of sonar, following side scan sonar and multi-beam echo sounders, which while capable of producing high resolution images of objects on the seabed, only do so at short range. SAS, on the other hand, is capable of producing ultra-high resolution imagery at long ranges, which can be more than ten times the range of conventional side scan sonar.
The graphic below illustrates the difference in image quality of a 20 metre towrope lying on the seabed:
Karl Kenny, President and CEO, commented, “We have emerged as a leading supplier of advanced sonar technology, and today count international navies and defence contractors among our customers. Being publicly traded is a fundamental step for our company, giving us access to growth capital in step with our strategic plan.”
Over a period of two years, financed mainly by the founder, Kraken’s team of engineers and scientists have successfully produced, validated through sea trials and sold their SAS systems to several leading defence contractors and commercial companies for advanced seabed survey. Kraken’s technology was selected by Defence Research and Development Canada for deployment in the Franklin Expedition search of 2014, earning recognition from leading scientists and government agencies for its differentiation and performance in producing images of the Arctic seafloor that were unprecedented in their clarity and accuracy.
Karl Kenny is a former naval officer who was part of the Microsoft Mouse project team during the 1980’s. In the 1990’s, he founded Telepix, a leader in photo e-commerce solutions. Telepix was acquired by a European photo equipment manufacturer in 2000 for over $50 million in cash and stock. He then focused on marine technology companies, and has been named Entrepreneur of the Year by Memorial University and twice named as a Top 50 CEO by Atlantic Business magazine. Karl was inducted into the Newfoundland and Labrador Business Hall of Fame in May 2012.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX-V: PNG) is an industrial technology company, founded in 2012, that is dedicated to the production and sale of software-centric Synthetic Aperture Sonar (SAS) technology. The Company’s products have been sold to leading defence contractors, commercial companies and research institutions for producing real-time, high resolution imagery of the seabed. Marine Technology Reporter has twice named Kraken to their MTR100 – a list of the 100 most influential companies in the international marine technology marketplace. For more information, please visit www.krakensonar.com.
ON BEHALF OF THE BOARD
President, Chief Executive Officer and Director
For further information, please contact:
Flora Wood, IR & Corporate Communications
Telephone: 709-757-5757 ext. 270
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.