ST. JOHN’S, NEWFOUNDLAND – (Marketwired–May 3, 2016) – Kraken Sonar Inc. (TSX-V: PNG) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has invoiced a major European defense contractor for over C$400,000. Proceeds are expected to be received during Q2 2016. Due to competitive reasons, the customer cannot be named at this time.
Kraken recently provided an AquaPix® Miniature Interferometric Synthetic Aperture Sonar (MINSAS) for integration and sea trials on the customer’s Autonomous Underwater Vehicle. Kraken believes its product demonstrated superior price/performance characteristics and that it is well positioned for additional business with this customer in 2016.
Karl Kenny, Kraken President and Chief Executive Officer, said, “Navies around the world rely upon their suppliers to provide the best underwater systems and more defense contractors are depending upon Kraken to provide innovative underwater technology solutions. We look forward to working with this customer in the future.”
ABOUT MINSAS
MINSAS is an advanced sonar designed for operational depths up to 6,000m. The system integrates the latest electronics, transducer arrays and signal processing software and is optimized for the demanding size, weight, power and cost constraints of Autonomous Underwater Vehicles and Unmanned Surface Vehicles.
MINSAS uses a subset of Kraken’s award-winning AquaPix® INSAS transducer array but has the addition of an innovative SAS gap filler transmitter that produces high-resolution data in the nadir region. A lower frequency transmit element, unique to MINSAS, provides a SAS resolution gap fill directly under the platform. The transmitter and receiver elements are integrated into single monolithic arrays mounted close to the electronics module. The system also uses two rows of identical receiver elements to deliver high precision 3D bathymetry data.
The system is provided in three configurations. MINSAS 60 uses a transducer array assembly that measures 60cm in length designed for AUVs with body diameters as small as 8 inches. MINSAS 120 uses a transducer array assembly that measures 120cm in length designed for larger AUVs. MINSAS 180 measures 180cm in length designed for high-speed towfish operations from both manned and unmanned surface vessels.
All systems produce ultra-high resolution, real-time image quality with unparalleled sharpness. Advanced 3D motion compensation and beamforming technologies nullify blurring caused by platform motion.
The MINSAS 180 system is an integral part of Kraken’s recently announced KATFISH™ intelligent towfish system. KATFISH™ provides Ultra High Definition imagery and 3D bathymetry to enable real-time seabed mapping at extremely long ranges.
ABOUTKATFISH™
KATFISH™ acquires over 1 billion pixels per 1km2 per hour of area coverage rate. That’s 30 times more detail than conventional side scan sonar. Advanced algorithms perform thousands of adjustments every second to ensure every pixel displays data with incredible clarity. KATFISH™ provides the industry’s highest resolution seabed pixels at the lowest data acquisition cost when compared against competing survey sonar platforms.
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 technology. The Company’s products have been sold to leading defence contractors, commercial survey companies and research institutions for producing real-time, ultra high-resolution imagery and bathymetry of the seabed. Marine Technology Reporter has three times 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.
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.
For further information, please contact:
Greg Reid, Chief Financial Officer
(416) 818-9822
Sean Peasgood, Investor Relations
(416) 565-2805
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
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