Kraken Receives Order to Equip 2nd Teledyne Gavia SeaRaptor AUV with AquaPix® SAS Sonar

Mount Pearl, Newfoundland and Labrador, CANADA


Kraken Receives Order to Equip 2nd Teledyne Gavia SeaRaptor AUV with AquaPix® SAS Sonar

ST. JOHN’S, Newfoundland, May 27, 2021 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce a second purchase order for 6000-meter rated AquaPix® MINSAS 120 sonars from Teledyne Gavia. This second order follows an order announcement that Kraken made on April 28, 2021, where we were unable to announce the customer at that time. While we cannot provide the specific amount of these orders to Kraken, they total between $1.75 and $2.0 million. Kraken expects to fulfill these orders in 2021.

Teledyne Gavia’s Autonomous Underwater Vehicle (AUV) customer is Argeo AS, a European survey company who recently press released their two SeaRaptor AUV orders. According to Argeo, they intend to have the two AUV systems work in parallel for projects requiring larger seabed footprint and productivity, focusing on deep water projects and campaigns. The SeaRaptor is a survey-grade deep water AUV designed to operate at abyssal depths and is depth rated up to 6000 meters. SeaRaptor supports a variety of applications, such as search and recovery, salvage, exploration, construction support, deep sea mining, marine archaeology, and oceanography.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/402b7219-ce37-4357-9fbd-21e21010227a

These purchase orders follow initial integration and sea trials of Kraken’s AquaPix® MINSAS at Teledyne Gavia facilities in Iceland in the summer of 2020. Kraken’s AquaPix® MINSAS is an off the shelf configurable SAS which replaces high end sidescan systems at an affordable price, while delivering significantly higher resolution, range, and area coverage rates (ACR). The increased range and resolution and associated higher ACR of SAS over traditional systems can significantly expand the capabilities of Teledyne Gavia AUV systems for a variety of tasks for naval, scientific, and commercial applications. The man-portable Gavia class vehicles will utilize the MINSAS 60 system while the larger Osprey and SeaRaptor AUVs are capable of carrying the larger MINSAS 120 configuration. Kraken’s MINSAS is capable of 2 cm x 2 cm Ultra High-Definition SAS imaging which is ideal for stringent requirements of marine mineral surveys.

Kraken is the undisputed leader in provider Synthetic Aperture Sonar to third party underwater vehicle platforms. To date, Kraken has seen its Aquapix® sensors integrated on more than 20 unique underwater vehicle platforms from a variety of manufacturers.

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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 Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. 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.

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
(416) 303-0605
jmackay@krakenrobotics.com

Greg Reid, Chief Operating Officer
(416) 818-9822
greid@krakenrobotics.com

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


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