ST. JOHN’S, Newfoundland, April 17, 2019 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has been awarded a financial contribution of $1 million from the Government of Newfoundland and Labrador. The funding was awarded under the Innovation and Business Development Funding (IBDF) program and will be used for the initial phase of the OceanVision™ project that Kraken plans to pursue as part of the Ocean Supercluster initiative.

OceanVision™ is a proposed three-year project to develop a new business model that supports Robotics as a Service (RaaS). This RaaS business model will provide an end-to-end integrated solution that offers advanced sensors, robots and data analytics as a turnkey service. The IBDF award will help fund the production of a KATFISH™ system, and Kraken’s autonomous launch and recovery system (including Kraken’s new Tentacle™ winch). The award also funds the first of three at-sea demonstration campaigns that will be completed throughout the proposed OceanVision™ project.

Kraken’s project focuses on two primary areas of innovation, including: development of the analytics related to processing, merging and analyzing real-time data; and, development of a new data workflow, providing real-time, high-resolution intelligence of the seafloor and subsea assets. It will strengthen capabilities in emerging technologies, including digitalization, subsea tiebacks and other technologies to lower costs and improve operating performance in the offshore oil and gas industry.

Karl Kenny, Kraken's President & CEO, said, "We are very grateful for this financial contribution from the Government of Newfoundland and Labrador which supports the initial phase of our proposed OceanVision™ project. Robotics as a Service is a unique business model, which is a combination of sensors, underwater robots, cloud computing and artificial intelligence. With RaaS, clients do not need to purchase an integrated solution; they can, instead, lease the robotic devices to acquire and process the ultra-high resolution subsea data that they need. The data captured by robots across different locations can be stored in a cloud-based system and accessed by humans. This will ensure seamless data access without disrupting the existing workflow. Customers can leverage robots to engage their resources into more human-intensive processes such as decision-making and analytical thinking. While maritime RaaS is still in a nascent stage of development, it is already driving exciting domestic and international opportunities. With a growing focus on productivity challenges and a deep understanding of the operational environment, RaaS will accelerate innovation and disrupt antiquated business models in many industries across the ocean technology community.”

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen and 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:

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

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

Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
gleyte@krakenrobotics.com