ST. JOHN’S, Newfoundland, Jan. 23, 2020 (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 signed a 8 year framework agreement with a leading international defense contractor. Under the agreement, Kraken’s Acoustic Signal Processing Group in Toronto will provide development, maintenance, and training to the customer to enhance and modernize their sonar product. The customer name and additional contract details cannot be disclosed for confidentiality reasons.
Kraken’s Acoustic Signal Processing Group has over 80 years of combined experience in sonar systems development and integration. Their core competency is implementation of digital signal processing and user interface software for Anti-Submarine Warfare (ASW) sonar applications. This work frequently involves integration with embedded processing platforms for shipboard or shore-based analysis systems. The group can process and display data from fixed and mobile underwater as well as airborne systems to take advantage of machine automation, active and passive array technology improvements, hardware and software upgrades of submarine, surface and airborne ASW systems.
Karl Kenny, Kraken’s President and CEO said, “Since signing a $1 million contract with this customer in September 2018, our Acoustic Signal Processing Group has worked diligently to support this customer. We are pleased with their vote of confidence in our team’s capabilities and look forward to a growing relationship in the coming years. There is a significant and growing demand for strengthening ASW capabilities operated on surface warships, aircraft, submarines and unmanned systems. Such technologies are used to track, locate and neutralize hostile submarine threats.”
Industry analysts Research & Markets estimate that the global sonar systems market was valued at over US$ 4 Billion in 2018. Governments are increasing their defense budgets for building warships and deploying submarines as a part of their military strategies. Moreover, the growing applications of sonar systems in ASW have boosted their demand across the globe.
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 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, disclosure about the terms of the Transaction and about Kraken Power. The Company made certain material assumptions, including but not limited to, ability to obtain all requisite approvals to complete the Transaction, general 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, including the completion of the Transaction, 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.
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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