ST. JOHN’S, Newfoundland, July 03, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has received notification that the complaint process regarding the Royal Danish Navy’s mine hunting upgrade program has been finalized. The Board of Complaints which oversaw the complaint process has ruled in favor of the Royal Danish Navy’s position on all points. The decision is publicly available at https://klfu.naevneneshus.dk/media/documents/Klein_Marine_Systems_Inc._mod_Forsvarsministeriets_Materiel-_og_Indkøbsstyrelse.pdf.
Kraken originally announced in October 2019, that it was chosen as the successful bidder on a program for the acquisition of new sonar systems for an unnamed international navy. The delay since then was the result of the complaint process initiated by a losing bidder combined with a slowing of government activity during the COVID period in Europe.
This was a competitive bid process for upgrades of the Royal Danish Navy’s mine-hunting sonar equipment. As outlined in the decision, Kraken was one of four companies (including Northrop Grumman International Trading Inc., Thales DMS France, and Klein Marine Systems Inc.) whose offers were received and evaluated. Under the program, Kraken will deliver the KATFISH™ towed synthetic aperture sonar, the Tentacle® winch and Autonomous Launch and Recovery System (ALARS) to the Royal Danish Navy. The total contract value is expected to be between C$35-$40 million, with the majority of that received over a 2 year equipment acquisition phase. Kraken expects product margins on this contract to be in line with its historical averages. We expect to finalize matters with the Royal Danish Navy during Q3,2020.
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 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, 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
Shauna Cotie, Marketing Manager
(709) 757-5757 x 241
scotie@krakenrobotics.com