ST. JOHN’S, Newfoundland, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that it has successfully completed over 3 weeks of sea trials in Nova Scotia with our SeaScout® system installed on the company’s research and survey vessel, ‘Ocean Seeker’.

The SeaScout® system consists of the Kraken’s Autonomous Launch and Recovery System (ALARS), Tentacle Winch® and, the KATFISH™ towed Synthetic Aperture Sonar underwater vehicle. Both the Tentacle Winch® and the ALARS are constructed of non-welded aluminum for high strength, low weight, and low magnetic signature. These properties are important for small host vehicles such as Unmanned Surface Vehicles (USVs) and Mine Counter Measures (MCM) vessels. The Tentacle Winch and ALARS are the culmination of an internal development effort started in 2017 by Kraken’s Handling Systems team located in Dartmouth, Nova Scotia.

The complete SeaScout® system will be delivered to both the Royal Danish Navy and the Polish Navy over the coming years for installation on their mine hunting vessels.

To view a video of the SeaScout® system installed on the Ocean Seeker, click here: https://youtu.be/zkaInfqBiq4

Reference:  https://krakenrobotics.com/kraken-signs-36-million-danish-navy-contract/
                    https://krakenrobotics.com/2060-2/

ABOUT OCEAN SEEKER
Ocean Seeker is currently docked at the COVE facility in Dartmouth, Nova Scotia where Kraken’s Unmanned Maritime Vehicles Facility is located. Ocean Seeker is a high-performance, affordable solution intended for military and commercial operators needing to maintain surveillance of their underwater installations such as offshore platforms, oil & gas installations, wind farms and marine turbines. Kraken intends to engage and deploy Ocean Seeker in conjunction with Kraken’s OceanVision™ project, a three-year, $20 million initiative focused on the development of new marine technologies and products. OceanVision™ will enable development of a recurring revenue business model from underwater data acquisition and analytics. In addition, when not being deployed as part of the OceanVision™ project, Ocean Seeker will be available for use by the ocean technology and marine survey community in Atlantic Canada.

The vessel is a former Royal Canadian Mounted Police marine patrol vessel acquired in 2019 by Kraken board member Larry Puddister. Ocean Seeker along with Kraken’s SeaScout® system will become part of a joint venture between Mr. Puddister and Kraken called Ocean Discovery Inc.

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

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/f9164d54-db2a-43d1-bda1-bc4f423da399

https://www.globenewswire.com/NewsRoom/AttachmentNg/eb699b12-248d-4fb8-97ca-83615d65a071

https://www.globenewswire.com/NewsRoom/AttachmentNg/ebb5f832-b9ce-4db4-9730-5a10a6e88ded