ST. JOHN’S, Newfoundland, Aug. 07, 2018 (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
Cooperative Research and Development Agreement (CRADA) with the U.S. Navy’s Naval Undersea Warfare Center –
Division Newport (NUWCDIVNPT). The CRADA covers the operation of Kraken’s high-speed actively controlled towed
Synthetic Aperture Sonar, KATFISH, for multi-mission applications, including mine countermeasures.
The CRADA defines a joint research and development relationship between NUWCDIVNPT and Kraken. The overall
objective is to provide NUWC with experience operating the KATFISH, Kraken’s commercially off-the-shelf actively controlled,
high-speed towed Synthetic Aperture Sonar from a surface vessel of opportunity. In the case of this CRADA, the vessel used will be
manned; however, the towed system will also be operated from a remote station to simulate unmanned operation (i.e. operation from
an Unmanned Surface Vehicle).
CEO Comments
Karl Kenny, Kraken’s President and CEO said, “This is our second CRADA with the U.S. Navy. Our first CRADA with NUWC was signed in
April 2013 (shortly after Kraken commenced its operations) to evaluate the performance of our AquaPix® Synthetic Aperture Sonar.
Over the past 5 years, we have worked well with various U.S. Navy groups, and these efforts have accelerated significantly over the
past 18 months. We look forward to further collaboration with NUWC to develop cost-effective solutions that support the
warfighter.”
ABOUT NUWC
NUWC is part of Naval Sea Systems Command (NAVSEA). NAVSEA along with its predecessor organizations have been
responsible for the design, construction, delivery, maintenance, and disposal of the US Navy’s ships and ship systems. NUWC is the
center for the majority of research, evaluation, engineering operations, and assistance for national underwater systems. It
also offers support for domestic weapons systems for any kinds of undersea resources. NUWC DIVNPT has
extensive expertise, capabilities, and information in underwater unmanned vehicles, sonar and signal processing.
ABOUT KRAKEN
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, Germany; and Fairfax, Virginia. 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.
FORWARD LOOKING STATEMENTS
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
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/29899fa6-1d56-46af-868f-78c6a5f9cb2d
