ST. JOHN’S, Newfoundland, Sept. 19, 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 recently
received a sonar signal processing software contract valued at approximately $1 million dollars from an international defense
contractor. This 12-month contract is with a new customer and will be supported by Kraken’s recently established Acoustic Signal
Processing Group. Kraken is targeting additional international opportunities in this segment and sees major opportunities within
the upcoming Canadian Underwater Warfare Suite Upgrade, the Canadian Surface Combatant program and other international underwater
surveillance programs.
Kraken’s Acoustic Signal Processing Group has 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, “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. Naval forces around the world are focusing on development of ASW technology because of
the regional proliferation of submarines. In fact, the market analyst firm Forecast International estimates the market for ASW
systems to be over US$30 billion from 2018-2032.”
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, Germany; and Fairfax, Virginia. 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:
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
Greg Reid, Chief Financial Officer
(416) 818-9822
greid@krakenrobotics.com
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
gleyte@krakenrobotics.com
