St. John’s, NEWFOUNDLAND, April 28, 2021 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce new purchase orders for a 6000-meter rated AquaPix® MINSAS 120 sonar and SeaPower® batteries totalling over $1.2 million from a new AUV customer. Due to customer confidentiality, Kraken cannot provide more details at this time. The Company expects to fulfill these orders in 2021.
Kraken’s batteries and sensors will be integrated on this customer’s survey-grade AUV and this order follows initial integration and sea trials of Kraken’s AquaPix® MINSAS in 2020. Kraken’s AquaPix® MINSAS is an off the shelf configurable SAS which replaces high end sidescan systems at an affordable price, while delivering significantly higher resolution, range, and area coverage rates (ACR). The increased range and resolution and associated higher ACR of SAS over traditional systems can significantly expand the capabilities of the customer’s AUV systems for a variety of tasks for naval, scientific, and commercial applications. Kraken’s MINSAS is capable of 2 cm x 2 cm Ultra High-Definition SAS imaging which is ideal for stringent requirements of marine mineral surveys.
The integration of Kraken’s SeaPower® 6000-meter rated pressure tolerant batteries will enable the customer to nearly double its mission durations. Extended bottom time is a highly beneficial feature to deep water AUVs as it increases area coverage rates while reducing the number of launch and recovery operations per survey which is the highest risk component of the mission.
Kraken’s unique pressure tolerant gel encapsulation technology for lithium polymer batteries provides an attractively priced, environmentally friendly, and superior alternative to the oil compensated batteries currently used for subsea battery applications. Kraken’s hot swappable batteries are modular and include an integrated battery management system within each battery module which provides a very high level of redundancy and safety to the vehicle.
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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 Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.
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
