ST. JOHN’S, Newfoundland and Labrador, Feb. 19, 2019 (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 received purchase orders for approximately $1.7 million from Ocean Infinity for the Company’s AquaPix® Synthetic Aperture Sonar (SAS) sensors and support. Product delivery is expected during Q1 and Q2, 2019. This is the second set of purchase orders from Ocean Infinity under an initial master agreement contract announced in Q3 2017.
Oliver Plunkett, President and CEO of Ocean Infinity, said, “We are very pleased to add additional Kraken technology to our suite of latest generation tools with the order of further AquaPix® SAS sensors for our AUV fleet. Ocean Infinity will continue to invest in state of the art equipment to maintain our position as the world’s most technologically advanced seabed data company. This order is placed at an important time in the Ocean Infinity story, as we look forward to delivering excellent service and value to a growing number of clients, and launching our third fully equipped and permanently mobilised vessel which ensures we have a global geographic footprint and the ability to reach any project in a matter of days. We will continue to deliver exceptional value to our clients wherever we operate and working with Kraken is an important part of achieving that goal."
Karl Kenny, Kraken's President and CEO, said, "We are pleased to continue to supply Ocean Infinity with our AquaPix® SAS sensors for their deep water AUVs, allowing for the collection of high resolution seabed data in water depths up to 6,000 meters and for coverage of large swaths of seabed quickly and accurately. Ocean Infinity has the world’s most advanced unmanned maritime technology for seabed mapping, survey, and search.”
ABOUT KRAKEN ROBOTICS INC.
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 and 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:
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