ST. JOHN’S, Newfoundland, March 22, 2019 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its long-standing customer, ECA Group, is part of the Belgium Naval & Robotics consortium that was recently announced as the winner of a €1.8 billion contract to supply 12 mine hunting vessels and 100 drones. The final notification of their contract is expected to take place in the coming weeks.
The Belgian and Dutch navies are acquiring the latest generation of mine hunters designed by Naval Group and will integrate ECA Group's naval drone systems capable of conducting autonomous underwater minehunting and clearance operations. ECA Group’s share of the contract is valued at approximately €450 million.
Kraken is a supplier to ECA for Synthetic Aperture Sonar sensors, software and electronics for underwater drones (autonomous underwater vehicles and towfish). Senior executives from Kraken and ECA plan to meet in the coming weeks to discuss specific requirements, delivery and contract details. More details will be released as appropriate, but on successful contract conclusion and if all contract options are exercised as quoted, Kraken's portion of the program is expected to be in excess of C$35 Million. Further information on the program and contract can be found here:
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 and is ranked as the top technology company on the TSX-V for 2019. 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.
ABOUT ECA GROUP
Recognized for its expertise in robotics, automation systems, simulation and industrial processes, the ECA GROUP has been developing complete, innovative technological solutions for complex missions in hostile and confined environments since 1936. Its product offering is designed for an international client base that is demanding, both in terms of safety and effectiveness. The Group’s main markets are in the defense, maritime, aeronautics, simulation, industrial and energy sectors. In 2018, the Group reported revenue of €102 million across its three divisions: Robotics, Aerospace and Simulation. The ECA GROUP is a Groupe Gorgé company. The ECA GROUP is listed on Euronext Paris Compartment C. ISIN Code: FR0010099515Ticker Code: ECASA Bloomberg Code: ECASA:FP
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