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Kraken Qualifies to Sell Directly to the Government of Canada Under Canadian Business Journal’s “Pathway to Commercialization Program”

st. JOHN’S, NEWFOUNDLAND, Sept. 12, 2022 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), a Canadian marine company, announced earlier this year that it was Having tested a stream contract with the Royal Canadian Navy, Kraken is one of the first Canadian companies to qualify to sell its innovations directly to the Canadian government without further competition. This qualification for Kraken’s OceanVision™ solutions is under Canada’s New Path to Commercialization Framework.1 Started by ISC. The approval itself has no value, but direct purchases are up to $8 million per contract and are available to all government departments.

Commenting on the new PTC program, Kraken President and CEO Karl Kenny said: Through his new PTC program at ISC, he is pleased to offer OceanVision services, making much-needed and innovative solutions available to these departments and institutions. Potential applications for OceanVision services include habitat mapping and marine protected area (MPA) monitoring, high-resolution seafloor mapping to augment port security route finding applications, as well as shipwreck searches and marine archaeology. Includes a survey of academic requirements. Here in Canada, we see great potential in this service. “

About Kraken’s OceanVision Service
Kraken’s OceanVision service offers turnkey, turnkey, ultra-high resolution Synthetic Aperture Sonar (SAS) seafloor imaging and bathymetry at an affordable price, offering higher resolution, range and area coverage rate (ACR) To do. The higher range, resolution, and associated higher ACR of SAS over conventional side-scan sonar and multi-beam sonar systems greatly expand capabilities for military, scientific, and commercial applications. Kraken’s OceanVision is capable of ultra-high resolution imaging of 2 cm x 2 cm over long distances.

Kraken’s OceanVision service delivers significant benefits to government agencies by providing access to cutting-edge technology “as you need it” without worrying about equipment obsolescence, lifecycle costs, or declining operator skills. Kraken’s OceanVision has many advantages, especially as it relates to the Canadian government.

  • Kraken’s technology greatly improves image quality with world-leading advanced technology, greatly reducing the time of conventional seafloor surveys.
  • OceanVision assets can be deployed to help map areas of interest prior to normal operations, with the image quality required to enable change detection and optimize return visit rates. This could give the Canadian government a competitive edge for detecting complex subsea objects.
  • OceanVision service applications enhance existing research efforts while supporting coastal nautical chart mapping and charting requirements on an annual basis at high-definition resolution, freeing up valuable government assets for other mission-critical functions. increase.
  • OceanVision provides online and offline data analysis capabilities, allowing users to leverage Kraken’s extensive experience in image processing, target detection and seafloor classification.

Three charts accompanying this announcement are available at the following URL:

https://www.globenewswire.com/NewsRoom/AttachmentNg/d67064c6-93a9-44a4-b5c0-4ea9c832bceb

https://www.globenewswire.com/NewsRoom/AttachmentNg/4e363a86-6065-4f59-b3bc-877e74ca9fbb

https://www.globenewswire.com/NewsRoom/AttachmentNg/a09eac09-44f9-4603-90ba-6427247102c3

1https://www.ic.gc.ca/eic/site/101.nsf/eng/00179.html

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www.krakenrobotics.com

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About Kraken Robotics
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that specializes in manufacturing and marketing software-centric sensors, subsea batteries and underwater robotic systems. The company is headquartered in Newfoundland, with offices in Canada, the United States, Germany, Denmark and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions under the seafloor. With offices in Canada, the US and the UK, PanGeo is now a wholly owned subsidiary of Kraken. Kraken is ranked as one of the top 100 marine technology companies by Marine Technology Reporter.

Certain information in this news release constitutes forward-looking statements. As used in this news release, “could”, “could”, “could”, “could”, “intend”, “plan”, “expect” ‘, ‘believe’, ‘seek’, ‘suggest’, ‘estimate’, ‘expect’ and similar expressions in connection with our company are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements regarding, among other things, business objectives, expected growth, operating results, performance, business projects and opportunities, and financial results. These statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ materially from those anticipated in the forward-looking statements. Such statements reflect the Company’s current view of future events based on certain important factors and assumptions, including market, competitive, governmental or regulatory developments, general economic conditions and prevailing economic conditions. Subject to certain risks and uncertainties, including, but not limited to, changes in other factors. Described in our public documents. Many factors could cause our actual results, performance or achievements to differ from those set forth in this news release. This includes, but is not limited to, those listed above. These factors should not be construed as exhaustive. If one or more of these risks or uncertainties materializes, or if the assumptions underlying the forward-looking statements prove incorrect, the actual results may be stated in this news release. The content and forward-looking statements contained in or incorporated by reference in this news may differ materially. You shouldn’t rely too much on releases. Such statements are made only as of the date of this news release. We disclaim any intention or obligation to update these forward-looking statements. Any forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither TSX Venture Exchange Inc. nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release, and the OTCQB neither approves nor disapproves of the contents of this release. Is not … press release.

For more information, please contact:

Joe McKay, Chief Financial Officer
(416) 303-0605
[email protected]

Greg Reed, Chief Operating Officer
(416) 818-9822
[email protected]

Sean Piesgood, Investor Relations
(647) 955-1274
[email protected]


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Kraken Qualifies to Sell Directly to the Government of Canada Under Canadian Business Journal’s “Pathway to Commercialization Program”

Source link Kraken Qualifies to Sell Directly to the Government of Canada Under Canadian Business Journal’s “Pathway to Commercialization Program”

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