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Kraken Wins $1.1 Million Contract for AquaPix® Synthetic Aperture Sonar System, The Canadian Business Journal

st. JOHN’S, NEWFOUNDLAND, Oct. 5, 2022 (GLOBE NEWSWIRE)—Ocean Company of Canada, Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) received a total of 110 from his two customers for AquaPix. announced that it had won a million-dollar contract.® Synthetic Aperture Sonar (SAS). For confidentiality reasons, the customer’s name cannot be identified, but deliveries will be sent to the UK and Singapore and will be integrated into a small, portable autonomous underwater vehicle (AUV). This is Kraken’s first sale to Singapore and reflects the company’s growing value proposition in the defense market, offering cutting-edge technology at commercially competitive prices.

Kraken’s AquaPix® is an off-the-shelf, configurable SAS that provides higher resolution, range, and area coverage rate (ACR) while replacing high-end sidescan systems at an affordable price. SAS’ range, resolution, and associated higher ACR over traditional side-scan sonar systems greatly expand capabilities for naval, scientific, and commercial applications. Kraken’s AquaPix® Ultra-high resolution SAS imaging of 2 cm x 2 cm is possible at long distances.Aquapics® is uniquely positioned within the industry to bring this capability to the increasingly popular small portable vehicle class.Aquapics® is modular, integrated and deployed in over 20 different underwater vehicle platforms, from shallow water to deep water. Kraken’s SAS is modular and versatile, making him one of only two companies in the world to sell SAS and integrate SAS into small portable vehicles, towing systems, and deepwater vehicles. It is proven by


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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 and 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 Reid, Chief Operating Officer
(416) 818-9822
[email protected]

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

CBJ Newsmaker

Kraken Wins $1.1 Million Contract for AquaPix® Synthetic Aperture Sonar System, The Canadian Business Journal

Source link Kraken Wins $1.1 Million Contract for AquaPix® Synthetic Aperture Sonar System, The Canadian Business Journal

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