Kraken Receives $0.8 Million International Robotics as a Service (RaaS) Contract
21 December 2022 - 10:00PM
Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), is pleased to
announce that it has received an international Robotics as a
Service (RaaS) contract for the high-resolution inspection of the
critical sea routes and critical marine infrastructure. The initial
contract is valued at $0.8 million and will be undertaken in
Q1/2023 using the KATFISH™ high-speed towed synthetic aperture
sonar (SAS) system coupled with Kraken’s Automated Launch and
Recovery System (ALARS) on a vessel of opportunity. For
confidentiality reasons, the location of the contract cannot be
disclosed.
About KATFISH
KATFISH is a high-speed, actively stabilized
Synthetic Aperture Sonar (SAS) towfish that operates at speeds up
to 10 knots. The high-speed capability, and constant resolution of
KATFISH significantly increases Area Coverage Rates (ACR) by
providing more useable data at longer ranges and higher fidelity
than traditional Side Scan Sonars. KATFISH provides acoustic seabed
imagery with a range-independent resolution of 3 cm x 3 cm and area
coverage rates (ACR) of up to 4 km2/hour, with swaths of up to 400
meters, including simultaneous full swath 3D bathymetry. With
post-processing, 1.9 cm x 2.1 cm constant resolution imagery is
available.
Figure 1: KATFISH Autonomous
Recovery
Figure 2: Oil & Gas Imagery from
KATFISH - Flowlines & Riser Bases
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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 underwater robotic
systems. The company has offices in North America and Europe. In
July 2021, Kraken acquired PanGeo Subsea, a leading services
company specializing in high-resolution 3D acoustic imaging
solutions for the sub-seabed used to mitigate risk in offshore
installations. PanGeo with offices in Canada, the United States and
the United Kingdom is now a wholly owned subsidiary of Kraken.
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:Jack North, Marketing
Specialistjnorth@krakenrobotics.com
Joe MacKay, Chief Financial Officer(416)
303-0605jmackay@krakenrobotics.com
Greg Reid, Chief Operating Officer(416)
818-9822greid@krakenrobotics.com
Sean Peasgood, Investor Relations(647)
955-1274sean@sophiccapital.com
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/9c3d6b92-a0bc-4c56-b5e3-91b091b5b46chttps://www.globenewswire.com/NewsRoom/AttachmentNg/70ece7bb-12cd-444e-9e27-b6935238350f
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