Kraken Announces Management Transition
22 December 2022 - 10:00PM
Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), today announced
that Karl Kenny, Founder and President and Chief Executive Officer,
will be appointed Executive Chairman of Kraken and transition the
President and Chief Executive Officer role to Greg Reid. Mr. Reid
joined Kraken more than 7 years ago as Chief Financial Officer and
since 2019 has been Chief Operating Officer. This transition will
become effective January 1, 2023.
“It has been an honour and privilege to lead
this company as Founder, President and CEO for over a decade, and I
am pleased to continue to serve as Executive Chairman to help
oversee Kraken’s ongoing progress,” said Mr. Kenny. “Over the
course of my 45-year career, I have witnessed the profound impact
of technological evolution as well as the expansion of the blue
economy. The past decade alone has been transformational for Kraken
in science, technology and product R&D. We have delivered some
of the most important global advances in seabed imaging and
robotics; made significant strategic and tactical decisions across
the business and delivered record performance. Most of all, I am
proud and humbled to have led our talented and dedicated team
around the world. The decision to step aside from daily operations
was one of the most difficult of my career, but it is the right
one. This is good for the Company and our shareholders as our
organization is delivering strong performance across all units and
is positioned for continued success. I will turn 63 next year and
this is right for me personally, as I can spend more time and focus
with family. But rest assured, I won’t be far away. I have the
utmost confidence in Greg to lead Kraken as the Company’s next
President and CEO.”
“I am honored to move into the President and CEO
chair at Kraken, and to continue to build upon the success that
Karl, the management team, and employees have driven in the ten
years since he founded the company,” said Mr. Reid. “We have a
world class team at Kraken and I am excited to lead as we gain
market share with a strong offering of products and services that
allow our customers to explore and understand the subsea and
sub-seabed. Karl’s vision led to the creation of Kraken at exactly
the right time. With big challenges such as national security and
the global energy transition, Kraken has the technologies and
people to help our customers protect and power the world. The
Kraken of today is much different than the Kraken of even 3 years
ago. We have more management depth, a deeper roster of engineering,
science, and services talent and our technologies and systems are
more hardened. With major reference customers across various
navies, defense contractors, UUV OEMs, and energy companies, we are
just getting started. We look forward to capitalizing on the
favorable industry trends in subsea robotics and I am excited when
I think about our prospects. Our technology, products, people and
brand carry incredible momentum. I would like to reinforce our
commitment to our employees, customers, shareholders and partners
and I look forward to leading the organization for the long-term
growth of Kraken,” said Mr. Reid.
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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 and South 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, please contact:
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
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