Kraken Announces $2.7 Million of Sonar & Subsea Battery Contracts
31 August 2023 - 8:30PM
Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) ("Kraken" or the
"Company"), announced it has received contracts totalling $2.7
million for subsea batteries and synthetic aperture sonar systems
(SAS). The SAS sensor contracts represent two new customers,
continuing the growth of Kraken's ever-expanding list of users. One
customer is a European Research Institute operating next-generation
AUVs, and the other is a NATO member country in underwater defense
applications. Deliveries will occur in 2024.
ABOUT KRAKEN ROBOTICS
INC.Kraken Robotics Inc. (TSX.V: PNG) (OTCQB: KRKNF) is a
marine technology company providing complex subsea sensors,
batteries, and robotic systems. Our high-resolution 3D acoustic
imaging solutions and services enable clients to overcome the
challenges in our oceans - safely, efficiently, and sustainably.
Kraken Robotics is headquartered in Canada and has offices in North
and South America and Europe. Kraken is ranked as a Top 100 marine
technology company by Marine Technology Reporter.
LINKS:
www.krakenrobotics.com
SOCIAL MEDIA:
LinkedIn www.linkedin.com/company/krakenrobotics Twitter
www.twitter.com/krakenrobotics Facebook
www.facebook.com/krakenroboticsinc YouTube
www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A Instagram
www.instagram.com/krakenrobotics
For further information:
Stephen Griffin, Group Marketing
ManagerStephen.Griffin@krakenrobotics.com
Joe MacKay, Chief Financial Officer(416)
303-0605jmackay@krakenrobotics.com
Greg Reid, President & CEO(416)
818-9822greid@krakenrobotics.com
Sean Peasgood, Investor Relations(647)
955-1274sean@sophiccapital.com
Forward Looking Statements
The Company and its management believe that the
statements regarding 2023 revenue and adjusted EBITDA contained in
this press release are reasonable as of the date hereof, are based
on management's current views, strategies, expectations,
assumptions and forecasts, and have been calculated using
accounting policies that are generally consistent with the
Company's current accounting policies. These statements are
considered future-oriented financial outlooks and financial
information (collectively, "FOFI") under applicable securities
laws. These statements and any other FOFI included herein have been
approved by management of the Company as of the date hereof. Such
FOFI are provided for the purposes of presenting information about
management's current expectations and goals relating to the
Company's expected growth in its Products and Services groups.
However, because this information is highly subjective and subject
to numerous risks, including the risks discussed in the disclaimer
for forward looking statements below, it should not be relied on as
necessarily indicative of future results. Should one or more of
these risks or uncertainties materialize, or should assumptions
underlying the FOFI prove incorrect, actual results may vary
materially from those described herein as intended, planned,
anticipated, believed, estimated or expected. Although management
of the Company has attempted to identify important risks,
uncertainties and factors which could cause actual results to
differ materially, there may be others that cause results not to be
as anticipated, estimated or intended. The Company disclaims any
intention or obligation to update or revise any FOFI, whether as a
result of new information, future events or otherwise, except as
required by securities laws.
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.
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