ST. JOHN’S, NL–(Marketwired – November 10, 2016) – Kraken Sonar Inc. (Kraken) (TSX VENTURE: PNG) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc., will receive a non-refundable financial contribution of up to $485,000 from the National Research Council of Canada Industrial Research Assistance Program (NRC-IRAP).
In addition to technical and business advisory services provided by NRC-IRAP, the funding is being used to develop Autonomous Launch and Recovery Systems (A-LARS) for Unmanned Maritime Vehicles. The initial A-LARS is being designed to support Kraken’s KATFISH Synthetic Aperture Sonar underwater towbody.
Launch and recovery is one of the highest risk operations undertaken in the application of towed or autonomous underwater vehicles. The primary function of an autonomous launch and recovery system is to enable an unmanned vehicle and its payloads to be brought aboard a host ship safely, efficiently and without damage. Next-generation surface vessels will carry a variety of unmanned vehicles and modular mission packages that will require specialized launch and recovery equipment.
Karl Kenny, Kraken’s President and CEO, said, “In both military and commercial markets, unmanned surface and underwater vehicles are the way of the future and present a wide range of revenue opportunities. Having in-house capability to design and manufacture Autonomous Launch and Recovery Systems will add significant benefits as we continue to evolve our Sensors-to-Systems strategy. This funding will also help position our office in Nova Scotia for potential handling systems work scope related to the Canadian Surface Combatant program. NRC-IRAP has been a tremendous partner to Kraken and we are very grateful for their continued support.”
The NRC funding will be used to expand Kraken’s Handling Systems Division that is based in Dartmouth, Nova Scotia. This group is led by Mr. Bill Spencer who has extensive experience in the aerospace and ocean engineering fields. Bill was recently the Engineering Manager at Rolls-Royce Naval Marine and responsible for the development of advanced launch and recovery systems used by a wide variety of military, commercial and ocean science customers.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX VENTURE: PNG) is a marine technology company, founded in 2012, that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The Company’s products are sold to leading defence contractors, commercial survey companies and research institutions for acquiring real-time, ultra-high resolution imagery and data. For more information, please visit www.krakensonar.com.
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.
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For further information, please contact:
Sean Peasgood
Investor Relations
(416) 565-2805
[email protected]
Greg Reid
Chief Financial Officer
(416) 818-9822
[email protected]
Glenda Leyte
Marketing Manager
(709) 757-5757 extension 288
[email protected]
