ST. JOHN’S, NL–(Marketwired – May 15, 2017) – Kraken Sonar Inc. (“Kraken”) (TSX VENTURE: PNG) is pleased to announce that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has been awarded a non-refundable financial contribution of $745,950 by the Research & Development Corporation (RDC) of Newfoundland and Labrador.
The funding will support development of Kraken’s ThunderFish™ Autonomous Underwater Vehicle (AUV) program. The ThunderFish™ program will combine smart sonar, laser and optical sensors, advanced pressure tolerant battery and thruster technologies and cutting edge artificial intelligence algorithms integrated onboard a cost effective 6,000 metre depth rated AUV.
Karl Kenny, President and CEO of Kraken said, “We are very grateful to RDC for their support of our efforts and appreciate their thorough review of our development program. This funding will help maintain the excellent momentum we have been building over the past two years in underwater robotics.”
“Technological innovations in sensors, high performance computing and robotics now enable next generation underwater vehicles that are highly autonomous, cost effective, light weight and easier to operate. We look forward to continuing to develop advanced marine technologies and products to meet the ever-evolving demands of our growing customer base.”
ABOUT THE GLOBAL AUV MARKET
The global AUV market is experiencing an advanced rate of growth due to increasing demand in military, commercial and scientific research applications. Significant growth is expected in the commercial sector, predominately from oil and gas operators – despite the volatility of oil prices. There has also been substantial interest in the technology from the offshore renewable energy sector, as operators have begun to understand the cost saving potential of AUVs for inspection of underwater assets. Research from industry analysts Technavio forecasts that the global AUV market is expected to grow from US$600 million in 2015 to over US$2 billion by 2020.
The World AUV Market Forecast from Douglas-Westwood covers all key commercial themes relevant to companies across the value chain in all AUV sectors. The report considers the prospective demand for AUVs in the commercial, military and research sectors over the next several years. Unit demand is expected to increase over the forecast at a CAGR of 10%, with all sectors seeing growth due to increased utilisation of AUV technology.
ABOUT RDC AND ITS FUNDING OF KRAKEN
RDC is a provincial Crown corporation responsible for improving Newfoundland and Labrador’s research and development (R&D) performance. RDC works with R&D stakeholders including business, academia, and government agencies and departments to make strategic investments in highly qualified people, R&D infrastructure, and innovative research. Additional information about RDC can be found at: www.rdc.org.
Kraken’s funding contribution was provided under RDC’s SensorTECH program, which supports sensor research, development and demonstration in simulated and real operating environments. Research and development conducted under this program helps solve local technical challenges and contributes to the development of new or improved products and services with sensor-related technologies such as radar, acoustics, optics, sonar and signal processing that can be exported around the world.
The SensorTECH funding will be used during 2017 and 2018 to help develop Kraken’s THUNDERFISH AUV platform.
ABOUT KRAKEN
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 next-generation underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Bremen, Germany; and Fairfax, Virginia. For more information, please visit www.krakensonar.com and www.krakenrobotik.de
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.
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For further information, please contact:
Sean Peasgood
Investor Relations
(416) 565-2805
[email protected]
Stephen Harpur
Investor Relations
(604) 306-6142
[email protected]
Greg Reid
Chief Financial Officer
(416) 818-9822
[email protected]
Glenda Leyte
Marketing Manager
(709) 757-5757 extension 288
[email protected]
