Kraken Robotics Inc (KRKNF)

[spec machine]

ST. JOHN’S, NEWFOUNDLAND, July 13, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce the development of an innovative gap filler solution for unmanned underwater vehicles based on the company’s AquaPix® Synthetic Aperture Sonar (SAS) and SeaVision® 3D laser scanner. This solution fills the nadir gap with ultra-high definition data. The gap filler will be available for customer implementation in Q4 2020.

Leveraging our background in SAS and underwater laser imaging systems, Kraken has developed two integrated nadir gap-filling technologies:

An acoustic gap reducer, based on Kraken’s AquaPix® system, which drastically reduces the size of the nadir gap while maintaining full SAS resolution.
An optical laser/camera gap filler, based on Kraken’s SeaVision® system, which fills the remainder of the nadir gap with ultra-high-resolution optical imagery and laser bathymetry.
These gap filling technologies maximize the area coverage rate for high speed towed systems, such as Kraken’s KATFISH, as well as autonomous underwater vehicles.

In mine warfare, it is well known that the probability of detecting and classifying a target increases with improving image resolution. NATO criteria show that the probability of correct classification is directly proportional to the number of pixels displayed per target. Any resolution coarser than 5 cm produces an unacceptably high rate of false alarms. Furthermore, high resolution must be achieved across the entire swath and in both the along track and across track directions simultaneously because a mine may be placed in any position or orientation relative to the sonar. SAS and optical sensors are the only technologies that can meet these requirements for high resolution survey applications while maintaining high area coverage rates. Kraken’s SeaVision® system collects 3D laser profiles and camera imagery simultaneously. The optical gap fill data can also be used for simultaneous in-stride target identification once a mine-like object has been detected and classified.

Karl Kenny, Kraken President and CEO said, “I’m very proud of our science and engineering teams who have developed an ultra high-definition gap filler for seabed survey. This is world-class technology. Gap filling has been a major concern of Kraken’s customers conducting mine countermeasure operations for many years. Gap-filling has been previously attempted using forward looking sonars and multibeam echosounders, and more recently new technologies have been released based on using forward steered real-aperture sidescan sonars. However, for mine countermeasures, the pixel resolution and area coverage rates are insufficient.”

“Even though other sonar technologies can acoustically fill the nadir gap, there is still a notable quality gap due to range dependent resolution. Kraken’s customers and partners in the MCM industry spoke, and we listened: the imagery is simply not good enough. This drove our team to develop our new Ultra High Definition gap filling innovations. Furthermore, most gap filling technologies also claim that they improve survey time by approximately 40%. This claimed improvement is relative to dated side-scan sonar, which has extremely poor performance compared to more advanced technologies. We believe the unique combination of Kraken’s AquaPix® Synthetic Aperture Sonar and SeaVision® 3D underwater laser imaging system vastly outperform traditional sonar technologies, enabling ultra high definition imagery without compromising speed or coverage rates.”

Kraken also announces that its Board of Directors has approved the issuance of 1,500,000 options to certain Directors. These options have an exercise price of $0.57 and have a three-year term.

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 thrusters, and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.
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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[spec machine]

https://krakenrobotics.com/kraken-announces-1-million-of-defense-contracts/


Kraken Announces $1 Million of Defense Contracts
July 8, 2020
ST. JOHN’S, NEWFOUNDLAND, July 8, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that it has recently received three defense customer orders totaling approximately $1 million:

A follow-on order for MINSAS 60 LW sensors for man-portable vehicles. This solution was developed with the support of funding from the U.S Navy and Foreign Comparative Test Program. Delivery of this order is scheduled for Q4, 2020. The initial order shipped at the end of Q2.
Sale of a SeaVision™ laser scanner to a large US defense contractor. Delivery occurred in Q2.
A first purchase order issued to our Acoustic Signal Processing Group (APSG) under an 8-year framework agreement announced in Q1 with a leading international defense contractor. Kraken will provide development, maintenance and training to the customer to enhance and modernize their sonar product.


Karl Kenny, Kraken President and CEO said, “We continue to make inroads with US and international navies and defense contractors. We are especially excited to deliver our first MINSAS 60 LW sensor as a reasonably priced, high performance sonar upgrade path for existing man-portable AUVs as well as new builds.”

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[whytestocks]

News: $KRKNF Kraken Announces Emera Joins OceanVision(TM) Project

ST. JOHN’S, Newfoundland, July 07, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that NSP Maritime Link Inc. (NSPML), has joined Kraken’s OceanVision™ project. NSPML is an indirect wholly ...

In case you are interested KRKNF - Kraken Announces Emera Joins OceanVision(TM) Project

[whytestocks]

News: $KRKNF REISSUE - Kraken Provides Positive Update on $40 Million Royal Danish Navy Mine Hunting Upgrade Program

ST. JOHN’S, Newfoundland, July 06, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to announce that  its wholly owned subsidiary, Kraken Robotic Systems Inc., has received notification that the complaint pr...

Read the whole news KRKNF - REISSUE - Kraken Provides Positive Update on $40 Million Royal Danish Navy Mine Hunting Upgrade Program

[joelawyer]

Yes, great things coming!

[spec machine]

Great news! Those other bidders were big, top tier international businesses

A real David vs Goliath contest that Kraken took on

Fantastic to see their winning bid package triumph after it was contested by Klein

spec

[joelawyer]

Kraken jumped 20% Friday on Canadian market on this news. Kraken should jump nicely on Monday on U.S. market.

[joelawyer]

ST. JOHN’S, Newfoundland, July 03, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has received notification that the complaint process regarding the Royal Danish Navy’s mine hunting upgrade program has been finalized. The Board of Complaints which oversaw the complaint process has ruled in favor of the Royal Danish Navy’s position on all points. The decision is publicly available at https://klfu.naevneneshus.dk/media/documents/Klein_Marine_Systems_Inc._mod_Forsvarsministeriets_Materiel-_og_Indkøbsstyrelse.pdf.

Kraken originally announced in October 2019, that it was chosen as the successful bidder on a program for the acquisition of new sonar systems for an unnamed international navy. The delay since then was the result of the complaint process initiated by a losing bidder combined with a slowing of government activity during the COVID period in Europe.

This was a competitive bid process for upgrades of the Royal Danish Navy’s mine-hunting sonar equipment. As outlined in the decision, Kraken was one of four companies (including Northrop Grumman International Trading Inc., Thales DMS France, and Klein Marine Systems Inc.) whose offers were received and evaluated. Under the program, Kraken will deliver the KATFISH™ towed synthetic aperture sonar, the Tentacle® winch and Autonomous Launch and Recovery System (ALARS) to the Royal Danish Navy. The total contract value is expected to be between C$35-$40 million, with the majority of that received over a 2 year equipment acquisition phase. Kraken expects product margins on this contract to be in line with its historical averages. We expect to finalize matters with the Royal Danish Navy during Q3,2020

[spec machine]

KRKNF @ .38 today, still a buy and hold, my target is >$1 within 12 months

Early stage subsea tech manufacturing sonar systems and software for international defense contracts and offshore oil and gas majors

spec

[spec machine]

Another outstanding quarterly by Kraken as they ramp up military and defense contractor order delivery

Very promising future and solid performance as they turn profitable

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[The_Gman]

Kraken Reports Strong Q1 2020 Results - 367% Growth!!

Canada’s Ocean Company Reports Record Profitability Revenue growth of 367% and Adjusted EBITDA Margin of 20%

https://krakenrobotics.com/kraken-reports-strong-q1-2020-results/

Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, announced it has filed its financial results for the quarter ended March 31, 2020. Additional information concerning the Company, including its consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended March 31, 2020, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.

Q1 2020 Financial Highlights

Revenue for the quarter was $6.4 million compared to $1.4 million in the year ago quarter. Revenue in the quarter was driven by the delivery of a KATFISH™ 180 system, additional subsea batteries to a military customer, acoustic signal processing software for a defense contractor as well as Robotics as a Service and data analytics for offshore energy customers.
Adjusted EBITDA* in the quarter was positive at $1.3 million, a 20.2% Adjusted EBITDA margin* compared to an Adjusted EBITDA* loss of $0.3 million in the year ago quarter.
Net Income in the quarter was $0.7 million compared to a net loss of $0.9 million in the year ago quarter. Share-based compensation expense in the quarter of $0.2 million compared to $0.1 million in the prior year.
Net working capital at the end of Q1, 2020 was $8.2 million, up $1.0 million sequentially from year end 2019.
Kraken exited the quarter with a cash balance of $2.1 million, flat as compared to December 31, 2019. Due to increased sales during the quarter, accounts receivable increased to $5.7 million, compared to $5.1 million at December 31, 2019. Subsequent to the quarter, Kraken’s credit line was increased to $1.5 million from $1.0 million and remains undrawn.
Including federal funding we will receive for our OceanVision project, Kraken had $6.2 million in previously awarded funding to draw upon from government This amount is not recorded in our financial statements until the cash is received.

CEO Comments

“Q1 2020 was an extremely well-balanced quarter for Kraken. We delivered our second KATFISH™ system to ThayerMahan, delivered on a second order of subsea batteries to a military customer and provided services to both military and offshore energy customers. These combined deliveries not only led to 367% year-over-year revenue growth, it led to a third quarter in a row with positive Adjusted EBITDA at $1.3 million, a 20% Adjusted EBITDA margin, and our first positive net income quarter at $0.7 million. I am very proud of our team which has been executing extremely well in a challenging operating environment.” said Karl Kenny, Kraken’s President and CEO. “We have many high value projects we are pursuing which will continue to drive growth and value for shareholders.”

COVID-19

While we are not currently experiencing major impacts from the Coronavirus pandemic, we are aware that this could affect our supply chain, customers, employees, and operations. This could impact the number of contracts we close, sales cycle lengths, and our ability to deliver product and services in a timely manner. We will continue to prudently monitor the situation and manage our business accordingly.

*Adjusted EBITDA and Adjusted EBITDA margin do not have standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. We define Adjusted EBITDA as revenue less costs of sales, administrative expenses, research and development costs plus investment tax credits. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenues.

[TrendTrade2016]

PNG.V is back and the rally will commence to ,63c Canadian
It’s been s while. We loaded the bottom of my hometown gem.

[joelawyer]

Yes, that’s what I’m expecting and hoping for!

[spec machine]

The Q will be out Monday and there are good indications in previous announcements that the numbers will be good

spec

[joelawyer]

What’s Up? Anyone have any idea why the volume and price jump today?

[The_Gman]

Kraken Reports Strong Growth in 2019 Results
Canada’s Ocean Company Reports Record Annual Revenue of $15 Million – an increase of 126%

https://krakenrobotics.com/kraken-reports-strong-growth-in-2019-results/

ST. JOHN’S, NEWFOUNDLAND, April 30, 2020 /GLOBE NEWSWIRE/ — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, announced it has filed its financial results for year-ended December 31, 2019. Additional information concerning the Company, including its audited consolidated financial statements and related management’s discussion and analysis (“MD&A”) for the year-ended December 31, 2019, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.



Q4 2019 Financial Highlights



Revenue for the quarter was $4.6 million compared to $1.4 million in the year ago quarter. Revenue in the quarter was driven by the final delivery of SeaPower™ batteries to Ocean Infinity and the delivery of sensors and associated equipment to multiple customers.
Adjusted EBITDA* in the quarter was positive at $0.5 million, an 11.7% Adjusted EBITDA margin* compared to an Adjusted EBITDA* loss of $0.9 million in the year ago quarter.
During the quarter Kraken acquired the remaining 25% of Kraken Power GmbH not previously owned for €0.3 million. The acquisition triggered a change of control payment to an arm’s length third-party lender in an amount equal to €0.1 million payable in 2020, which has been recognized in the income statement during the quarter.
Net loss in the quarter was $0.2 million compared to a net loss of $0.7 million in the year ago quarter. In addition to the change of control payment, discussed above, Q4 was impacted by share-based compensation expense of $0.3 million compared to $0.1 million in the prior year due to the grant of stock options to employees, officers and directors during the year.
Kraken exited the quarter with a cash balance of $2.1 million, as compared to a cash balance of $4.9 million at December 31, 2018 which reflected the bought deal financing that closed in December 2018. Due to increased sales during the year, accounts receivable increased to $5.0 million at year end, compared to $1.7 million at December 31, 2018. Most of these receivables were collected in Q1 and early Q2.
Kraken had $2.3 million in previously awarded funding to draw upon from government This amount is not recorded in our financial statements until the cash is received.




2019 Financial Highlights



Revenue for 2019 totaled $15.1 million as compared to $6.7 million in the same period of 2018, representing growth of 126%. Revenue in 2019 was highlighted by the delivery of a $9.0 million order for SeaPower™ batteries to Ocean Infinity in the second half of the year; the delivery of a KATFISH™ system in Q2 2019 as well as delivery of sensors to multiple customers.
Adjusted EBITDA* for the year was $0.4 million compared to an Adjusted EBITDA* loss of $3.3 million a year ago while adjusted EBITDA over the second half of 2019 was positive $2.1 million.
During Q3 2019 we delivered the ThunderFish® Alpha Autonomous Underwater Vehicle to our test partner, Defense Research and Development Canada. As a result of this contract, we recorded a gain on the disposal of assets of $0.6 million.
Net loss for the year was $3.0 million compared to a net loss of $2.9 million in the prior year. In addition to the change of control payment that occurred in Q4, we had a gain on the disposal of ThunderFish® Alpha in Q3 of $0.6 million. The year was also impacted by share-based compensation expense of $1.4 million compared to $0.3 million in the prior due to the grant of stock options to employees, officers and directors during the year.


CEO Comments



“2019 was an extremely busy year for Kraken, dominated by the delivery of batteries to Ocean Infinity as well as the delivery of a KATFISH™ system, contributing to the record $15.1 million in revenue. We are delighted to have generated positive Adjusted EBITDA in 2019 and continue to invest in our people and infrastructure to be able to scale our business and execute on some significant contract pursuits that are in our pipeline.” said Karl Kenny, Kraken’s President and CEO. “With the recent delivery of another KATFISH™ and batteries to customers in Q1, we are off to strong start in 2020. We have put in the hard yards on many projects and we are excited about the opportunities ahead of us as our products and services are adopted in the military and commercial markets.”


Subsequent Highlights Since December 31, 2019



Formally signed the Ocean Supercluster contract for the OceanVision™ This $18.8 million project will see the development of new sensor and underwater vehicle technologies as well as services such as Robotics as a Service and Data Analytics as a Service.
Announced that the Company is the first to achieve a practical resolution of 2 cm with a commercial Synthetic Aperture Sonar (SAS). Kraken’s Ultra High Definition (UHD) software improves the AquaPix® SAS image resolution from 3.0 x 3.3 cm (across along track) to an industry-leading 1.9 x 2.1 cm and maintains constant UHD resolution across the entire swath.
Announced an 8-year framework agreement with a leading international defense contractor for our Acoustic Signal Processing Group to provide development, maintenance, and training to enhance and modernize an anti-submarine warfare sonar product.
Announced that the Company has been awarded a $0.5 million contract with the Government of Canada for our SeaVision® 3D laser scanner platform to be working with Parks Canada’s Underwater Archeology Team as a continuation of the Franklin Expedition in the Canadian Arctic.
Announced $2.8 million in orders from four US companies and one Canadian company that will be fulfilled during the first half of 2020.
Announced a Partnership Agreement with Greensea Systems, Inc., creator of OPENSEA, an open architecture robotic platform. This partnership will expand upon the collaborative efforts already undertaken between the two companies to rapidly advance the capabilities of marine robotics.


Forward Looking Guidance

While we are not currently experiencing major impacts from the recent oil price collapse and Coronavirus pandemic, we are aware that this could affect our supply chain, customers, employees, and operations. This could impact the number of contracts we close, sales cycle lengths, and our ability to deliver product and services in a timely manner. We will continue to prudently monitor the situation and manage our business accordingly.
Based on deliveries already made, we are forecasting consolidated Q1 2020 revenue of $6.0 – $6.5 million compared to $1.4 million in Q1 2019. Gross margins in the quarter are expected to be in line with our consolidated gross margin for 2019.
–

Kraken Issues Options to an Employee



The Board of Directors has approved the issuance of 75,000 stock options to an employee. These options have a three-year term, with vesting in three equal instalments consisting of the date of grant and on the one and two-year anniversaries of the initial grant. The exercise price on the options will be based on the closing price on May 1, 2020.

*Adjusted EBITDA and Adjusted EBITDA margin do not have standardized meaning under IFRS and may not be comparable to similar measures used by other issuers. We define Adjusted EBITDA as revenue less costs of sales, administrative expenses, research and development costs plus investment tax credits plus the gain on the sale of Thunderfish® Alpha. We define Adjusted EBITDA margin as Adjusted EBITDA divided by revenues.

[The_Gman]

Kraken Announces Partnership Agreement with Greensea Systems

ST. JOHN’S, NEWFOUNDLAND – 06 APRIL 2020 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that it has entered into a Partnership Agreement with Greensea Systems, Inc., creator of OPENSEA, an open architecture robotic platform. This partnership will expand upon the collaborative efforts already undertaken between the two companies to rapidly advance the capabilities of marine robotics. Under the agreement, Greensea will support development, integration, and testing work with Kraken across several of Kraken’s technology platforms.

The companies have worked together over the last twelve months to utilize the OPENSEA Platform and provide a robust, modular, and extensible software architecture for Kraken’s autonomous underwater vehicles and towed systems.

This Partnership Agreement simplifies contracting between the companies and allows for on-going collaboration for software and hardware technologies. Greensea will support Kraken in maturing on-going programs and accelerating new commercial offerings, including supporting Kraken’s R&D programs under the scope of the OceanVision project.

The companies also intend to work together specifically in the areas of seabed residency and hull inspection and have already demonstrated successful efforts by integrating Kraken sensors into the Greensea OPENSEA Platform and Greensea hardware products, including the newly developed Greensea Hull Crawler system. The first phase of this work was completed in February 2020, with the integration of Kraken’s SeaVision® 3D RGB Underwater Laser Scanner into a prototype of the Greensea Crawler (see photo below). The system was fielded in Florida and demonstrated inspections of a real-world vessel.



Kraken Management Quote

Karl Kenny, Kraken’s President & CEO stated: “We originally began working with Greensea in 2018, when we were looking to expand the capabilities of our ThunderFish® AUV platform. Throughout that project, I was very pleased to observe how well our teams worked together, the synergies between culture and capability, and to see the full capabilities of the Greensea software architecture in action. Since then, we have expanded our work together to include the KATFISH system, and integration of our SeaVision laser scanner. This partnership agreement will allow Kraken to engage Greensea in a larger capacity and enables a framework for ongoing collaboration and cooperation.”



Greensea Management Quote

“The partnership we have signed is very significant. It is a relationship formed between the most disruptive, agile, and aggressive technology developers in the industry”, stated Ben Kinnaman, CEO of Greensea. “Greensea’s powerful open architecture software platform combined with Kraken’s sensor technology, vehicles, and services will create the next generation of robotics for the subsea industry. The value this partnership creates will drive business for both of our companies.”

Greensea Systems, Inc. is a global leader in advanced robotic systems for high-level tasking, interoperability, and intervention. Greensea’s OPENSEA® operating platform provides a fully-distributed, open software framework for highly integrated systems across all brands of sensors, devices, and equipment while cutting-edge technologies for navigation and autonomy elevate system intelligence. One cohesive operator interface, Workspace, fuses system data into a comprehensive command and control center for streamlined workflow and improved productivity. Greensea’s commercial products are easily customizable and all systems are fully supported with documentation and knowledgeable, field-experienced engineers. Greensea has deployed 800+ systems (2018) fielded across manned, unmanned, surface, and subsea. For more information, please visit https://greensea.com

[The_Gman]

Kraken Announces Partnership Agreement with Greensea Systems

ST. JOHN’S, NEWFOUNDLAND – 06 APRIL 2020 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that it has entered into a Partnership Agreement with Greensea Systems, Inc., creator of OPENSEA, an open architecture robotic platform. This partnership will expand upon the collaborative efforts already undertaken between the two companies to rapidly advance the capabilities of marine robotics. Under the agreement, Greensea will support development, integration, and testing work with Kraken across several of Kraken’s technology platforms.

The companies have worked together over the last twelve months to utilize the OPENSEA Platform and provide a robust, modular, and extensible software architecture for Kraken’s autonomous underwater vehicles and towed systems.

This Partnership Agreement simplifies contracting between the companies and allows for on-going collaboration for software and hardware technologies. Greensea will support Kraken in maturing on-going programs and accelerating new commercial offerings, including supporting Kraken’s R&D programs under the scope of the OceanVision project.

The companies also intend to work together specifically in the areas of seabed residency and hull inspection and have already demonstrated successful efforts by integrating Kraken sensors into the Greensea OPENSEA Platform and Greensea hardware products, including the newly developed Greensea Hull Crawler system. The first phase of this work was completed in February 2020, with the integration of Kraken’s SeaVision® 3D RGB Underwater Laser Scanner into a prototype of the Greensea Crawler (see photo below). The system was fielded in Florida and demonstrated inspections of a real-world vessel.



Kraken Management Quote

Karl Kenny, Kraken’s President & CEO stated: “We originally began working with Greensea in 2018, when we were looking to expand the capabilities of our ThunderFish® AUV platform. Throughout that project, I was very pleased to observe how well our teams worked together, the synergies between culture and capability, and to see the full capabilities of the Greensea software architecture in action. Since then, we have expanded our work together to include the KATFISH system, and integration of our SeaVision laser scanner. This partnership agreement will allow Kraken to engage Greensea in a larger capacity and enables a framework for ongoing collaboration and cooperation.”



Greensea Management Quote

“The partnership we have signed is very significant. It is a relationship formed between the most disruptive, agile, and aggressive technology developers in the industry”, stated Ben Kinnaman, CEO of Greensea. “Greensea’s powerful open architecture software platform combined with Kraken’s sensor technology, vehicles, and services will create the next generation of robotics for the subsea industry. The value this partnership creates will drive business for both of our companies.”

Greensea Systems, Inc. is a global leader in advanced robotic systems for high-level tasking, interoperability, and intervention. Greensea’s OPENSEA® operating platform provides a fully-distributed, open software framework for highly integrated systems across all brands of sensors, devices, and equipment while cutting-edge technologies for navigation and autonomy elevate system intelligence. One cohesive operator interface, Workspace, fuses system data into a comprehensive command and control center for streamlined workflow and improved productivity. Greensea’s commercial products are easily customizable and all systems are fully supported with documentation and knowledgeable, field-experienced engineers. Greensea has deployed 800+ systems (2018) fielded across manned, unmanned, surface, and subsea. For more information, please visit https://greensea.com

[The_Gman]

Kraken Announces Ultra High Definition Upgrade for AquaPix® Imaging Sonars

Next Generation Synthetic Aperture Sonar Software Provides 1.9 cm Resolution with Superior Area Coverage Rates, Delivering the Best Combination of Speed and Data Quality.

Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that the Company is the first to achieve a practical resolution of 2 cm with a Commercial-Off-The-Shelf (COTS) Synthetic Aperture Sonar (SAS), Kraken’s AquaPix® MINSAS.

Karl Kenny, Kraken’s President & CEO said, “For demanding subsea survey missions in mine countermeasures, infrastructure monitoring and oil & gas exploration; data quality is of the essence. The sensor that gets the job done most effectively is one that combines Ultra High Definition (Ultra HD) imagery with an extremely high area coverage rate. Kraken’s latest development, the next generation AquaPix® Ultra HD processing software, has been designed to advance the state-of-the-art in seabed mapping for both high-speed towed systems and Unmanned Underwater Vehicles (UUVs).”

Kraken’s Ultra HD software improves the AquaPix® SAS image resolution from 3.0 x 3.3 cm (across along track) to an industry-leading 1.9 x 2.1 cm and maintains constant Ultra HD resolution across the entire swath. Compared to conventional SAS processing, the incredibly high pixel density of Kraken’s Ultra HD sonar imagery sets a new standard for seabed image quality, using Kraken’s advanced image processing techniques to extract all the available information from sonar echoes.

Unlike other SAS manufacturers that quote theoretical numbers for resolution, Kraken measures resolution in real-world conditions using a data-driven technique, developed by Kraken’s team of world-leading sonar scientists and published at an international ocean technology conference (Reference 1). The measured resolution of 1.9 x 2.1 cm includes effects such as aperture shading to reduce sidelobes, UUV nonlinear motion, and acoustic propagation in the ocean environment.

In mine warfare, it is well known that the probability of detecting and classifying a target increases with improving image resolution. A similar principle applies for commercial seabed survey operations, where clear imagery is needed to show the health and integrity of subsea assets. Seabed mapping technologies are only effective when the resolution of the data being collected satisfies the objectives of the mission. Using lower resolution sonars, customers require multiples passes to detect and classify an object with confidence, reducing the effective rate of area coverage. Using Kraken’s AquaPixâ Ultra HD software , with its combination of speed, range, and resolution, customers can achieve the world’s highest resolution COTS SAS imagery, mapping the seabed in exceptional contrast, clarity and detail when every second counts.

AquaPix® MINSAS with Ultra HD software is now available and ready for integration on a wide variety of UUV platforms. For more information, please contact [e-mail].

[The_Gman]

Kraken Announces $2.8 Million of Contracts and Provides Corporate Update
6:00 AM ET 3/16/20 | GlobeNewswire


Kraken Announces $2.8 Million of Contracts and Provides Corporate Update

ST. JOHN'S, Newfoundland, March 16, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) ("Kraken" or the "Company"), is pleased to announce new contracts for batteries, sonar sensors, and support totalling $2.8 million. We are also pleased to provide a corporate update on business activity.

New Contracts

Kraken has recently received orders from four US companies and one Canadian company totalling $2.8 million. The Company expects to fulfill these contracts in the first half of 2020. Due to confidentiality reasons, our customers cannot be named but are characterized below:

-- A new customer primarily targeting the defense industry will be using

Kraken SeaPower(R) batteries in its autonomous underwater vehicles

("AUVs"). Kraken currently expects another battery order from this

customer in Q3 of this year.

-- An existing defense industry customer is acquiring additional SeaPower(R)

batteries. This is the customer's third order of Kraken batteries.

-- An existing customer, a large defense contractor, is acquiring another

AquaPix(R) MINSAS sensor.

-- An existing Canadian commercial customer contracted Kraken for further

offshore asset inspection using Kraken's SeaVision(R) laser scanning

services.

-- An existing commercial customer contracted Kraken for offshore support.

Corporate Update

2019 was a very strong year of growth for Kraken, and we expect to report Q4 and full year financial results for the period ended December 31, 2019 in the second half of April 2020. While the auditors have recently started their field work and final results are subject to change, we expect 2019 revenue to be between $14.5 million and $15.5 million. This is more than double the $6.7 million we achieved in 2018. We expect strong growth to continue in 2020 and 2021 based on existing orders, orders we expect to close in the near term, and strategic wins with defense and commercial customers.

While we experienced delays in getting certain contracts signed (delays not related to Kraken or our products), we are excited about the opportunities ahead as military and commercial adoption of our products continues to increase. We have invested significantly in R&D as well as sales and marketing. We expect relationships with strategic partners such as ThayerMahan and Ocean Infinity and numerous customer sea trials to continue to generate revenue growth.

While we are not currently experiencing major impacts from the recent oil price collapse and Coronavirus pandemic, we are aware that this could affect our supply chain, customers, employees, and operations. That could impact the number of contracts we close, sales cycle lengths, and our ability to deliver product and services in a timely manner. However, we will continue to prudently monitor the situation and manage our business accordingly.

Notable Updates by Products and Service:

Underwater Vehicle Platforms

-- KATFISH(TM) towed underwater vehicle

-- In 2019, we completed several customer demonstrations at sea in

both the U.S. and Canada. Several military and commercial

companies are in various stages of evaluating KATFISH(TM) along

with our Autonomous Launch and Recovery Systems (ALARS). Given

where we are in the sales cycle with several of these customers,

we feel confident in our ability to deliver significant growth

from this platform in 2020 and 2021.

-- In October 2019, an unnamed international navy officially notified

Kraken that we were the successful bidder on a program for the

acquisition of new minehunting sonar systems utilizing several

KATFISH(TM) vehicles and Autonomous Launch and Recovery Systems.

The customer notified Kraken that it intended to enter a contract

with the Company after the expiration of a standstill period.

However, in these types of competitive bid processes, any losing

bidder has the right to file a protest of the decision. In this

case, one of the losing bidders filed a protest and the complaint

process is still ongoing. Due to confidentiality, Kraken is not

able to discuss the details of the complaint process. However,

currently we are hopeful that a contract will be executed with

this customer during Q2, 2020.

-- ThunderFish(R) Autonomous Underwater Vehicle (AUV)

-- Delivered ThunderFish(R) AUV prototype to the Canadian Navy in

2019, and in 2020 are providing additional SAS sensor integration

support to the customer.

-- Continuing development of ThunderFish(R) XL, a subsea resident,

large payload AUV as part of the OceanVision(TM) project.

Sensors

-- Synthetic Aperture Sonar - AquaPix(R) MINSAS sensors

-- Kraken continues to see growing interest in our AquaPix(R) MINSAS

sensors, and specifically an interest by numerous AUV

manufacturers to evaluate and integrate Kraken SAS in their AUV

offerings to customers.

-- Development of a new, low-power, man portable AquaPix(R) MINSAS

sensor is ongoing, and Kraken expects to make its first product

delivery to the United States Navy under the Foreign Comparative

Test program in Q2, 2020.

-- Development of next generation Multi-Spectral Synthetic Aperture

Sonar continues, with first sea trials expected later this year.

This product will provide a unique capability, enabling

simultaneous ultra-high-resolution acoustic imagery and buried

object detection from the same sensor.

-- We continue to develop numerous other innovative sensor

technologies, further separating Kraken from traditional sonar

market competitors. Two of these technologies include an

ultra-high-resolution nadir gap filler solution and seamless SAS

capabilities. We expect to provide further details on these new

technologies and related products in the coming months.

-- SeaVision(R) Laser Scanner

-- In collaboration with an international oil and gas company,

Kraken's development of a unique, non-contact mooring chain

inspection tool continues, with commercialization scheduled for

Q4, 2020. This tool can be used to support existing offshore oil

and gas inspection requirements, as well as upcoming offshore wind

inspection requirements. This new platform is anticipated to

significantly reduce the cost of inspecting critical

infrastructure, which must be inspected regularly.

-- Under a recently signed Canadian government contract for our

SeaVision(R) underwater laser imaging platform, we expect to be

working with Parks Canada's Underwater Archaeology Team in the

Arctic this summer, as a continuation of the 2014 Franklin

Expedition.

-- In the last 6 months, Kraken has completed several successful

demonstration trials and commercial contracts with offshore oil

and gas customers in North and South America for laser scanning of

a wide variety of subsea assets.

Power

-- Subsea Pressure Tolerant Batteries - SeaPower(R)

-- Completed delivery of sixteen (16) 6000-meter rated pressure

tolerant battery systems to Ocean Infinity, representing

approximately 1,300 kWh. At a recent industry conference, Ocean

Infinity noted that they are achieving AUV mission lengths of

almost 700-line kilometers with Kraken batteries as compared to

approximately 300-line kilometers with the original AUV batteries.

This has resulted in launch and recovery operations being reduced

by approximately 50%, yielding increased safety and cost

efficiencies.

-- Expecting follow on orders from existing battery customers in 2020

as well as new customer announcements and deliveries.

-- Planning a move into new larger facility in Rostock, Germany in

Q4, 2020 in order to handle additional battery and thruster

production.

-- Pressure Tolerant Thrusters - SeaThrust(R)

-- Signed supply agreement with the world's leading supplier of robot

cleaners to the aquaculture industry, MPI of Norway.

Services

-- OceanVision

-- Ocean Supercluster contract for the OceanVision(TM) project has

been formally signed and includes multiple industry, government

and academic partners.

-- This 3-year, $20 million project will see the development of new

sensor and underwater vehicle technologies as well as services

(including Robotics as a Service and Data as a Service).

-- Kraken is currently planning its Spring 2020 ocean survey campaign,

which will include collection of ocean data offshore Nova Scotia

and Newfoundland and Labrador as we continue to demonstrate our

technologies to our industry partners in the fishing, oil and gas,

and ocean survey industries.

-- SeaVision

-- Kraken has recently been growing its service business, by offering

offshore asset integrity inspection using its SeaVision underwater

laser scanner.

-- Kraken expects significant growth in this service business in

2020, incorporating dedicated personnel and equipment to service a

broad customer base domestically and internationally.

(MORE TO FOLLOW) Dow Jones Newswires

March 16, 2020 06:00 ET (10:00 GMT)

[SpacthatAsk]

http://play.vidyard.com/1PJ4PtQ4yr8i7Z1Uat5coM.html?fbclid=IwAR2qo-PsjISomuyyeqepRpNS13_4aWQqjLhUXNHMl2Yd6bKDdjhcFEoHGcQ

[The_Gman]

Kraken Chosen for 2020 TSX Venture Top 50 List

Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that the Toronto Venture Stock Exchange has recognized Kraken Robotics as a 2020 Top 50 Company. The TSX Venture 50 is a ranking of the strongest companies on TSX Venture Exchange by share price appreciation, trading volume amount, and market capitalization growth.

Karl Kenny, President and CEO of Kraken, commented, “We are honored for the second year in a row to be recognized as a Top 50 company within the Toronto Venture Stock Exchange. This is another validation point of the hard work of our employees. Building upon another year of strong growth, we look forward to bringing more success to our company and shareholders in 2020.”

As part of the award, the Toronto Venture Stock Exchange recorded an overview of Kraken. To view the video, please click here.

[SpacthatAsk]

Kraken Robotics Investors Group:
Courtesy of Facebook Investors Group..please join!

Hey guys, found this on a french forum ''https://discussion.espacemc.com/t/png-v-kraken-robotics-inc/854/235'';. Hopefully you guys understand. Apparently this guy met with CFO Joseph Mackay and had a small chat with him. Now if this is true, I believe so but have no 100% proof. Many interesting things he pulled out, here's what he had to say about his discussion with the CFO.

' ' Here are my notes on Kraken following my conversation with Joseph Mackay the company's CEO:

The forecast for 2020 is just under $ 30 million in income and 50 million for 2021. In 5 years they target the 200 million if they are not bought by a competitor until then.

They are not worried about getting new contracts in the future as their products are in high demand. Rather, the risk is not being able to deliver the goods on existing contracts and that is why management's attention is on the execution currently.

They have no problem getting bigger the company right now. There are enough qualified workers coming out of local universities to ensure the growth of the company's labor force and so far they manage to retain all their employees. The building they are currently building is big enough to ensure a growth of 80 million income and there is an adjacent open lot that could be used to increase the company's capacity by another 80 million if the need is felt in the next few years.

The Ocean Supercluster initiative allows them to earn money for their R & D and allows them to build a free KATISH, THUNDERFISH etc. and they can sell them later. The only dealership is that Kraken must give a 15 % discount on their services to customers in the Canadian oil industry.

The new 8-year deal signed a few days ago with an unknown body will facilitate trade between them and has a minimum value of one million per year.

A major contract would be in the process of being completed, he talked about March and when I asked him if it was the contract with the navy he told me he couldn't tell me but I got the feeling that It was this one. Guess we'll find out soon.

The oil industry is a big market for them in their RaaS division, which can allow an analysis of underwater infrastructures in 2 or 3 times less time than the traditional method. Their submarines can also operate under difficult conditions at sea, which is not the case for other methods.

Finally, we should not relive the problem episode of last year's annual results. Last year's problem being that they paid so low for the purchase of their battery division that they had to declare a significant gain which delayed the release of the results but it's a whole problem not too bad to have . ''

Hopefully you guys understand, if you need help don't be shy to ask questions! Fun to see the reason why they had to delay their ER last time, they had to report a big capital gain because they paid so cheap for one of their divisions, not a bad problem if you ask me.


https://discussion.espacemc.com/t/png-v-kraken-robotics-inc/854/236

[The_Gman]

Ocean Infinity: Exploration company goes for robot boats at scale

https://www.bbc.com/news/science-environment-51451577

https://www.dailymail.co.uk/sciencetech/article-7991007/Armada-11-uncrewed-boats-travel-worlds-oceans-map-sea-floor.html

[SpacthatAsk]

Video;


https://www.bnnbloomberg.ca/market-call/peter-imhof-s-past-picks~1889623?fbclid=IwAR3rkXo2Q6U8WYodf2t9HIsIyQJpl9vXECCuJA7ZlCSlgL637tFfsrR3niQ

[SpacthatAsk]

Kraken Signs 8 Year Framework Agreement with International Defense Contractor

[The_Gman]

Kraken Finalizes OceanVision Contract with Ocean Supercluster and Industry Partners

https://krakenrobotics.com/kraken-finalizes-oceanvision-contract-with-ocean-supercluster-and-industry-partners/

ST. JOHN’S, Newfoundland, Jan. 20, 2020 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has finalized the contract for the OceanVision™ project with the Ocean Supercluster and industry partners (Petroleum Research Newfoundland and Labrador, Ocean Choice International and Nunavut Fisheries Association). OceanVision™ is a three-year, $18.8 million project focused on the development of new marine technologies and products to enable an underwater robotics data acquisition and data analytics as a service business. Under the OceanVision™ project, Canada’s Ocean Supercluster will provide an investment up to $6.3 million, with the balance of project funding to be provided by other government agencies, industry partners, and Kraken.

Kraken has incurred significant effort to move this project forward since receiving conditional approval at the end of June 2019. These activities have included the hiring of 20 new employees in Canada, continued development of new product initiatives including Multi-Spectral Synthetic Aperture Sonar, SeaVision® laser scanners and ThunderFish® Autonomous Underwater Vehicle, and the pursuit of a new Robotics as a Service joint venture business. In October 2019, Kraken completed its first offshore survey campaign for the OceanVision™ project, deploying its sensors and unmanned underwater platforms to conduct ultra-high definition seabed imaging and mapping on the Grand Banks of Newfoundland and other areas of Atlantic Canada.

Over the next 30 months, this funding will allow Kraken and its partners to develop new technologies and provide high resolution seafloor imaging and mapping covering more than 5,000 square kilometers around Atlantic Canada. Kraken and its partners will leverage key enabling technologies (unmanned maritime vehicles, advanced sensors, robotics, autonomous systems, big data machine learning and predictive analytics) to deploy innovative technology platforms across ocean sectors and extend the global reach and market opportunities for Kraken and our partners.

CEO Comments
Karl Kenny, Kraken’s President & CEO said, “We are excited to finalize the contracting stage for our OceanVision™ project. We have made significant investments since the initial announcement in June 2019 and look forward to development of new technologies that will be incorporated into our Robotics as a Service and Data as a Service business models.”

[SpacthatAsk]

https://www.google.com/amp/s/trentdailytimes.com/2019/12/23/kraken-robotics-cvepng-trading-3-5-higher.html/amp

[SpacthatAsk]

https://www.google.com/amp/s/www.cantechletter.com/2019/11/buy-kraken-robotics-for-a-154-per-cent-return-beacon/amp/

[SpacthatAsk]

Kraken Acquires Remaining 25% of Kraken Power

[SpacthatAsk]

https://www.google.com/amp/s/www.cbc.ca/amp/1.5398301

[The_Gman]

Kraken Acquires Remaining 25% of Kraken Power
Kraken Power Adds Industry Leading Battery and Thruster Technology

St. JOHN’S, NEWFOUNDLAND – 17 DECEMBER 2019 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that it has reached an agreement with the minority shareholder of Kraken Power GmbH (“Kraken Power”), to acquire the remaining 25% of Kraken Power not currently owned by Kraken (the “Transaction”). Consideration for the Transaction will be €350,000, consisting of €250,000 in cash and the issuance of 236,258 common shares of the Company at a deemed price of $0.62 per share, representing the Canadian dollar equivalent of €100,000 (the “Consideration Shares”). The issuance of the Consideration Shares requires the approval of the TSX Venture Exchange, and such Consideration Shares are subject to a four-month statutory hold period commencing on the date of issuance. The Transaction is expected to close by December 31, 2019. Completion of the Transaction will trigger a change of control payment to an arm’s length third-party lender to Kraken Power in an amount equal to €120,000 payable in two tranches of €60,000 over calendar 2020 for which Kraken will be responsible.



Karl Kenny, Kraken’s President and CEO, said: “We are extremely pleased to have Kraken Power as a wholly owned subsidiary. The team at Kraken Power have worked very well with Kraken’s Canadian team and together we have made significant strides in scaling Kraken Power since we made our original investment in April 2017. Recent testing milestones of greater than 100 hours endurance for Kraken Power’s pressure tolerant batteries without recharging on Ocean Infinity’s Hugin AUVs was an industry leading result and a major achievement for Ocean Infinity and the Kraken team. On the thruster front, we are excited to grow Kraken’s thruster product sales in the coming years, with a recent partnership with Norway’s MPI initially focused on robotic net cleaners for the aquaculture industry. We look forward to continued growth in Kraken Power’s pressure tolerant batteries and thruster products with a variety of commercial and defense market customers.”



ABOUT SUBSEA BATTERIES & ENERGY STORAGE

The subsea battery and energy storage market will see continued growth from a variety of existing and emerging applications including manned and unmanned underwater vehicles and remotely operated vehicles, deep sea oil and gas infrastructure, seabed energy storage systems, and seabed recharging stations. Customers for these applications range from military and defense companies to commercial operators such as oil and gas and offshore renewable energy companies, as well as governments and industry doing scientific research.

[The_Gman]

Kraken To Supply Thrusters To Leader in Robotic Net Cleaners for the Aquaculture Industry

https://krakenrobotics.com/kraken-to-supply-thrusters-to-leader-in-robotic-net-cleaners-for-the-aquaculture-industry/

ST. JOHN’S, NEWFOUNDLAND – 27 NOVEMBER 2019 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its subsidiary Kraken Power GmbH has signed a multi-year supply agreement with Multi Pump Innovation (“MPI”) of Norway. Under the agreement, MPI will purchase RIM-driven thrusters and control systems for use in MPI’s new JetMaster automated cage cleaners used for fish farming. While JetMaster is a new product for MPI, its leading position in fish farming cleaners and the growth of the aquaculture industry, gives MPI confidence it will purchase at least $2 million worth of Kraken thrusters per year going forward. In addition, the companies expect to partner on further developments in the aquaculture industry that may require batteries and underwater charging products from Kraken Power.

Karl Kenny, Kraken’s President and CEO, said: “While best known for pressure tolerant batteries, Kraken Power’s rim driven thruster products have been sold to a variety of commercial, defense, and research customers over the last 10 years. Kraken is excited to partner with MPI, a world leader in net cleaning robots. This is another example of Kraken developing innovative new technology and growing it into new markets and geographies. Besides MPI, Kraken is also engaged with a number of other aquaculture stakeholders, including industry and government agencies, via our OceanVision™ Ocean Supercluster project. We see significant opportunities for our thruster and battery technology and our AquaPix® sonar sensors, SeaVision® laser scanners, and SmartCam™ products within the global aquaculture industry.

Thore Standal, MPI’s Chief Operating and Chief Commercial Officer, said: “We have tested a wide variety of competitive thrusters and selected Kraken for their winning price and performance value proposition. We are pleased to enter into this multi-year partnership with Kraken. In addition to thrusters, we believe there is an opportunity to use Kraken’s underwater batteries and charging systems in additional developments for the aquaculture market.”



About JetMaster

JetMaster is the most efficient and technically advanced cage cleaning robot, introduced at the AquaNor trade show in August 2019. The JetMaster includes several new innovations:

JetMaster is fully thruster driven with RIM- thrusters and, with additional water jets, does away with the need for any belts to help it climb and adhere to the cage meshes as it goes about its cleaning work.
JetMaster has the ability to wash from the outside of the nets and wash lice skirts and other structures outside the pen itself.
As a result of its extra jets, the JetMaster also carries the ability to easily clean marine growth at the waterline (and above) line of the cage. This is an issue that can present problems for other products in this market.
Remote monitoring of software updates and service and maintenance log.
Steerable in all directions,
Powerful but economical, the JetMaster’s RIM-thrusters each provide 54kg of thrust but with total electricity requirement of 17kW. RIM thrusters are extremely reliable and have a long durability – only requiring a change of bearings every 1,000 hrs. Each JetMaster will come equipped with seven T160 rim driven thrusters from Kraken Power.

https://www.mpi-norway.com/wp-content/uploads/2019/08/MPI_Jetmaster_-A4_.pdf



ABOUT (MPI)

Established in 2008, MPI is the world’s leading provider of professional cage washing equipment for the aqua culture industry. As a manufacture of reliable and robust high speed, user-friendly remote-controlled washing and cleaning robots, MPI’s product advances allow for the removal of all marine growth from fish cages in just one hour. The company’s net cleaning systems have been delivered to 27 countries globally. The company estimates it has roughly 70% market share with more than 750 systems delivered to date and in use on fish farms of all sizes worldwide.

[JustGoLong]

Kraken Announces Major Subsea Battery Milestone With Ocean Infinity
Successful Testing for Maximum Underwater Endurance

https://www.globenewswire.com/news-release/2019/11/18/1948766/0/en/Kraken-Announces-Major-Subsea-Battery-Milestone-With-Ocean-Infinity.html#.XdKl7xQUzpE.twitter

November 18, 2019 09:06 ET | Source: Kraken Robotics Inc.

ST. JOHN’S, Newfoundland, Nov. 18, 2019 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its customer, Ocean Infinity, achieved significant milestones in endurance testing of their Kongsberg Hugin AUVs using new pressure tolerant batteries from Kraken. This included several missions to greater than 5000 meters and an unprecedented mission of over 100 hours without recharging, while running a full survey payload. As a result, using Kraken batteries, Ocean Infinity can operate increased survey ranges to nearly 700 line-kilometers per deployment.
Using batteries from Kraken subsidiary, Kraken Power GmbH, Ocean Infinity is seeing an increase of almost 100% in energy capacity in the same physical form factor as the original stock batteries in their Hugin AUVs. From an operational perspective this gives Ocean Infinity considerable flexibility to optimize mission plans, increase area coverage, manage weather impact, reduce launch and recovery operations, and significantly increase value for their customers in even the most remote parts of the world’s oceans.
Kraken’s unique pressure tolerant gel encapsulation technology for lithium polymer batteries provides an attractively priced, more environmentally friendly, and superior alternative to the oil compensated batteries currently used for subsea battery applications. Kraken’s hot swappable batteries are modular and include an integrated battery management system within each battery module. The pictures below show Ocean Infinity’s Kongsberg Hugin AUVs powered by four, 20 kWh Kraken batteries for a total of 80 kWh per vehicle.
Karl Kenny, Kraken’s President and CEO, said
“We are very pleased to support Ocean Infinity’s AUV fleet battery upgrade. We started this new development effort in Q3, 2018, and our teams in Germany and Canada have worked tirelessly to deliver for Ocean Infinity. By the end of this year, we expect to have completed delivery of more than 1300 kWh of batteries to Ocean Infinity. We look forward to continuing to support this important customer and strategic partner.”
Josh Broussard, Ocean Infinity’s Chief Technical Officer, said:
“This week’s test results mark a milestone achievement. Our new, ground-breaking battery technology has effectively doubled the vehicles’ endurance and capacity to collect data in a single deployment. We now have the capability to conduct AUV missions of over 4 days duration without the need for a battery recharge or change out.
By deploying this technology, we are able to reduce launch and recovery operations by 50% and in turn provide a safer, more efficient, and more weather tolerant operation to our clients. Combining this technology with our proven multi-AUV operation offers an unprecedented deep-water data acquisition and survey platform with nearly 700 km of range per AUV, further solidifying Ocean Infinity’s position as a leader in bringing advanced technology solutions to market.”
ABOUT OCEAN INFINITY
Ocean Infinity is a next generation subsea technology and data company using a fleet of autonomous underwater vehicles. Ocean Infinity provides a comprehensive seabed exploration system that is highly efficient and permits multi-tasking. Their comprehensive range of on-board systems and equipment permit continuous operation through to project completion, which gives them the capability to inspect, repair or recover discoveries made during a survey, eliminating the need for a second vessel. Their approach dramatically increases productivity and reduces downtime – saving clients time and money with their ’one stop shop’ multi-purpose vessel.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. For more information, please visit www.krakenrobotics.com, www.krakenrobotik.de, www.krakenpower.de. Find us on social media on Twitter (@krakenrobotics), Facebook (@krakenroboticsinc) and LinkedIn.
This news release contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Kraken or its subsidiaries and customers to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in this news release. Examples of such statements include statements with respect to the Company’s anticipated revenue growth; completion of industry contracts between the Company and its clients, and between its clients and other industry partners; anticipated impact of industry upgrade cycles in naval mine warfare and the anticipated and timely adoption of underwater robotics; the Company’s ability to capitalize on existing and future bids for services, including the Ocean Supercluster; among others. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information including such risks contained in the Company's management’s discussion and analysis for the fiscal year ended December 31, 2018 and filed with Canadian securities regulators available on the Company's issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all.
Certain forward-looking information in this press release constitutes future-oriented financial information or financial outlooks, within the meaning of securities laws. Such information is being provided to demonstrate the potential of the Company and readers are cautioned that this information may not be appropriate for any other purpose. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are based on assumptions and subject to risks, uncertainties and other factors. Actual results may differ materially from what the Company currently expects. Readers are cautioned that any such future oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that that the prospective financial information as to the Company’s anticipated 2019 financial results has been prepared on a reasonable basis, reflecting management’s best estimates and judgments. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results.
The forward-looking information included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. The reader should not place undue importance on forward-looking information and should not rely upon this information as of any other date. All forward-looking information contained in this press release is expressly qualified in its entirety 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 TSX Venture Exchange has neither approved nor disapproved the contents of this press release.
For further information, please contact:

Joe MacKay, Chief Financial Officer
[phone]
[e-mail]
Greg Reid, Chief Operating Officer
[phone]
[e-mail]
Sean Peasgood, Investor Relations
[phone]
[e-mail]
Shauna Cotie, Marketing Manager
[phone] x 241
[e-mail]
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/136f3451-bd26-433b-a703-fd829b57472a
https://www.globenewswire.com/NewsRoom/AttachmentNg/89d065e1-0de7-4b2b-ba4d-fab6896ffc96

[blue finch]

Good stuff

[The_Gman]

Kraken Robotics Inc. is pleased to announce that it anticipates record quarterly revenue from $7.6 to $7.8 million for the recently completed third quarter ended September 30, 2019. This would generate year-to-date revenue in the first three quarters of between $9.8 – $10 million. This is the Company’s largest quarterly reported revenue and exceeds the total revenue recognized in all of 2018 ($6.7 million). These results reflect the ramp of shipments of deep-sea batteries to a customer during the quarter along with the sale of a KATFISH and an increase in overall corporate activity of the company’s sensor and robotics products.

Based on year-to-date results and continued order and shipment activity, Kraken expects strong momentum to continue in Q4 and 2020. The Company maintains its guidance for 2019 revenue of $15 million and anticipates being profitable for the year. Some of the Company’s recent contract announcements such as the notification of successful bid on an international mine hunting upgrade program position Kraken for very significant growth ahead.

Kraken looks forward to providing a more detailed update when the Company reports Q3 2019 quarterly financial results in November 2019.

[The_Gman]

More News - 3 OCTOBER 2019/GLOBE NEWSWIRE/– Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., will receive a financial contribution of up to $749,746 from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). This funding is being used to support research and development of Kraken’s ThunderFish® XL Autonomous Underwater Vehicle (AUV) and is part of Kraken’s $20 million OceanVision™ project that was announced at the end of June. Kraken’s ThunderFish® XL represents further development of the ThunderFish® Alpha platform that was recently delivered to Defence Research and Development Canada (DRDC).

Kraken’s ThunderFish® AUV is an innovative marine robot designed for ultra-high resolution seabed imaging and mapping applications. It can be used for a wide range of oceanographic and military tasks including underwater surveys, environmental monitoring, habitat mapping, marine archaeology, inspection of submerged structures, searching for downed aircraft and naval mine countermeasures. ThunderFish® carries an array of sensors and custom payload modules, including Kraken’s AquaPix® Synthetic Aperture Sonar. The platform is ideal for monitoring or surveillance tasks where cost efficiency, ease of deployment and operational simplicity matters. Its modular design allows for rapid sensor reconfiguration and battery replacement.

ThunderFish® XL will include additional sensors and features as compared to ThunderFish® Alpha including Kraken’s Multispectral AquaPix® Synthetic Aperture Sonar, SeaVision® RGB laser scanner and SeaThrust® rim-driven thrusters allowing for hovering capabilities. A scale model of ThunderFish® XL can be seen this week at the Canadian Defence Security and Aerospace Exhibition Atlantic (DEFSEC Atlantic) in Halifax from October 1-3.

[TrendTrade2016]

PNG.V blowing up on the Canadian side

[The_Gman]

2 OCTOBER 2019 /GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has received official notification that the Company was chosen as the successful bidder on a program for the acquisition of new sonar systems for an unnamed international navy. The navy customer has notified Kraken that it intends to enter into a contract with Kraken after the expiration of a standstill period.

This was a competitive bid process for upgrades of the customer’s mine-hunting equipment. Kraken was one of four companies whose offers were received and evaluated and all four bidders have been notified of the result. Under the program, Kraken will deliver the KATFISH towed synthetic aperture sonar as well as autonomous launch and recovery systems (ALARS) to the customer. The total contract value is expected to be approximately C$35-$40 million, with the majority of that received over a 2 year equipment acquisition phase. Kraken currently expects product margins on this contract to be in line with its historical averages.

Final contract signing with Kraken is subject to several factors including the expiry of the standstill period (October 14, 2019) and Kraken entering into an industrial offset contract with the government business agency. In addition, the contract signing is subject to political approval, including approval by the Finance Committee of the customer’s Parliament. Kraken expects to provide additional customer and contract detail in the coming weeks.

https://krakenrobotics.com/kraken-notified-of-successful-bid-on-international-mine-hunting-upgrade-program/

[TrendTrade2016]

loaded the news here...massive contract...boom!!! love this CEO!!! right here in my home town!!!

[Ruffieruff]

Yes won a contact.

[mccd]

I read that as $35-40m (C) over the next two years... is that what you’re seeing?

[Ruffieruff]

Trading resumes 1 pm

[Ruffieruff]

News out.

[Ruffieruff]

Let’s hope so. We all could use a little.

[mccd]

“At the request of the company pending news”. I could use some good news in my portfolio... hope that is what it is!

[Ruffieruff]

Halted.

[whytestocks]

News: $KRKNF Kraken Launches OceanVision(TM) Project

ST. JOHN’S, Newfoundland, Sept. 09, 2019 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has launched the initial phase ...

Got this from KRKNF - Kraken Launches OceanVision(TM) Project

[joelawyer]

I agree. The 2Q numbers were lackluster, but the forward guidance was terrific. I bought a solid amount of additional shares yesterday.

[Ferdenando the Bull]

Strong accumulation SAR flipped yesterday looks like a good run coming.