Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Kraken has already proven its technology superior and will be a candidate for a take over for its superior technology. Thats 4. Im done !
Krakens technology is far ahead of its competitors.
Krakens long term potential is immense.
I never put up an intro for Kraken. I guess I need to be a mod to do so which requires 4 posts.
PNG.V getting ready for our 81c target!!
What’s not love??? Crept not wanting to chase... ;)))
next week PNG.V ready for 74c fun fun fun!!!
PNG.V another great day...amazing chart, a trur bullish set up.!!
PNG.V left the staion today, ready to go big!!
Excellent! Thanks for all the info.
amazing tech....https://www.marinetechnologynews.com/news/c/karl-kenny
this is an American company trading at 7 bucks. PNG is better and trading at 64c.
https://www.codaoctopusgroup.com/
the chart is set up for a long term trend. The Daily, the weekly and the monthly...all bullish!!!! its the best technical set up out there in a stock in this price range. But don't forget about the company, its a huge growth play with the best technology in this space. The market is watching and playing this little gem of a company. Now I would not buy on the US side, there is no volume, so its best to buy on the Canadian side under PNG.V. The CEO sold his last company for 50 million and believe this company is a buyout target by its competitors. Kraken's technology is less expensive than its competitors. Both the Canadian Navy and the US navy are buying and testing their underwater sonar drones. The underwater sonar scanning and mapping space is watching close.
Oh, ok, I understand now that you meant 64 cents. But, how would do you mean by / how do you perceive / describe the "set up"?
64c and the set up is as bullish as bullish can be.
What do you mean by a "64 stock"? And what do you see as a "set up"?
PNG.V very exciting week coming up. one of the best set ups on a 64 stock in the market today!
PNG.V soon this stock will be the talk of the town...a true gem that will blow peoples minds!!
KRAKEN is going to be a sub-sonic rocketship backed with sonar technology that will make people cry for not owning!!
PNG.V one of the most explosive plays in the market. Watch her soar!!
Kraken Presenting at Cantech Investment Conference in Toronto
ST. JOHN’S, NEWFOUNDLAND – 23 JANUARY 2019/GLOBE NEWSWIRE/– Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that CFO Greg Reid will be presenting the Company’s investment thesis at the upcoming Cantech Investment Conference on January 29thand 30thin Toronto.
“This is Kraken’s second year attending Cantech, and since last year’s conference we have achieved significant milestones, including a $9 million sub-sea battery contract, a strategic investment from one of our customers, and more than $10 million of new capital including a successful $6 million bought deal equity raise,” said Mr. Reid. “Cantech is Canada’s largest technology investor conference and is the perfect venue to share our opportunities and roadmap as Kraken continues to execute. We are proud that Cantech Newletter has nominated Krakenas one of the 3 finalists for 2018Canadian Technology Stock of the Year on TSX Venture exchange and our CEO Karl Kenny as one of 3 finalists for 2018 Canadian Technology Executive of the Year.”
Mr. Reid will present on Tuesday, January 29, 2019 at 11:50am at the Paradigm Innovation Stage. He will also be available to meet investors both days at Booth #301.
ABOUT CANTECH INVESTMENT CONFERENCE 2019
Cantech Investment Conference 2019 is Canada’s largest technology investment conference, which is expected to bring together 3,500 engaged investors with more than 100 leading technology companies. For more information, please visit www.cambridgehouse.com
Event: Cantech Investment Conference 2019
Date: Tuesday & Wednesday, January 29-30, 2019
Booth: #301
Feature Presentation: 11:50 am EST, Tuesday, January 29 at the Paradigm Innovation Stage
Venue: Metro Toronto Convention Centre, 255 Front Street West, Toronto, Canada.
Event Hours: 8 am – 5pm
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 and 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.
Kraken CEO Presenting at Germany’s Leading Maritime Robotics and Sensor Conference
ST. JOHN’S, NEWFOUNDLAND – 9 JANUARY 2019/GLOBE NEWSWIRE/– Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce that itsPresident and CEO, Karl Kenny, has been invited to speak at the MAROS (Maritime Robotik und Sensorik) Conference being held in Berlin, Germany on January 17-18, 2019.
Mr. Kenny said, “I am pleased to speak at this conference organized by Fraunhofer IOSB, a Kraken strategic partner. There are strong synergies between our organizations, and we look forward to making further announcements with Fraunhofer and other underwater robotics sector partners – particularly those related to our OceanVision™ project and a new development initiative code-named Kraken JellyFish™, a Hybrid Remotely Operated Vehicle.”
Germany’s maritime economy is a high-tech sector that employs approximately 400,000 employees with an annual turnover of over 50 billion euros — and is one of Germany’s most important industry sectors. Maritime technologies have an important and strategic role to guarantee Germany’s supply of energy, natural resources and food.
ABOUT THE MAROS CONFERENCE
The MAROS conference has been held on a biannual basis since 2011. MAROS is supported by the German Federal Ministry for Economics and Technology as well as the Gesellschaft für Maritime Technik. It is organized by Fraunhofer IOSB and other research organizations.
MAROS 2019 will continue the work started at MAROS 2017 in Potsdam where several workshops led to a value chain roadmap addressing the following issues in the field of maritime robotics and sensors.
The MAROS 2019 conference will focus on networking. The first day is devoted to the exchange of experience on interesting markets and technical highlights as well as information from politics and associations. On the second day, technical aspects of co-operation will be dealt with in workshops. For more information, please visit MAROS 2019.
KRAKEN ROBOTIK GMBH OPERATIONS UPDATE
At Kraken Robotik GmbH (KRG), based, in Bremen, Germany, we recently added 2 new software developers, one from Apple and one from the Brazilian Institute of Robotics. The KRG team is focused on algorithm and software development for the SeaVision® underwater 3D laser scanner, as well as sophisticated autonomy modules for two large subsea autonomy projects announced in 2018. Both development paths will directly support a new Kraken development initiative, the JellyFish™ Hybrid ROV platform.
Kraken Awarded $0.5 Million Contract under Canada’s Defence Innovation Research Program (DIRP)
ST. JOHN’S, NEWFOUNDLAND – 08 JANUARY 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 been awarded a $568,000 contract via a competitive Call for Proposal (CFP) solicitation posted on buyandsell.gc.ca, by Public Works and Procurement Canada under the Defence Innovation Research Program (DIRP) Call 3. The DIRP supports Canada’s long-term commitment to respond to the scientific and technological needs of the Department of National Defence and Canadian Armed Forces. The objective of Kraken’s DIRP contract is to develop a low frequency, ultra-wideband Synthetic Aperture Sonar (SAS) for use in underwater operational environments.
Karl Kenny, Kraken’s President & CEO said, “This contract award further supports development of the AquaPix® Multispectral SAS that we announced in May 2018. Kraken’s AquaPix® Multispectral SAS will be the world’s first commercial SAS to operate over such a wide acoustic spectrum, ranging from low audible frequencies to high ultrasonic frequencies. The three notable benefits of this new technology are 1) Significantly extended search range with ultra-high definition imagery and bathymetry; 2) Sub-bottom 3D volumetric imaging (i.e. finding objects buried beneath the seafloor); and 3) Increased speed and accuracy for seabed classification and characterization. Commercial availability is expected in 2019. Pricing for a complete system, including downward and dual side looking arrays with real time sonar signal processing and 3D mapping engine is expected to be under US$1 million.”
Dr. Jeremy Dillon, Kraken’s Chief Scientist said, “We are pleased to be awarded this DIRP contract. This development will leverage Kraken’s world-leading expertise in sonar signal processing and GPU-accelerated real-time processing. The Kraken team includes recently hired Dr. Richard Charron, an expert in sonar performance modeling, low frequency acoustics and 3D sub-bottom imaging. In contrast with high frequency sonars that are only capable of resolving the external shape of a target, low frequency waves penetrate the target and excite structural modes in a way that provides a unique signature for different types of objects. Kraken’s Multispectral SAS will provide a richer set of classification features for target recognition and machine learning applications, thereby reducing the false alarm rate in cluttered environments.”
Dr. Alan Hunter, an internationally recognized SAS expert, is also collaborating with Kraken on the development. Dr. Hunter said, “Kraken’s AquaPix® Multispectral SAS will provide an exciting new capability for high definition mapping and understanding the seafloor. By analyzing the relationships between acoustic signals scattered at different frequencies and aspects, it will be possible to infer the material properties of the seafloor and the objects resting upon it. Furthermore, the lower frequencies will penetrate the seabed to reveal buried features and objects to reveal their internal structures. The lower frequencies will also enable longer detection range when the Multispectral SAS is deployed in deeper waters and operated in a side-looking configuration.”
A Technology Revolution – From Conventional Sonar to SAS to Multispectral SAS
SAS is a powerful imaging technique that coherently combines echoes from multiple acoustic pings along the trajectory of an underwater vehicle to construct a “synthesized” sonar array. When synthetic aperture techniques are applied at sufficiently low acoustic frequencies, a modest-sized SAS can generate imagery with a constant azimuth resolution comparable to that of higher frequency sonar systems, but with significantly longer range. SAS systems are now being fielded in a wide range of military and commercial applications including underwater surveys, habitat mapping, oil and gas, environmental monitoring, marine archaeology, inspection of submerged structures, searching for downed aircraft and naval mine countermeasures.
Multispectral satellite and airborne remote sensing, acquiring data from the electromagnetic spectrum, has enabled scientists to map terrestrial features for many years. However, the limited penetration of electromagnetic radiation through seawater renders satellite and airborne remote sensing impractical for mapping the seafloor in all but the shallowest of waters. In practice, acoustic remote sensing systems are required to map the ocean floor.
Over the past number of years, multibeam sonar systems have come to dominate the world of marine survey. However, to meet the competing needs of range performance versus resolution, most of these systems only operate at a single frequency (or a very narrow band of frequencies) at any one time. As a result, the seabed and volume scattering products are essentially monochromatic and are typically displayed as a single colour image, representing a single data point for each bottom location. In contrast, Kraken’s AquaPix® Multispectral SAS will collect multispectral data at several frequency bands widely spaced from 5 kHz to 200 kHz. The broadband SAS provides much more data with significantly improved range and resolution.
Benthic Habitat Mapping
The development of Kraken’s AquaPix® Multispectral SAS is an exciting and innovative opportunity to improve the way that seafloor geology and benthic habitats are mapped. Combining multiple frequencies in this way offers opportunities for improved habitat discrimination and classification. The application of broadband multispectral backscatter in acoustic remote sensing offers significant advantages and the benefits of this approach to seafloor mapping are potentially ground-breaking.
Deep Sea Exploration & Exploitation
Other uses for multispectral SAS relate to the study of hydrothermal vents and hydrocarbon seeps. The importance of understanding these interactions is growing due to the the potential damage from oil and gas extraction, seabed mining and bottom trawling. As deep-sea mining of hydrothermal vents becomes a reality, many questions remain regarding the dynamics of these ecosystems. Having observations of the same seafloor at different acoustic wavelengths allows for increased discriminatory power in seabed classification and characterization efforts. The development of sonar systems with multispectral backscatter capabilities provides a significant opportunity to improve the way that scientists segment, classify and map seafloor geology.
Naval Mine Countermeasures
Naval mines are a threat that will be present in the future, and therefore, new sonar technologies are needed to detect and classify these weapons.
Designed to improve target detection, increase area coverage rate and reduce false contacts, Kraken’s AquaPix® Multispectral SAS will operate over a wide range of wavelengths and aspects: where centimeter-scale wavelengths are used for fine-detail imaging of the seabed and small objects that lay proud on it; and longer wavelengths, which can propagate deeper into the sediment volume, are used for imaging and analysis of buried objects.
Kraken’s AquaPix® Multispectral SAS is the first commercial ultra-wideband sonar that combines techniques for high-resolution imaging and target analysis, automated target recognition and seabed change detection and advanced autonomy via situational awareness provided to the host platform by the sensor.
Kraken Completes Majority Acquisition of Kraken Power GmbH
ST. JOHN’S, NEWFOUNDLAND – 7 JANUARY 2019/GLOBE NEWSWIRE/– Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce, that it has completed the majority acquisition of Kraken Power GmbH. Through the conversion of an existing note receivable to equity and a cash payment of approximately €0.1 million, Kraken has increased its ownership in Kraken Power GmbH to 75%. Based in Rostock, Germany, Kraken Power GmbH currently employs a 20-person team comprised of highly skilled engineers, technicians and administration staff. During Q4 2018, Kraken Power increased manufacturing capacity through the expansion of a new facility and addition of larger production equipment. In 2019, it is anticipated that additional staff and equipment will be added to meet the demand for existing and future contracts.
Karl Kenny, Kraken’s President & CEO said, “We are pleased to welcome Kraken Power GmbH into the Kraken family as a majority owned subsidiary. Their team of skilled professionals and proprietary pressure tolerant technology for subsea equipment offer significant growth opportunities. In addition, we are proud to announce that Kraken Power recently obtained its ISO 9001:2015 certification.”
In order to meet the ISO 9001:2015 standard, a company must demonstrate adherence to a Quality Management System that outlines good business practices and ensures consistency in providing products and services that meet customer and applicable industry requirements.
“Achieving ISO 9001:2015 certification demonstrates our commitment to maintaining our position as a world-class provider of deep-sea pressure tolerant encapsulation technology, products and services. The advanced procedures associated with this certification will allow us to operate more efficiently, reach new markets and identify and address upcoming risks,” said Dr. Carl Thiede, founder and Chief Technology Officer of Kraken Power GmbH.
The International Organization for Standardization (ISO) is the largest standards organization in the world, with a network of standards institutes from 162 countries. The ISO 9001 is a set of procedures covering all key processes within a business and ensures that these processes are efficient, effective and are monitored consistently, allowing the company to continuously improve on its processes.
15,000,000 Common Shares sold at $0.40 per Common Share
ST. JOHN’S, Newfoundland, Dec. 20, 2018 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (“Kraken” or, the “Company”) (TSX-V: PNG) (OTCQB: KRKNF), is pleased to announce today that it has closed its previously announced “bought deal” short form prospectus offering (the “Offering”) of common shares of the Company (“Common Shares”). A total of 15,000,000 Common Shares were sold at a price of $0.40 per Common Share (the “Issue Price”) for gross proceeds of $6,000,000.
“Kraken is very pleased to have completed this financing with the continued support of our customer and strategic partner, Ocean Infinity Ltd., who subscribed for $1,000,000”, said Karl Kenny, Kraken’s President and CEO. “We look forward to continuing to work with Ocean Infinity as we build a variety of products and services for the underwater robotics market.”
The Offering was completed by a syndicate of underwriters led by Clarus Securities Inc. as lead underwriter and sole bookrunner, and including Beacon Securities Limited (the “Underwriters”). In consideration for their services, the Underwriters received a cash commission equal to 6% of the gross proceeds of the Offering (3% in respect of President’s List purchasers) and compensation options (each a “Compensation Option”) equal to 4% of the Common Shares sold pursuant to the Offering (2% in respect of President’s List purchasers). Each Compensation Option entitles the holder thereof to purchase one Common Share at a price of $0.60 until December 20, 2020.
The net proceeds of the Offering are expected to be used by the Company for leasehold improvements, capital expenditures, technology and licensing payments, additional equity investments in Kraken Power GmbH, parts and inventory, and general corporate and working capital purposes, as more particularly described in the Company’s final prospectus.
The Offering is subject to TSX Venture Exchange (“TSXV”) final acceptance of requisite regulatory filings.
The securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. SecuritiesAct“ ), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. SecuritiesAct and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This press releaseshall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of thesesecurities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Kraken Robotics Inc.
Kraken Robotics Inc. is a marine technology company engaged in the design, development and marketing of advanced sensors, software and underwater robotics for Unmanned Maritime Vehicles used in military and commercial applications. We are recognized as world leading innovators of synthetic aperture sonar (SAS), a revolutionary underwater imaging technology that dramatically improves seabed surveys by providing ultra-high resolution imagery at superior coverage rates. Kraken has evolved from building world class SAS sensors to building world class underwater vehicles including tethered (KATFISH™) and autonomous (THUNDERFISH®) versions.
For more information, visit www.krakenrobotics.com.
For further information, please contact:
Greg Reid, Chief Financial Officer
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
gleyte@krakenrobotics.com
Forward-Looking Information:
This news release may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities legislation. All information contained herein that is not historical in nature may constitute forward-looking information. Forward-looking statements herein include but are not limited to statements regarding the final acceptance of the TSXV and the use of proceeds, and are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market and economic risks, uncertainties and contingencies that may cause actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. Except as required by law, the Company disclaims any obligation to update or revise any forward-looking statements. Readers are cautioned not to put undue reliance on these forward-looking statements.
Successful sea tests of KATFISH
ST. JOHN’S, NEWFOUNDLAND – 18 DECEMBER 2018/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 completed a series of successful sea tests of its KATFISH towed Synthetic Aperture Sonar system with Elbit Systems Ltd., a major international defence contractor based in Israel.
Elbit Systems has developed a state-of-the-art Unmanned Surface Vehicle (USV) named “Seagull”. Seagull is a multi-mission USV platform boasting high autonomy levels and modular features, allowing it to be rapidly reconfigured for a wide array of missions – including anti-submarine warfare and mine countermeasures.
“Elbit Systems’ Seagull USV is one of the most advanced ocean drones in the world,”said Karl Kenny, Kraken’s President and CEO. “With KATFISH integrated on Elbit’s Seagull USV, the system can provide remotely operated, unmanned, end-to-end mine hunting operations. With KATFISH, these ocean drones can detect very small objects hidden on the seabed and enter confined spaces where underwater explosives are likely to be hidden. Since robotic systems can be remotely operated their use can remove people from very dangerous missions – in essence, taking the sailor out of the minefield. Kraken and Elbit are co-operating on a number of international contract pursuits for KATFISH integrated on the Seagull platform.”
Some key objectives realized during the KATFISHtests included:
Successful operations in sea states of 3 – 4
Towing at 7+ knots in shallow 15m water with KATFISH survey depth of less than 6.5m
Constant 3cm resolution imagery and 25cm bathymetric resolution, in real time
Area coverage rates greater than 2.1 km2per hour
2-Sigma Target Position Error of less than 2.26m (95%)
Remote command and control of KATFISH over low-bandwidth wireless link
Compressed SAS imagery and bathymetry transmitted in real-time over low bandwidth wireless link
Survey operations conducted by supervised autonomy from remote shore-based site
Single operator launch and recovery of KATFISH payload in high sea states
Underwater Threats
The underwater defence market is evolving rapidly; responding to changing threats, tensions in the Middle East and Asia, economic and budgetary pressures and a growing trend by emerging navies to deploy asymmetrical weapons. As an example, today’s diesel-electric submarines are quickly becoming one of the biggest threats to naval operations and the $2 trillion commercial shipping industry.
Compounding the threat from stealthy submarines are the hazards posed to worldwide shipping from naval mines and underwater Improvised Explosive Devices (IEDs). A naval mine is a self-contained explosive device placed in water to damage or destroy ships or submarines. Like roadside bombs on land, naval mines are a cheap way to undercut military force projection. Since World War II, mines have sunk or crippled 15 US Navy ships, more than all other weapons put together. Two naval mines crippled the $1 billion USS Princeton, a US Navy guided missile cruiser, in the first Gulf War 25 years ago.
There are an estimated 80,000 mines in the Baltic that wereleft over from the two World Wars. Some are still active. While their fuses are not operational, the explosive material is still there. If something happens to touch them, they can explode. As recently as 2005, one such mine killed three Dutch fishermen— a murderous reminder of how deadly mines can be, and for how long.
There is one big difference from World War II – the modern naval mine threat is much more sophisticated.Today, stealthy mines made of composite materials in sonar-deflecting shapes lurk amidst the clutter of the sea floor. There are buried mines covered by layers of sand, mud and silt. There are “rising mines” that waitin deep water for a ship to pass overhead, then ascend until they’re within range to fire a torpedo. There are reports that China is working on an anti-aircraft mine that can detect a low-flying helicopter and launch a missile at it.Iranis reported to own over 6,000naval mines, North Korea has 50,000, China 100,000 or so and Russia isestimated to own over 250,000. There could be well over 500,000 naval mines in worldwide military inventories.
For over a century, clearing mines has beena brutal, crude and close-up business. For over twenty years, leading navies havebeen increasingly investingin technologies to “keep the sailor out of the minefield” by deployingunmanned systems, both underwater and on the surface.
Countering the Underwater Threat
Kraken’s KATFISH is an actively controlled, intelligent towfish platform used to generate real-time ultra-high definition seabed imagery and maps for a variety of military and commercial applications. Kraken’s products are primarily targeted to the rapidly growing Unmanned Maritime Systems drone market which is primarily comprised of Unmanned Underwater Vehicles (UUVs) and Unmanned Surface Vehicles (USVs).
Until recently, conventional side scan sonars have been the leading technology for detailed mapping and imaging of the seafloor. However, Kraken’s advanced sonar technology called Miniature Interferometric Synthetic Aperture Sonar (MINSAS) is now commercially available and is especially well-suited for military mine hunting missions. MINSAS delivers ultra-high seabed image resolution (3 cm), simultaneously co-registered 3D bathymetry, and superior area coverage rates. The ability to generate centimetre-scale sonar resolution in all three dimensions has the potential to provide significant improvements in the detection, classification and identification of small seabed objects such as underwater mines and IEDs.
From a platform perspective, towed sonar systems have the benefit of acquiring sonar data to operators at high speed and in real-time. This is a critical feature for mine-hunting operations to enable the earliest possible identification and classification of underwater threats. Onboard processing enables real-time analysis of sonar data, significantly reducing post mission analysis time.
Actively controlled towfish provide a superior platform for seabed survey, particularly when using Synthetic Aperture Sonar. An actively controlled towfish can compensate for input disturbances, greatly improving the towed platform stability and the overall image quality. In addition, intelligently controlled active towfish can control their depth and altitude using intelligent bottom following and bottom avoidance routines.
Placing a survey sensor – such as Kraken’s Miniature Synthetic Aperture Sonar – closer to the seafloor will result in the acquisition of much higher resolution data. When the sensor is integrated to a high speed, intelligently stabilized towed platform such as KATFISH, better quality data is acquired at a faster rate, thus improving efficiency and lowering both operational and data acquisition costs. KATFISH provides the highest resolution seabed pixels at the lowest cost compared to any other competing survey sonar platform.
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, Germany; and Fairfax, Virginia. 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.
ABOUT ELBIT SYSTEMS
Elbit Systems Ltd. (NASDAQ: ESLT) is an international high technology company engaged in a wide range of defense, homeland security and commercial programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance (“C4ISR”), unmanned aircraft systems, advanced electro-optics, electro-optic space systems, EW suites, signal intelligence systems, data links and communications systems, radios and cyber-based systems. The Company also focuses on the upgrading of existing platforms, developing new technologies for defense, homeland security and commercial applications and providing a range of support services, including training and simulation systems.For additional information, visit: www.elbitsystems.com,follow us on Twitter or visit our official YouTubeChannel.
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:
Greg Reid, Chief Financial Officer
(416) 818-9822
greid@krakenrobotics.com
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
gleyte@krakenrobotics.com
2019 is setting up to be a strong year with the current backlog.........Any additional orders (and there should be) would be gravy.
Let the PNG team execute and deliver---------and the share price will take care of itself.
Q3 2018 Results and Provides Outlook
https://seekingalpha.com/pr/17345995-kraken-reports-q3-2018-results-provides-outlook
GlobeNewswire
ST. JOHN’S, Newfoundland, Nov. 30, 2018 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (KRKNF) announced it has filed its financial results for the third quarter ended September 30, 2018. Additional information concerning the Company, including its unaudited condensed consolidated interim financial statements and related management’s discussion and analysis (“MD&A”) for the quarter ended September 30, 2018, can be found at www.sedar.com. Unless otherwise stated, all dollar amounts are Canadian dollar denominated.
Q3 2018 Financial Highlights
Revenue was $1.6 million for the quarter as compared to $1.6 million in the year ago quarter. Year-to-date revenues were $5.2 million as compared to $2.0 million in the same period of 2017 driven by delivery of KATFISH™ and AquaPix® sensors to military and commercial customers.
Net loss was $1.0 million as compared to net income of $0.1 million in the year ago quarter. Year-to-date, net loss was $1.8 million versus a net loss of $1.7 million in the year ago quarter.
Financial results, for the first time, include the consolidation of Kraken Power GmbH, a subsidiary that Kraken has a 19.9% equity interest in but expects to increase to 75% by year end 2018.
Kraken exited the quarter with a cash balance of $1.6 million, as compared to cash indebtedness of $0.3 million at December 31, 2017. The Company’s $0.3 million line of credit is unused.
At quarter-end, Kraken had $0.9 million of contribution agreements to draw upon from the National Research Council of Canada Industrial Research Assistance Program and Innovate Newfoundland and Labrador.
Q3 2018 Notable Operational Highlights
Formed a strategic partnership with Ocean Infinity and subsequently received the first purchase order of $2.5 million with an expected follow on purchase order for $6.5 million. This order is for deep sea pressure tolerant batteries that will be supplied using Kraken Power’s pressure tolerant gel encapsulation technology.
Announced formation of Kraken’s Acoustic Signal Processing Group with a Toronto-based team having 80+ years of combined experience that will focus on anti-submarine warfare signal processing software applications. Kraken won its first contract for this group, a 12-month software contract valued at approximately $1 million, with an international defense contractor.
Announced Cooperative Research and Development Agreements with both the Naval Undersea Warfare Center (NUWC) – Division Newport and the National Oceanic and Atmospheric Administration (NOAA).
Successfully demonstrated KATFISH™ at the U.S. Navy’s annual, invite-only Advanced Naval Technology Exercise (ANTX) event. Kraken and ThayerMahan successfully demonstrated the SeaScout® Expeditionary Seabed Mapping and Intelligence System. The SeaScout® system incorporates several industry-leading modules: KATFISH™, actively stabilized towfish with Synthetic Aperture Sonar; TENTACLE®, intelligent all-electric winch; real time sea-floor secure imagery transmission to cloud-based storage; cloud-based data analytics and machine learning for automated change detection. U.S. Navy Vice Admiral Michael Connor (retired), ThayerMahan’s President and CEO, said, “I’m very pleased that during ANTX ThayerMahan and Kraken demonstrated superior resolution and range relative to competing systems costing many times more; live streaming of target detection results to remote maritime operations centers at sea and ashore; excellent area coverage rates, real-time performance and ease of operation for the sailor. There is no doubt in my mind that SeaScout® offers a compelling price and performance advantage to competitive systems.”
Kraken received $1 million from exercise of previously issued common share purchase warrants.
Kraken delivered a KATFISH™ Towed Synthetic Aperture Sonar Platform to an Israeli customer. This KATFISH will be used in mine hunting applications with the customer’s Unmanned Surface Vessel (USV).
CEO Comments
“With a growing backlog, high quality customers, industry leading technology at the right price, and the support of our investor and strategic partner, Ocean Infinity, we are very pleased with our progress,” said Karl Kenny, Kraken’s President and CEO. “We see significant opportunities with our sensors and underwater robotic platforms in military and commercial markets. As such, we expect strong momentum to continue. We also expect additional opportunities to emerge for Kraken from the $300+ million funding available to the Ocean Supercluster. We will be submitting a multi-year, $30 million proposal called OceanVision™ to provide ultra-high definition seabed maps and subsea asset data to a wide range of Ocean Supercluster stakeholders including oil and gas, fisheries, science, transport, defence and others.”
Subsequent Highlights Since September 30 Quarter End
Acceleration of Ocean Infinity battery order and advance payments. In November, Kraken announced that Ocean Infinity has issued a $6.5 million purchase order to Kraken for deep sea batteries. Under a $9 million deep-sea battery contract announced on August 1, 2018, Ocean Infinity issued an initial $2.5 million purchase order with the next $6.5 million purchase order expected in Q1 2019. Ocean Infinity has since accelerated the delivery schedule, with all battery shipments now planned to start at the end of 2018 and finishing in Q3 2019.
Kraken will deliver batteries for five new Kongsberg Hugin Autonomous Underwater Vehicles (AUVs) recently purchased by Ocean Infinity, for integration at the manufacturer’s facility in Norway. With the change in scheduling, these new vehicles will take some of the delivery slots initially intended for replacement of existing AUV fleet batteries. As such, Kraken expects a follow-on order from Ocean Infinity in the second half of 2019 for additional batteries and spares, beyond the initial $9 million contract.
Early Exercise of Warrants. Since the end of Q3, Kraken has received almost $0.6 million from the early exercise of approximately 2.1 million warrants set to expire in April 2019. To date, Kraken has received $835,666 in cash from the early exercise of 2,785,553 warrants which had an exercise price of $0.30 and were set to expire in April 2019. There remains approximately 3.1 million warrants with the same terms, which would generate another $0.9 million in cash for the Company if exercised.
$0.5 million contract win with DRDC. In November, Public Works and Government Services Canada, issued a contract valued at $468,000 to Kraken. The end user is the Canadian Department of National Defence (DND). Under the contract, Kraken will provide testing, repairs, integration and upgrading of an AquaPix® INSAS sensor originally sold to DND for integration on the Artic Explorer Autonomous Underwater Vehicle in 2014.
Partnership with Leeway Marine. In October Kraken announced a co-operation agreement with Leeway Marine where both companies will work together to integrate Kraken’s SeaScout® Expeditionary Seabed Mapping and Intelligence Systems onboard Leeway’s Striker high speed patrol vessel to create world’s fastest Minehunting & Hydrographic Patrol Vessel.
Q4 2018 Outlook and Beyond
We see significant opportunities with our sensors and underwater robotic platforms in military and commercial markets. We continue to believe that the significant investments we have made in new products and business development will open large new contracts to us over the coming year. In the meantime, we are working hard to execute efficiently on our existing backlog of approximately $13 million, most of which will be executed in 2019. This backlog excludes several contracts where we have been notified that we will be awarded and are working on the Statement of Work and/or Purchase Order terms. These total more than $4 million and are expected to get added to our backlog within the next 3 to 4 months. As such, we expect strong momentum to continue.
Commercial and Research – We expect successful conclusion in December of the $750,000 PRNL project that was announced in Q4 2017. This project was focused on demonstration of Kraken’s SeaVision® 3D underwater laser imaging sensor and associated software. Kraken expects to deliver its first commercial version of SeaVision® to a European customer in Q4. Kraken expects its first battery delivery to Ocean Infinity at the end of Q4. During the quarter and subsequent to quarter end, Kraken completed several demonstrations for offshore oil and gas companies for applications such as subsea asset integrity inspection. We have given numerous presentations and technology demonstrations to participants in the offshore wind and marine renewables market and expect both our KATFISH™ and SeaVision® products to gain traction in these markets. Our German team at Kraken Robotik GmbH have started to ramp work on the ARIM and ROBOVAS contracts that Kraken was awarded mid-year. These are focused on autonomy software and our SeaVision® product.
Military - On track for delivery of AquaPix® sonar sensor to a leading military customer in Q4. This $0.5 million contract was announced in Q2 2018. In addition, Kraken is involved in several active pursuits across North American and European Navies. These include responses to RFPs as various navies upgrade their mine-hunting sonars. While Kraken is teamed with large defense contractors in these pursuits, in two cases so far, Kraken has been down-selected to a qualified finalist. Contracts are expected to be awarded to the bid winners in 2019.
Ocean Supercluster Project – On November 16, 2018, the Ocean Supercluster announced that it had finalized its funding agreement with the Government of Canada for $153 million to be matched by industry for a total funding pool of over $300 million. Kraken has been developing a project called OceanVision™ and is preparing to submit a detailed proposal for Ocean Supercluster funding. OceanVision™ is a $30 million three-year initiative to provide ultra-high definition seabed and subsea asset data using our AquaPix® Synthetic Aperture Sonar and SeaVision® 3D laser imaging sensors deployed from Kraken’s various underwater robotic platforms. These datasets will be used to enhance machine learning and predictive analytics in the digital ocean economy. The project will provide benefits across a wide range of Ocean Supercluster constituents including oil and gas, fisheries, science, transport, defence and others. Kraken has been developing the OceanVision™ project over the past year and believes it has support from several key stakeholders. The OceanVision™ project will be used to further develop the system infrastructure, data sharing and business model development that will enable Kraken to offer its Robotics-as-a-Service to the global market. It is expected that first project awards will be announced in Q1 2019. While there is no guarantee Kraken will be awarded funding for this project, management believes the OceanVision™ project is well positioned to meet the goals and requirements for Supercluster funding proposals.
Acceleration of Ocean Infinity Battery Order and $5 Million Advance Payments
ST. JOHN’S, NEWFOUNDLAND – 28 NOVEMBER 2018/GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF), is pleased to announce that Ocean Infinity has issued a $6.5 million purchase order to its wholly owned subsidiary, Kraken Robotic Systems Inc., for deep sea batteries. Under a $9 million deep-sea battery contract announced on August 1, 2018, Ocean Infinity issued an initial $2.5 million purchase order with the next $6.5 million purchase order expected in Q1 2019. Today Ocean Infinity has accelerated the delivery schedule, with all battery shipments now planned to start at the end of 2018 and finishing in Q3 2019. This is an acceleration of approximately six months from the previous schedule.
In order to help facilitate the delivery schedule and Kraken’s working capital requirements as it scales battery production, Kraken will invoice Ocean Infinity in November and January for advance payments of approximately $5 million.
Ocean Infinity CEO Comments
Oliver Plunkett, Ocean Infinity President & CEO, said, “At Ocean Infinity, we own and operate the world’s most technologically advanced seabed data acquisition assets, capable of operating to extreme depths of up to 6,000 metres. In our drive to add value for our clients we are constantly striving to push the boundaries of what can be achieved with technology. Maximising underwater endurance is a critical aspect of our operational model. Using Kraken’s pressure tolerant gel encapsulation battery technology, we can increase our energy capacity by over 50% in the same physical form factor as our existing conventional batteries. From an operational perspective, this gives us considerable flexibility to optimise mission plans, increase area coverage, manage weather impact and ultimately increase value for our customersin even the most remote portions of the world’s oceans.”
Kraken CEO Comments
Karl Kenny, Kraken’s President and CEO, said, “Kraken Power’s unique pressure tolerant gel encapsulation technology for lithium polymer batteries provides an attractively priced, eco-friendly and superior alternative to oil compensated batteries currently used for subsea battery applications. We are very pleased to support Ocean Infinity’s AUV fleet battery upgrade. In simple terms, within the existing battery compartment footprint, our drop-in, field swappable batteries allow Ocean Infinity’s AUVs to increase underwater mission time from 50-55 hours to 80-85 hours.”
About the Ocean Infinity Battery Contract and Potential Expansion
Kraken will deliver batteries for five new Kongsberg Hugin Autonomous Underwater Vehicles (AUVs) recently purchased by Ocean Infinity, for integration at the manufacturer’s facility in Norway. With the change in scheduling, these new vehicles will take some of the delivery slots initially intended for replacement of existing AUV fleet batteries. As such, Kraken expects a follow-on order from Ocean Infinity in the second half of 2019 for additional batteries and spares, beyond the initial $9 million contract.
Kraken Robotics Plans to Increase Ownership in Kraken Power GmbH
The batteries for Ocean Infinity will be built by Kraken Power GmbH (“Kraken Power”), an entity in which Kraken currently holds a 19.9% interest. Kraken intends to increase its ownership position in Kraken Power to 75% by the end of 2018. This will be accomplished through the conversion of a convertible note of €110,000 into equity in Kraken Power as well as additional cash payment of €111,200. In addition, while Kraken only holds a 19.9% equity interest in Kraken Power at the end of Q3 2018, under IFRS 10 accounting rules relating to controlled entities, Kraken is required to consolidate Kraken Power financial results in Q3.
About Ocean Infinity
Ocean Infinity is a next generation offshore ocean survey and ocean exploration 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.
http://krakenrobotics.com/kraken-announces-acceleration-of-ocean-infinity-battery-order-and-5-million-advance-payments/
$0.5 Million Contract from Canadian Department of Defense
ST. JOHN’S, NEWFOUNDLAND – 26 NOVEMBER 2018/GLOBE NEWSWIRE/ – Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF), is pleased to announce that as disclosed on www.buyandsell.gc.ca, Public Works and Government Services Canada, has issued a contract valued at $468,000 to Kraken Robotic Systems Inc. The end user is the Canadian Department of National Defense (DND). Under the contract, Kraken will provide testing, repairs, integration and upgrading of an AquaPix® INSAS sensor originally sold to DND for integration on the Artic Explorer Autonomous Underwater Vehicle in 2014.
Early Exercise of Warrants
Kraken is also pleased to announce that since quarter end (September 30,2018), it has received almost $0.6 million in cash from the early exercise of approximately 2.1 million warrants set to expire in April 2019. To date, Kraken has received $835,666 in cash from the early exercise of 2,785,553 warrants which had an exercise price of $0.30 and were set to expire in April 2019. There remains approximately 3.1 million warrants with the same terms, which would generate another $0.9 million in cash for the Company if exercised.
http://krakenrobotics.com/kraken-announces-0-5-million-contract-from-canadian-department-of-defense/
This company is really pretty impressive. Think about how nimble and organized and smart they had to be to accelerate this large order by 6 months! Really impressive. Stock is a strong buy. The only reason it hasn't yet taken off is the stupid 30cent warrants but soon those will be history and off we go.
Kraken and ThayerMahan Successfully Showcase SeaScout® during U.S. Navy Exercise
SeaScout® demonstrated an impressive price/performance advantage during the U.S. Navy’s Advanced Naval Technology Exercise 2018
ST. JOHN’S, NEWFOUNDLAND and GROTON, CONNECTICUT – 25 SEPTEMBER 2018 /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., in cooperation with ThayerMahan Inc., successfully demonstrated its SeaScout® Expeditionary Seabed Mapping and Intelligence System during the U.S. Navy’s Advanced Naval Technology Exercise (ANTX) held last month in Newport, Rhode Island. This was the first at-sea test and evaluation carried out since both companies signed a strategic alliance agreement in February 2018.
U.S. Navy Vice Admiral Michael Connor (retired), ThayerMahan’s President and CEO, said, “It’s our fundamental mission to integrate and deploy the latest sensors, robotics and machine learning technology as affordable and innovative solutions to the United States and allied navies. I’m very pleased that during ANTX ThayerMahan and Kraken demonstrated superior resolution and range relative to competing systems costing many times more; live streaming of target detection results to remote maritime operations centers at sea and ashore; excellent area coverage rates, real-time performance and ease of operation for the sailor. There is no doubt in my mind that SeaScout offers a compelling price and performance advantage to competitive systems.”
“ANTX 2018 was a great example of how our strategic alliance with ThayerMahan enables us to increase exposure and awareness within the U.S. Navy and expand our products into potential new revenue opportunities,” said Karl Kenny, Kraken’s President and CEO. “Employment of manned/unmanned teams and technologies will transform modern naval warfare, by leveraging sensor and robotics technologies to provide significant force multiplier advantages for the warfighter.”
SeaScout® Expeditionary Seabed Mapping and Intelligence System
During the ANTX 2018 exercise, ThayerMahan and Kraken personnel successfully and repeatedly deployed and demonstrated SeaScout® – an expeditionary system for seabed mapping and intelligence. The SeaScout® system incorporates several industry-leading modules:
KATFISH™, an actively stabilized towfish with Synthetic Aperture Sonar providing wide area seafloor coverage, superior pixel resolution for target detection and real-time full resolution SAS processing to enable in-stride automatic target detection and classification.
TENTACLE®, an intelligent all-electric winch that hosts sophisticated algorithms for dynamic manual, semi-autonomous or fully autonomous control. The integrated motion reference unit tracks the motion of the host vessel, and the onboard software models and predicts the sea state. The winch can be deployed stand-alone or integrated into a completely Autonomous Launch & Recovery System (ALARS) for both manned and unmanned surface vessels. The complete system fits inside a 20’ ISO shipping container and can be rapidly integrated and deployed on vessels of opportunity.
Real time sea-floor imagery transmission using secure, reliable (zero-error), data compressed, fast content delivery to cloud-based storage location to/from fixed sites and to/from mobile platforms.
Cloud based data analytics, using machine learning for automated change detection of targets by comparing seabed targets against previously surveyed bottom mapping baseline information.
Growing Trend of Underwater Drone Development
There is a growing international trend of defense dollars being spent on drone development. In its fiscal year 2019 budget, the U.S. Department of Defense requested US$9.6 billion for unmanned technology and related systems — a 28 percent increase from the previous year, according to a report released June 25 by the Association for Unmanned Vehicle Systems International.
“Unmanned systems and robotics are key technology areas that enable the United States to counter the range of evolving threats posed on the modern battlefield,” AUVSI president and CEO Brian Wynne said. The Navy has led all service branches in dollars put toward drones for at least the past three years, according to AUVSI. More than half of all drone projects for the land, air and sea are under the Navy’s purview.
While air-based drones make up most unmanned technology projects across the services with about US$7 billion earmarked for 2019, maritime drones are increasing in interest. About US$1.3 billion of drone-funding requests support maritime drones, according to the AUVSI report. The MK 18 Unmanned Undersea Vehicle was a highlight of the 2019 budget request, with the Pentagon asking for US$75 million for the underwater drone mainly used for mine countermeasure operations, according to the AUVSI report. Other purposes for underwater drones used by the Navy include data collection and surveillance.
Earlier this year, the U.S. Navy released a summary of its “Strategic Roadmap for Unmanned Systems,” stating the integration of drones in the service “offers many advantages such as reducing personnel and manpower, risk to personnel and operating costs.”
About Advanced Naval Technology Exercise 2018
The Advanced Naval Technology Exercise (ANTX 2018) is an annual, invitation-only event that was created by the U.S. Navy to see the future of naval technology in action today. Warfare centers, other Navy commands, universities and industry leaders are invited to showcase their technologies and capabilities during this event. The event provides an opportunity to test new unmanned systems and related technologies, while gaining access to US Navy test ranges, facilities and people.
About ThayerMahan Inc.
ThayerMahan Inc. was founded by retired U.S. Navy Vice Admiral Mike Connor, who also serves on Kraken’s Board of Directors. During a 35-year career, Vice Admiral Connor commanded at the ship, squadron and task force levels. He served as Commander of the entire U.S. submarine force from September 2012 until September 2015. Vice Admiral Connor led the US Navy’s submarine force into robotic undersea systems, achieving key milestones including the first operational deployment and recovery of an unmanned underwater vehicle from a submarine. With over 70 years of experience in maritime security issues, the ThayerMahan founders recognize the need for dramatic change in the way the physical and environmental security of the world’s oceans are monitored.
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 and underwater robotic systems. The company is headquartered in St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario, Bremen, Germany; and Fairfax, Virginia. 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.
For further information, please contact:
Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com
Greg Reid, Chief Financial Officer
(416) 818-9822
greid@krakenrobotics.com
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
gleyte@krakenrobotics.com
Kraken awarded $1M contract from international defense contractor
Sep. 19, 2018 6:11 AM ET|About: Kraken Robotics Inc. (KRKNF)|By: Niloofer Shaikh, SA News Editor
Kraken Robotic Systems Inc., a wholly owned subsidiary of Kraken Robotics (OTCQB:KRKNF) has received a sonar signal processing software contract valued at approximately $1M from an international defense contractor, supported by company’s recently established Acoustic Signal Processing Group
Karl Kenny, Kraken’s President and CEO said, “There is a significant and growing demand for strengthening Anti-Submarine Warfare (ASW) capabilities operated on surface warships, aircraft, submarines and unmanned systems. Such technologies are used to track, locate and neutralize hostile submarine threats. Naval forces around the world are focusing on development of ASW technology because of the regional proliferation of submarines. In fact, the market analyst firm Forecast International estimates the market for ASW systems to be over $30B from 2018-2032.”
https://seekingalpha.com/news/3391341-kraken-awarded-1m-contract-international-defense-contractor
Robert McWhirter discusses Kraken Robotics
Robert McWhirter, president of Selective Asset Management Inc., discusses Kraken Robotics.
https://www.bnnbloomberg.ca/investing/video/robert-mcwhirter-discusses-kraken-robotics~1397999
Excellent find, Ardly. Also, check out stockhouse.com bullboard on Kraken for another good article reference
9/3 - Kraken Robotics Inc. is pleased that for the 6th year in a row it has been named by Marine Technology Reporter (@MarineTechno ) to the MTR100 2018 – a list of the 100 most influential companies in the international marine technology marketplace. #MTR #oceantech #Robotics
https://magazines.marinelink.com/nwm/MarineTechnology/201807/#page/47
Yes Sir, great report. Did you see report of US Navy increasing 1 Billion in UAV"S spending. Looking better for a buyout or major increase in share price. Good Luck
Hey 7longyears:
What did you think of the quarterly report?
Did you notice the comment about the $200 million opportunities?
This company has ENORMOUS potential.
Phenomenal Quarter!!!!
https://seekingalpha.com/pr/17257187-kraken-reports-record-revenue-q2-2018?ifp=0
ST. JOHN’S, Newfoundland, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce that its wholly owned subsidiary, Kraken Robotic Systems Inc., has signed a Cooperative Research and Development Agreement (CRADA) with the Office of Ocean Exploration and Research (OER) of the National Oceanic and Atmospheric Administration (NOAA). The data and information OER collect can be used to enhance ocean research, inform policy and management decisions, develop new lines of scientific inquiry, and advise NOAA and the United States on critical issues.
The CRADA signed between Kraken and NOAA’s Office of Ocean Exploration Research, defines a joint research and development partnership. This partnership explores the application of Kraken’s underwater sensor and robotic technologies and systems to NOAA’s ocean observation charter in potentially more effective (less expensive, better results, more environmentally friendly) ways. This collaboration is directly responsive to NOAA’s Office of Ocean Exploration and Research mission of reducing unknowns in deep-ocean areas and providing high-value environmental intelligence.
This CRADA has 3 primary objectives:
Testing of Kraken’s AquaPix® Synthetic Aperture Sonar (SAS) system aboard an Autonomous Underwater Vehicle (AUV) and/or towed system (KATFISH) on a NOAA vessel. This test would involve the integration and in-situ test of this technology aboard a NOAA vessel. This test will provide both parties with experience at sea while collecting data for further analysis, with NOAA providing sea time and Kraken will provide mapping sensor equipment. Mapping data will be shared by both Kraken and NOAA for analysis.
Testing of Kraken’s SeaVision® laser scanner integrated aboard NOAA ROV systems and/or a Kraken ROV. Testing this technology in the field will give both Kraken and NOAA the opportunity to evaluate this new technology in the field at depths as great as 6000m and advance underwater scanning technologies. NOAA will provide sea time and Kraken will provide mapping sensor and equipment. 3D scanning data will be shared by both Kraken and NOAA for analysis.
Testing of other Kraken mapping systems, sensors, batteries and robotic systems at sea, and transferring of data in real time from NOAA vessels to land based monitoring and command stations which will further benefit ocean exploration and the development of technologies.
CEO Comments
“We are excited to enter into our first CRADA with NOAA,” said Karl Kenny, Kraken’s President and CEO. “The Office of Ocean Exploration and Research is a fast moving and forward-thinking division of NOAA, always eager to identify and adopt the latest marine technology available to increase the efficiency and capability of their missions. We are highly impressed with the telepresence capability aboard the NOAA Ship Okeanos Explorer and OER's goal to provide real-time data from their expeditions to the scientific community. We feel this will be a truly symbiotic relationship between NOAA OER and Kraken by combining their real-time, global data transfer capabilities with our real-time processing incorporated to all of our sensors, allowing for high-resolution laser and sonar data to travel from the seafloor to researchers around the world at an unprecedented rate.”
Remember what Warren Buffet said: "The stock market is a device for transferring money from the impatient to the patient."
ST. JOHN’S, NEWFOUNDLAND, August 07, 2018 /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 signed a Cooperative Research and Development Agreement (CRADA) with the U.S. Navy’s Naval Undersea Warfare Center – Division Newport (NUWCDIVNPT). The CRADA covers the operation of Kraken’s high-speed actively controlled towed Synthetic Aperture Sonar, KATFISH, for multi-mission applications, including mine countermeasures.
The CRADA defines a joint research and development relationship between NUWCDIVNPT and Kraken. The overall objective is to provide NUWC with experience operating the KATFISH, Kraken’s commercially off-the-shelf actively controlled, high-speed towed Synthetic Aperture Sonar from a surface vessel of opportunity. In the case of this CRADA, the vessel used will be manned; however, the towed system will also be operated from a remote station to simulate unmanned operation (i.e. operation from an Unmanned Surface Vehicle).
CEO Comments
Karl Kenny, Kraken’s President and CEO said, “This is our second CRADA with the U.S. Navy. Our first CRADA with NUWC was signed in April 2013 (shortly after Kraken commenced its operations) to evaluate the performance of our AquaPix® Synthetic Aperture Sonar. Over the past 5 years, we have worked well with various U.S. Navy groups, and these efforts have accelerated significantly over the past 18 months. We look forward to further collaboration with NUWC to develop cost-effective solutions that support the warfighter.”
ABOUT NUWC
NUWC is part of Naval Sea Systems Command (NAVSEA). NAVSEA along with its predecessor organizations have been responsible for the design, construction, delivery, maintenance, and disposal of the US Navy’s ships and ship systems. NUWC is the center for the majority of research, evaluation, engineering operations, and assistance for national underwater systems. It also offers support for domestic weapons systems for any kinds of undersea resources. NUWC DIVNPT has extensive expertise, capabilities, and information in underwater unmanned vehicles, sonar and signal processing.
Not sure how many are here, but I’m quite confident in the future of this company and stock. I’ve got several hundred thousand shares riding on it.
My last purchace of 133000 is it for me. Good luck everyone
I picked up a few today also, but mostly holding for a pull back. It’s jumped pretty fast and far based only on good news. Hopefully a great quarterly report will be out soon.
Followers
|
35
|
Posters
|
|
Posts (Today)
|
0
|
Posts (Total)
|
542
|
Created
|
09/12/17
|
Type
|
Free
|
Moderators |
Volume | |
Day Range: | |
Bid Price | |
Ask Price | |
Last Trade Time: |