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.
