Government of Canada Expresses Support for Kraken’s Defence Export Sales

ST. JOHN'S, Newfoundland, Sept. 10, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is very pleased to acknowledge the support and recognition of the Government of Canada regarding its recent mine countermeasures system contract bookings with important NATO allies Denmark and Poland.

On September 8, Kraken announced the signing of two strategically important contracts for mine hunting equipment with the Danish Navy and with the Polish Navy. Kraken will deliver its KATFISH towed Synthetic Aperture Sonar, Tentacle Winch and Autonomous Launch and Recovery System (ALARS) to both NATO navies over the next two years. These products are designed and manufactured in Atlantic Canada; the KATFISH and the Synthetic Aperture Sonar is built in Mount Pearl, NL and the Tentacle Winch and ALARS are built in Dartmouth, NS.

Kraken CEO Comments
Karl Kenny, Kraken President and CEO noted: “Kraken would like to acknowledge and thank the Government of Canada for their support stemming from Canada’s innovation agenda, and in particular the Key Industrial Capabilities (KICs) strategy and the various supporting programs and initiatives including National Research Council of Canada Industrial Research Assistance Program and Canada’s Ocean Supercluster. Kraken’s strategy is to continue leveraging these government programs to drive innovation to further grow the company and generate additional export sales.”

“In order to ensure that more of these investments continue to support the development of a globally-competitive defence and security sector, the Government of Canada has identified 16 KICs including Remotely-piloted Systems and Autonomous Technologies, and Sonar and Acoustic Systems. The KICs represent areas of emerging technology with the potential for rapid growth and significant opportunities, established capabilities where Canada is globally competitive, and areas where domestic capacity is essential to national security.”

-    Ref: https://www.ic.gc.ca/eic/site/086.nsf/eng/h_00175.html

Minister of Innovation, Science and Industry Hon. Navdeep Bains:
“Our government has recognized sonar and acoustic systems as a key industrial capability of our globally-competitive defence and security sector. These systems represent areas of emerging technology with the potential for rapid growth and significant opportunities, along with established capabilities where Canada is globally competitive and where domestic capacity is essential to national security. This contract is a great example of Kraken Robotics leading in this sector.”