UPDATE — Kraken Successfully Completes Robotics as a Service (RaaS) Contract from Government of Canada

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Kraken Robotics Inc.

Kraken Robotics Inc.

Figure 1

Car Wrecks Surveyed with Legacy Side-Scan (top) vs Kraken's LW-SAS (bottom)

Car Wrecks Surveyed with Legacy Side-Scan (top) vs Kraken’s LW-SAS (bottom)

Figure 2

Kraken's LW-SAS Installed onto an RCN UUV

Kraken’s LW-SAS Installed onto an RCN UUV

Figure 3

An Object of Interest Located During the Testing Phase

An Object of Interest Located During the Testing Phase

Figure 4

Kraken's KATFISH Collected Data from 10m - 160m at >6 kn

Kraken’s KATFISH Collected Data from 10m – 160m at >6 kn

ST. JOHN’S, Newfoundland, April 04, 2022 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company™, is pleased to announce that it has successfully completed a Robotics as a Service (RaaS) contract with the Royal Canadian Navy (RCN), for testing of Kraken’s ultra-high resolution survey equipment. This $0.5 million contract was funded under the government of Canada’s Innovative Solutions Canada program, and the testing department for this service offering was the RCN’s Fleet Diving Unit Atlantic (FDU-A) based in Halifax, Nova Scotia. The RCN has a mandate to develop and maintain an advanced sonar imaging and data storage capability for all three coasts, and to deploy this capability to national and international areas of interest.

Augmenting the RCN’s Current Capabilities
This contract provided the RCN FDU-A access to cutting edge technology and high-resolution seabed data. With Kraken deploying its KATFISH towed SAS sonar system as well as integrating a Kraken Light Weight SAS (LW-SAS) onboard a RCN-owned Huntington Ingalls REMUS 100 Unmanned Underwater Vehicle (UUV), Kraken’s RaaS service demonstrated that FDU-A’s existing capabilities can be augmented by using service-based offerings of cutting-edge technology with significantly better data, at a much lower cost, and leveraging continuously improving capabilities.

Throughout the course of the contract, Kraken’s team successfully demonstrated that the range, area coverage rates, and resolution of Kraken’s KATFISH and LW-SAS systems met or exceeded target specifications. Furthermore, the Kraken and FDU-A teams worked closely on integration of the payload, demonstrating that the LW-SAS can be installed and removed from vehicles in the field. Finally, the FDU-A team was trained on using Kraken’s cloud-based post mission analysis tools for interrogating data following mission completion, and for conducting change detection.

Commenting on the successful completion of this contract, Karl Kenny, Kraken President and CEO noted, “Kraken is excited to be once again working closely with our own RCN as an ‘Early Adopter’ to augment existing RCN Route Survey capabilities with a service offering based on the latest SAS technology available. The experience of working side by side with our FDU operators provided invaluable feedback to our engineers and technicians, and the RCN’s evaluation will serve as an excellent reference for a global offering, in particular to other NATO allies. Furthermore, the RCN’s objective comparison of the data from our RaaS offering against legacy sonar data provided demonstrative evidence of the superior image resolution and accuracy of Kraken survey data.”

Quote by Lieutenant Commander Neville Lockyer, Commanding Officer of Fleet Diving Unit (Atlantic), “Our members are fully traine
d in Naval Mine Countermeasures and seabed searches, and are always excited to be able to test and evaluate innovative Canadian technology. We want our teams to have their hands on the best equipment available in order to safely and effectively complete the mission. Based on the performance of Kraken’s equipment during this evaluation, what we tested was the best equipment available.”

Quote by Commander Roland Leyte, Director of Diving Safety (D DIV S), “By embracing the ISC TS program, the RCN is able to test and trial high-tech, advanced, state of the art equipment to determine its viability and future employability in various areas of warfare. Partnering with Kraken Robotics to utilize Robotics as a Service allowed the RCN’s Seabed Intervention Systems department, as the end users, to employ a superior SAS system on an already in-service UUV, the REMUS 100, to achieve a much higher definition resolution image. The trial and the partnership were very successful in integrating the SAS with the REMUS 100, and in demonstrating that increased resolution tremendously improved object identification and change detection.”

Benefits to the Navies
Kraken believes its RaaS offering can provide significant benefits to other navies around the world. With Kraken RaaS, navies can access cutting edge technology “as needed”, without concern for equipment obsolescence, life cycle costs, or operator skill fade. As it relates specifically to the RCN, Kraken RaaS offers many advantages:

  • Both RCN operating bases, MARLANT (Maritime Forces Atlantic) and MARPAC (Maritime Forces Pacific) are mandated to maintain Q-routes (safe passage lanes along the coasts and into designated harbors, of Canadian waters) on an annual basis. These surveys take a significant amount of time with current RCN technology due to image quality and speed of current towed bodies. Kraken’s technology would greatly enhance the image quality and reduce survey time significantly due to the advance in state-of-the-art technology.

  • Kraken’s technology can be deployed to assist the RCN in mapping areas of interest ahead of regular exercises and operations, with the image quality required to enable change detection and optimize revisit rates. This has the potential to provide the RCN with a competitive edge for detecting bottom objects in complex seabeds.

  • Kraken’s technology and service application can augment route survey activities while simultaneously supporting near shore hydrographic mapping and charting requirements on an annual basis with high-definition resolution, freeing up valuable Navy assets for other mission critical functions

Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c1a3d4b3-8c29-41e9-9508-9f0aaa3196df

Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/bef0f296-26b3-4a34-824b-63965ffb65af

Figure 3 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f13d7bec-ef66-4479-9e83-143b07c3cecb

Figure 4 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7ec2b5c0-f214-45c6-b516-93ef0e4f3dfa

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www.pangeosubsea.com

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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 Newfoundland with offices in Canada, U.S., Germany, Denmark, and Brazil. In July 2021, Kraken acquired PanGeo Subsea, a leading services company specializing in high-resolution 3D acoustic imaging solutions for the sub-seabed. PanGeo with offices in Canada, the United States and the United Kingdom is now a wholly owned subsidiary of Kraken. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

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:

Joe MacKay, Chief Financial Officer
(416) 303-0605
[email protected]

Greg Reid, Chief Operating Officer
(416) 818-9822
[email protected]

Sean Peasgood, Investor Relations
(647) 955-1274
[email protected]