ST. JOHN’S, Newfoundland, July 16, 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 established a team to focus on acoustic signal processing applications with a focus on anti-submarine warfare (ASW) applications.
Kraken’s new Acoustic Signal Processing Group has 80+ years of combined experience in sonar systems development and integration. Their core competency is implementation of digital signal processing and user interface software for ASW sonar applications. This work frequently involves integration with embedded processing platforms for shipboard or shore-based analysis systems. The group can process and display data from fixed and mobile underwater as well as airborne systems to take advantage of machine automation, active and passive array technology improvements, hardware and software upgrades of submarine, surface and airborne ASW systems.
President & CEO Comments
Karl Kenny, Kraken’s President and CEO, said, "Anti-submarine warfare signal processing is a special skill set requiring knowledge and experience built up over decades. Today, there is a rapid and sustained proliferation of submarine technology around the world. Underwater surveillance experts require next generation digital signal processing software to detect and track quiet nuclear and diesel-powered submarines and other underwater threats. Kraken’s Acoustic Signal Processing Group was established to meet these requirements for both the Royal Canadian Navy as well as international allies. In Canada, we see major opportunities within the upcoming Underwater Warfare Suite Upgrade, the Canadian Surface Combatant and other underwater surveillance programs. There are also significant international opportunities.”
Anti-Submarine Warfare Market
MarketsandMarkets estimates that the submarine combat systems market could be worth nearly US$12 billion by 2022. Many countries are modernizing their naval defense units by manufacturing submarines, mine countermeasure platforms and unmanned underwater vehicles which will drive the global underwater warfare market. The US Navy (USN) has focused significant resources on anti-submarine warfare. At present, it has over 50 attack submarines, even so, the USN is struggling to meet the demands of the North Atlantic and Pacific Oceans, as well as addressing the Russian and Chinese fleets, which have also increased their undersea activities.
The Asia-Pacific region is expected to command the global submarine market. With increase in defense budgets and spending, defense authorities of different nations of the region are primarily investing in submarines and other underwater warfare vehicles. The rapid modernization of China’s submarine fleet has also compelled the demand in countries, such as Japan, India, Australia, Vietnam, and Taiwan. The growth is being driven by the rising number of maritime conflicts in the South China Sea and Indian Ocean. As a result, these countries are expanding or planning to expand their underwater naval capabilities.
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
