ST. JOHN’S, Newfoundland, July 03, 2018 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V:PNG) (OTCQB:KRKNF) (“Kraken” or the “Company”) is pleased to provide an update on business activity. Based on customer contract fulfilment through the end of Q2 and visibility into the Company’s current sales forecast, management re-affirms the Company’s 2018 revenue target of over $7 million, which represents at least a doubling of 2017’s reported revenue. This revenue target excludes additional upside from several large contract pursuits that are currently in progress.
“The last six months have been extremely busy for us as we have concluded major product development efforts, customer sea trials, strategic partnerships, investment and order fulfillment,” said Karl Kenny, Kraken’s President and CEO. “The Kraken team continues to execute with a high degree of competence and we are very excited about our future. We expect further contracts in the second half of the year for our military and commercial underwater sensor and robotic products.”
Existing Contract Updates
In Q2, the Company completed several significant contract milestones including:
- Completed building and testing of a military certified version of our KATFISH™ towed underwater vehicle for a European defense customer. The customer recently attended successful sea acceptance trials in Newfoundland and ownership of the vehicle has transferred to the customer. Contract valued at ~ $2.0 million.
- Completed building and testing of our KATFISH™ towed underwater vehicle for a defense customer. The customer recently attended successful sea acceptance trials in Newfoundland. The product is being prepared for shipment and final integration is expected to occur in Q3. Contract valued at ~ $1.5 million.
- Completed production of AquaPix® MINSAS sensors. Contract valued at ~ $1.0 million.
- Kraken Germany (Kraken Robotik GmbH) was awarded two software and sensor contracts. Contract valued at ~ $0.9 million.
- Continued work on a contract for sensors and robotics for ship hull inspections. Project completion is expected in Q4. Contract valued at $0.7 million.
- Completed AquaPix® MINSAS sensor contract. Contract valued at ~ $0.4 million.
- Received our first commercial order of our SeaVision® underwater laser imaging system for a European customer. Product shipment is expected in Q4. Contract valued at ~ $0.1 million.
- Pre-qualified for a Build in Canada Innovation Program (BCIP) contract for our ThunderFish® AUV platform. Our test partner will be Defence Research and Development Canada. Under the military proposal call, contract awards are up to $1.0 million.
- Pre-qualified for a BCIP contract for our SeaVision® underwater laser imaging platform. Our test partner will be Parks Canada. Under the commercial proposal call, contract awards are up to $0.5 million.
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; 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.
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
Sean Peasgood, Investor Relations
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288