ST. JOHN’S, Newfoundland, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that Sam Allen has joined Kraken as a Strategic Advisor. Sam will help the Company refine its strategy for the international offshore energy market with a focus on landing additional pilot projects and converting pilot projects to longer-term recurring revenue contracts. This may include collaboration with additional industry partners as well as M&A activity.

Mr. Allen is the former President of Technip Canada from inception in 1997 to 2012. During that time, Technip Canada grew to be the pre-eminent subsea construction company in Canada. Technip Canada focused on marine engineering and installations such as risers, flowlines, umbilicals, and mooring chains and became a Centre of Excellence in several areas including dynamic riser analysis. Following Canada, Sam moved to Perth, Australia where he headed up Technip Oceania (750 people and multiple world class multi-year projects). Following his Perth assignment, he assumed as role as Project Director for a very large integrated subsea to onshore facility project in Indonesia. Sam delivered a very successful project before retiring from Technip in 2018.

CEO Comments
“Kraken has developed industry leading underwater data acquisition and analytic tools that can provide ultra-high definition images of subsea assets and infrastructure,” said Karl Kenny, Kraken President & CEO. “Our challenge now is to apply Artificial Intelligence to analyze the data and to monitor the change in subsea assets over time to be able to predict the state of these assets into the future (i.e. predictive analytics). We continue to refine our tools and processes through lessons learned on our OceanVision™ pilot project as well as numerous other pilot projects we have completed for a variety of customers (military, offshore energy, ocean science, etc.). We look forward to leveraging Sam’s experience and relationships to generate significant growth for our robotic services and data business.” 

Sam Allen Comments
“With more than 30 years of experience in the offshore energy industry, I have first-hand experience in the power of underwater robotics which to date has mainly consisted of using remotely operated vehicles for inspection and manipulation of subsea assets,” said Sam Allen. “I expect the utilization of autonomous systems and robotics in the offshore energy market to grow significantly over the coming years as companies invest in new projects and extending the life cycle of legacy assets through the use of high-quality data acquisition sensors, machine learning  and predictive analytics. With a strong portfolio of ultra-high definition imaging data acquisition and analytic tools, Kraken has the potential to build a significant recurring revenue business.”

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 St. John’s, Newfoundland with offices in Dartmouth, Nova Scotia; Toronto, Ontario; Bremen & Rostock, Germany; and Boston, Massachusetts. 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:

Joe MacKay, Chief Financial Officer
(416) 303-0605
jmackay@krakenrobotics.com

Greg Reid, Chief Operating Officer
(416) 818-9822
greid@krakenrobotics.com

Sean Peasgood, Investor Relations
(647) 955-1274
sean@sophiccapital.com

Shauna Cotie, Marketing Manager
(709) 757-5757 x 241
scotie@krakenrobotics.com

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