Kraken Proclaims Administration Transition | Monetary Submit

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ST. JOHN’S, Newfoundland, Dec. 22, 2022 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), at the moment introduced that Karl Kenny, Founder and President and Chief Government Officer, can be appointed Government Chairman of Kraken and transition the President and Chief Government Officer position to Greg Reid. Mr. Reid joined Kraken greater than 7 years in the past as Chief Monetary Officer and since 2019 has been Chief Working Officer. This transition will change into efficient January 1, 2023.

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“It has been an honour and privilege to guide this firm as Founder, President and CEO for over a decade, and I’m happy to proceed to function Government Chairman to assist oversee Kraken’s ongoing progress,” mentioned Mr. Kenny. “Over the course of my 45-year profession, I’ve witnessed the profound influence of technological evolution in addition to the enlargement of the blue financial system. The previous decade alone has been transformational for Kraken in science, expertise and product R&D. We have now delivered a few of the most essential world advances in seabed imaging and robotics; made vital strategic and tactical selections throughout the enterprise and delivered file efficiency. Most of all, I’m proud and humbled to have led our proficient and devoted workforce world wide. The choice to step apart from day by day operations was some of the tough of my profession, however it’s the proper one. That is good for the Firm and our shareholders as our group is delivering sturdy efficiency throughout all items and is positioned for continued success. I’ll flip 63 subsequent yr and that is proper for me personally, as I can spend extra time and focus with household. However relaxation assured, I received’t be distant. I’ve the utmost confidence in Greg to guide Kraken because the Firm’s subsequent President and CEO.”

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“I’m honored to maneuver into the President and CEO chair at Kraken, and to proceed to construct upon the success that Karl, the administration workforce, and workers have pushed within the ten years since he based the corporate,” mentioned Mr. Reid. “We have now a world class workforce at Kraken and I’m excited to guide as we acquire market share with a powerful providing of services that enable our prospects to discover and perceive the subsea and sub-seabed. Karl’s imaginative and prescient led to the creation of Kraken at precisely the suitable time. With huge challenges equivalent to nationwide safety and the worldwide vitality transition, Kraken has the applied sciences and other people to assist our prospects shield and energy the world. The Kraken of at the moment is far completely different than the Kraken of even 3 years in the past. We have now extra administration depth, a deeper roster of engineering, science, and companies expertise and our applied sciences and techniques are extra hardened. With main reference prospects throughout varied navies, protection contractors, UUV OEMs, and vitality firms, we’re simply getting began. We stay up for capitalizing on the favorable business developments in subsea robotics and I’m excited after I take into consideration our prospects. Our expertise, merchandise, folks and model carry unimaginable momentum. I wish to reinforce our dedication to our workers, prospects, shareholders and companions and I stay up for main the group for the long-term development of Kraken,” mentioned Mr. Reid.

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ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine expertise firm devoted to the manufacturing and sale of software-centric sensors, subsea batteries, and underwater robotic techniques. The corporate has places of work in North and South America and Europe. In July 2021, Kraken acquired PanGeo Subsea, a number one companies firm specializing in high-resolution 3D acoustic imaging options for the sub-seabed used to mitigate danger in offshore installations. PanGeo with places of work in Canada, the US and the UK is now a completely owned subsidiary of Kraken. Kraken is ranked as a High 100 marine expertise firm by Marine Know-how Reporter.

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Sure data on this information launch constitutes forward-looking statements. When used on this information launch, the phrases “could”, “would”, “might”, “will”, “intend”, “plan”, “anticipate”, “imagine”, “search”, “suggest”, “estimate”, “anticipate”, and comparable expressions, as they relate to the Firm, are meant to determine forward-looking statements. Specifically, this information launch incorporates forward-looking statements with respect to, amongst different issues, enterprise aims, anticipated development, outcomes of operations, efficiency, enterprise initiatives and alternatives and monetary outcomes. These statements contain recognized and unknown dangers, uncertainties and different components that will trigger precise outcomes or occasions to vary materially from these anticipated in such forward-looking statements. Such statements replicate the Firm’s present views with respect to future occasions based mostly on sure materials components and assumptions and are topic to sure dangers and uncertainties, together with with out limitation, modifications in market, competitors, governmental or regulatory developments, basic financial situations and different components set out within the Firm’s public disclosure paperwork. Many components might trigger the Firm’s precise outcomes, efficiency or achievements to differ from these described on this information launch, together with with out limitation these listed above. These components shouldn’t be construed as exhaustive. Ought to a number of of those dangers or uncertainties materialize, or ought to assumptions underlying forward-looking statements show incorrect, precise outcomes could differ materially from these described on this information launch and such forward-looking statements included in, or included by reference on this information launch, shouldn’t be unduly relied upon. Such statements communicate solely as of the date of this information launch. The Firm doesn’t intend, and doesn’t assume any obligation, to replace these forward-looking statements. The forward-looking statements contained on this information launch are expressly certified by this cautionary assertion.

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Neither the TSX Enterprise Change Inc. nor its Regulation Companies Present (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this launch, and the OTCQB has neither accredited nor disapproved the contents of this press launch.

For additional data, please contact:

Jack North, Advertising Specialist
[email protected]

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

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

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