ST. JOHN’S, Newfoundland and Labrador, Feb. 23, 2018 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V:PNG) (OTCQB:KRKNF) (“Kraken” or the “Company”), has congratulated the Ocean Supercluster on being selected as one of the five Government of Canada’s innovation superclusters to receive part of $950 million in federal funding. The federal government and private sector’s co-investment in the Ocean Supercluster positions Canada to become a global leader in the knowledge-based ocean economy. The announcement was made on Feb. 15, 2018, by Navdeep Bains, Canada’s federal Minister of Innovation, Science and Economic Development.
“Kraken is pleased to be a founding supporter and contributor to Canada’s Ocean Supercluster alliance,” said Karl Kenny, Kraken’s President and CEO. “We are excited to work together with industry partners to apply our advanced sensors, artificial intelligence software and robotics technology across a range of ocean industries that include fisheries, aquaculture, oil and gas, marine bio products, transportation, defense, marine renewables and ocean technology.”
Ocean Supercluster Background
Ocean resources are one of Canada’s most significant potential advantages, with the longest coastline and the fourth largest ocean territory in the world. The Ocean Supercluster will foster new partnerships with industry, post-secondary, government, and others, including indigenous communities, to accelerate innovation and commercialization and to drive increased sustainable economic growth from our oceans.
The Organization for Economic Co-operation and Development (OECD) projects that the ocean economy will more than double in size by 2030. The impact of this growth will be profound around the world and give Canada the opportunity to spur the development and adoption of technologies that will support both higher value output from ocean resources and greater sustainability in established and emerging ocean sectors.
The Ocean Supercluster vision is to grow the ocean economy into one of the most significant, sustainable, and valuable segments of Canada’s economy. It will focus investment on industrial, technical and scientific innovation that will help energize the economy.
This is an industry-led proposal, focused on building upon Canada’s world-class ocean-related business activity, research capacity and proven technology expertise. To achieve its vision and mission, the Ocean Supercluster will:
- Strengthen links between ocean-based value chains and providers of enabling technologies;
- Develop, deploy, and export innovative technology platforms applicable to multiple ocean industries;
- Fill capability gaps in the innovation ecosystem through the attraction, recruitment, training, and retention of diverse, highly qualified personnel;
- Extend the global reach, attraction, network and market opportunities for Ocean Supercluster partners, and;
- Address global challenges related to sustainability, reducing carbon foot-print and improving energy efficiency.
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; 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
Greg Reid, Chief Financial Officer
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288