ST. JOHN'S, Newfoundland and Labrador, March 04, 2024 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ("Kraken" or the "Company") (TSX-V: PNG, OTCQB: KRKNF) announces that its wholly owned subsidiary, Kraken Robotic Systems Inc., has signed a Cooperative Research and Development Agreement (CRADA) with Naval Undersea Warfare Center Division, Newport (NUWCDIVNPT). The objective of this CRADA is to conduct joint research into advanced signal processing techniques for the current and future generation of Synthetic Aperture Sonar (SAS) sensor technologies. This also includes exploration into enhanced image processing techniques such as data fusion, image registration, multi-spectral image enhancement and automated target recognition.

Kraken Robotics has engaged in several CRADA's with US government agencies since 2012, including NUWC Division Newport, NOAA's Office of Ocean Exploration and Research (OER) as well as the Battery Certification and Integration Branch, Code 636 of NSWC Carderock. These CRADA's have provided invaluable testing and evaluation for Kraken's portfolio of underwater technology solutions, including Kraken's Synthetic Aperture sonar, KATFISH Actively Controlled Towed sonar, and Pressure Tolerant Subsea Batteries.

These CRADAs have showcased a strong track record of proven technology solutions and collaboration between Kraken's world-leading technical team and the US Navy's Centers of Excellence. They have allowed Kraken to test technology solutions with subject matter experts from the US Navy, providing invaluable feedback on performance and capabilities. Kraken can then point to the publicly-releasable results of our collaborative testing under the CRADA as objective evidence when bidding on opportunities domestically or internationally with other Five Eyes or NATO countries.

Greg Reid, Kraken President and CEO said, "We are pleased to enter another CRADA with NUWC Division Newport. Since that first CRADA in 2012, Kraken has gone on to deliver our technology solutions to NATO allies across the globe, and the results from each CRADA have been a valuable ground truth for our customers worldwide."

David Shea, Kraken CTO said, "Innovation is a core tenant of Kraken. Entering into this new Cooperative agreement with NUWC will ensure our science and technology is being evaluated by the best and brightest inside the US Navy, and this allows us to deepen our collaboration on the next generation of seabed intelligence solutions. With several of our sensors now in active use within the US Navy, we are excited to deepen our focus into data enhanced processing techniques that will benefit both new and existing sensors, leveraging the latest developments in machine learning."

ABOUT KRAKEN ROBOTICS INC.

Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

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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.

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For further information:

Jack North, Marketing Lead
jnorth@krakenrobotics.com

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

Greg Reid, President & CEO
(416) 818-9822
greid@krakenrobotics.com

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