ST. JOHN'S, Newfoundland and Labrador, July 17, 2024 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) announces the successful completion of a contract to supply high-resolution seabed mapping sonar service to Precision Hydrographic Services (PHS), a customer supporting the Australian Department of Defence. The Australian Department of Defence project sought to undertake Hydrographic High Resolution Route Surveys (RS) for a number of Australian ports. The purpose of these surveys was to enable the collection of Maritime Geospatial Information (MGI) to support maritime domain awareness through the acquisition of high-resolution seabed foundation data and associated oceanographic data.

Managing Director of Precision Hydrographic Services Pty Ltd (PHS), Neil Hewitt stated: "Our decision to partner with Kraken Robotics and the KATFISH synthetic aperture sonar (SAS) system for this important Defence project has proven to be highly successful. Over the course of five months our team travelled non-stop from port to port and surveyed several thousand line-miles of Australia's most important ports and waterways for Defence. The Kraken KATFISH performed faultlessly with not one hour of downtime."

Kraken President and CEO, Greg Reid commented: "The Australian Defence Route Survey project has provided an excellent opportunity to test and demonstrate the performance of the Kraken KATFISH system. This is the first time that a customer has undertaken a wide area, multi-port survey project of this scale with the KATFISH - anywhere in the world. To do so in a safe and efficient manner with no downtime is a great credit to the vessel crew and the teamwork of the technical and survey personnel from PHS and Kraken Robotics."

Under the scope of Kraken's contract, a KATFISH high-speed survey/detection solution was used to acquire high-resolution route surveys of Australian ports. Under the contract, the survey campaign commenced in January 2024 and was fully complete in May 2024. This contract follows the results of a successful in-country demonstration of KATFISH for the RAN in Q1 of 2023 and the purchase of a KATFISH system by the RAN in Q2, 2023.

Figure 1: PHS and Kraken Teams in Australia

Figure 2: KATFISH Towed SAS Survey Systems

ABOUT KATFISH
The KATFISH is a high-speed seabed survey system providing ultra-high resolution seabed imagery and bathymetry for defense and commercial customers. The acoustic imagery and bathymetry collected by KATFISH systems provides customers with actionable intelligence about subsea assets and infrastructure such as subsea pipelines and fiber optic cables, as well as important hydrographic information about the safety of key transit routes for ocean going assets. Kraken has integrated KATFISH to a variety of manned and unmanned vessels of opportunity, providing both standalone turnkey seabed mapping as well as optional integration to a customer's combat mission management systems.

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:

Erica Kierstead, Director of Marketing
erica.kierstead@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

Photos accompanying this announcement are available at