Kraken Sonar Inc. ST. JOHN’S, NL–(Marketwired – November 17, 2015) – Kraken Sonar Inc. (“Kraken”) (TSX VENTURE: PNG ) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has acquired the underwater robotics technology and related intellectual property rights previously owned by Marine Robotics Inc. Terms of the acquisition were not disclosed. “We believe that the ocean drone market is at an inflection point and set for major growth,” said Karl Kenny, President and CEO of Kraken. “This acquisition brings us a significant underwater technology and IP portfolio and continues to build on our sensors-to-systems strategy to be a market leader in the Unmanned Maritime Systems industry.” Included in the assets acquired are: all underwater robotics technology, intellectual property and related physical assets — including an operational SQX-500 Unmanned Underwater Vehicle (refer to the section below for more details). In addition, the majority of the senior electrical, mechanical and software engineers that were previously employed by Marine Robotics Inc. are now Kraken employees. “Military and commercial operators are starting to significantly invest in this market as the cost of utilizing drones is much less than conventional manned platforms,” said Mr. Kenny. “The acquisition of Marine Robotics’ technology, physical […]
