2022-11-28 |  TSXV: PNG |  press release

2022-11-28 | TSXV: PNG | press release

Street. JOHN’S, Newfoundland and Labrador, Nov. 28, 2022 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) announced that it has received an initial order for $14 million in subsea batteries, which includes a large down payment. Deliveries will occur in 2023.

Kraken’s 6,000m pressure-rated SeaPower® batteries are based on Kraken’s unique pressure-gel encapsulation technology for lithium polymer batteries. This provides an attractive, environmentally friendly and energy-intensive alternative to conventional oil-replaced batteries commonly used in deep subsea battery applications. Kraken hot-swap batteries are modular and include an integrated battery management system within each battery module providing a very high level of redundancy and safety.

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www.krakenrobotics.com

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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-focused sensors, subsea batteries and underwater robotic systems. The company has offices in North and South America and Europe. In July 2021, Kraken acquired PanGeo Subsea, a leading services company that specializes in high-resolution 3D sonographic imaging solutions of the seafloor used to mitigate risks in offshore facilities. PanGeo with offices in Canada, the United States and the United Kingdom is now a wholly owned subsidiary of Kraken. Kraken is ranked as a top 100 marine technology company by Marine Technology Reporter.

Certain information in this press release constitutes forward-looking statements. When used in this press release, the words “may,” “will,” “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 press release contains forward-looking statements regarding, among other things, business objectives, expected growth and results of operations, performance, business projects, 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 regarding future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including but not limited to, changes in the market, competition, governmental or regulatory developments, general economic conditions, and other factors specified in the Company’s public disclosure documents. . Many factors could cause the Company’s actual results, performance or achievements to differ from those described in this news release, including without limitation those listed above. These factors should not be interpreted as exhaustive. Should one or more of these risks or uncertainties materialize, or if assumptions underlying forward-looking statements prove incorrect, actual results could differ materially from those described in this news release and these forward-looking statements included in or incorporated by reference in this news. release, not to be unnecessarily relied upon. These statements speak only as of the date of this press release. The Company does not intend, nor assumes any obligation, to update these forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

TSX Venture Exchange Inc. does not accept Its organizing services (as defined in the TSX Venture Exchange Policies) are not responsible for the adequacy or accuracy of this release, and OTCQB has not approved or disapproved of the contents of this press release.

For more information, please contact:

Jack North, Marketing Specialist

jnorth@krakenrobotics.com

Joe McKay, Chief Financial Officer

(416) 303-0605

jmackay@krakenrobotics.com

Greg Reed, Chief Operating Officer

(416) 818-9822

greid@krakenrobotics.com

Sean Bisgood, Investor Relations

(647) 955-1274

sean@sophiccapital.com



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