Kraken Completes Majority Acquisition of Kraken Power GmbH
Kraken Power Achieves ISO 9001:2015 Certification
ST. JOHN’S, Newfoundland, Jan. 07, 2019 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (TSX-V: PNG) (OTCQB: KRKNF) (“Kraken” or the “Company”), is pleased to announce, that it has completed the majority acquisition of Kraken Power GmbH. Through the conversion of an existing note receivable to equity and a cash payment of approximately €0.1 million, Kraken has increased its ownership in Kraken Power GmbH to 75%. Based in Rostock, Germany, Kraken Power GmbH currently employs a 20-person team comprised of highly skilled engineers, technicians and administration staff. During Q4 2018, Kraken Power increased manufacturing capacity through the expansion of a new facility and addition of larger production equipment. In 2019, it is anticipated that additional staff and equipment will be added to meet the demand for existing and future contracts.
Karl Kenny, Kraken’s President & CEO said, “We are pleased to welcome Kraken Power GmbH into the Kraken family as a majority owned subsidiary. Their team of skilled professionals and proprietary pressure tolerant technology for subsea equipment offer significant growth opportunities. In addition, we are proud to announce that Kraken Power recently obtained its ISO 9001:2015 certification.”
In order to meet the ISO 9001:2015 standard, a company must demonstrate adherence to a Quality Management System that outlines good business practices and ensures consistency in providing products and services that meet customer and applicable industry requirements.
“Achieving ISO 9001:2015 certification demonstrates our commitment to maintaining our position as a world-class provider of deep-sea pressure tolerant encapsulation technology, products and services. The advanced procedures associated with this certification will allow us to operate more efficiently, reach new markets and identify and address upcoming risks,” said Dr. Carl Thiede, founder and Chief Technology Officer of Kraken Power GmbH.
The International Organization for Standardization (ISO) is the largest standards organization in the world, with a network of standards institutes from 162 countries. The ISO 9001 is a set of procedures covering all key processes within a business and ensures that these processes are efficient, effective and are monitored consistently, allowing the company to continuously improve on its processes.
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company that is 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; Toronto, Ontario; Bremen and Rostock, Germany; and Boston, Massachusetts. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter. 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:
Greg Reid, Chief Financial Officer
Sean Peasgood, Investor Relations
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 288
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/889d750b-0de5-4791-9be9-8f2e437a684e