Kraken Receives $745,000 for Underwater Robotics

Kraken Sonar Inc. ("Kraken") (TSX VENTURE: PNG) is pleased to announce that its wholly-owned subsidiary, Kraken Sonar Systems Inc. has been awarded a non-refundable financial contribution of $745,950 by the Research & Development Corporation (RDC) of Newfoundland and Labrador.

The funding will support development of Kraken's ThunderFish™ Autonomous Underwater Vehicle (AUV) program. The ThunderFish™ program will combine smart sonar, laser and optical sensors, advanced pressure tolerant battery and thruster technologies and cutting edge artificial intelligence algorithms integrated onboard a cost effective 6,000 metre depth rated AUV.

Karl Kenny, President and CEO of Kraken said, "We are very grateful to RDC for their support of our efforts and appreciate their thorough review of our development program. This funding will help maintain the excellent momentum we have been building over the past two years in underwater robotics."

"Technological innovations in sensors, high performance computing and robotics now enable next generation underwater vehicles that are highly autonomous, cost effective, light weight and easier to operate. We look forward to continuing to develop advanced marine technologies and products to meet the ever-evolving demands of our growing customer base."