Kraken Sonar Inc. (the “Company”) announces that it has changed its name from Kraken Sonar Inc. to Kraken Robotics Inc. and that effective Friday, September 22, 2017, it will begin trading under its new name. The Company’s stock symbols will remain the same: TSX-V: PNG and OTCQB: KRKNF. The Company’s Canadian operating subsidiary, Kraken Sonar Systems Inc. (“KSSI”) has been renamed Kraken Robotic Systems Inc. (“KRSI”).
While the public company name and Canadian operating subsidiary names will have changed, there has been no change to the Company’s ownership or corporate address. The name change is intended to reflect Kraken’s continued growth as it evolves from manufacturing sensors to supplying complete robotic systems, software and services in the global Unmanned Maritime Systems (“UMS”) market. An updated website will be available at www.krakenrobotics.com. Additional updates will be implemented across the Company’s product and services literature throughout the balance of the year.
Karl Kenny, Kraken President and CEO said, “Our new name reflects the Company’s broader commitment and expertise in driving the innovations needed to shape the future of unmanned maritime systems. We expect that the UMS market will soon evolve from research, develop and testing programs into significantly larger procurement opportunities for Kraken.”
In their recent report, Global Military Unmanned Maritime Systems Market Forecast to 2021, market analysts Frost and Sullivan state that the global military unmanned maritime systems market is experiencing rapid growth and investment. Like the unmanned aircraft market, UMS technologies are advancing faster than Moore’s Law resulting in lower costs and lower barriers to market entry for commercial-off-the-shelf (COTS) platforms that can perform various military applications.
To maintain an edge over competitors in an increasingly crowded market, global defense contractors are expected to continue to invest in synergistic and strategic partnerships especially with technology companies such as Kraken that specialize in software development, sensors and underwater robotics products that are COTS. In addition to the military sector, this trend is also expected to occur within the commercial ocean survey industry.