Kraken completes acquisition of PanGeo
ST. JOHN’S, Newfoundland, August 03, 2021 (GLOBE NEWSWIRE) – Kraken Robotics Inc. (“Kraken“or the”Company“) (TSX-V: PNG, OTCQB: KRKNF), Canada’s Ocean Company, is pleased to announce that it has completed the acquisition of PGH Capital Inc. (the”Acquisition”) Under the terms previously disclosed in the Company’s press release dated July 20, 2021. PGH Capital operates through its subsidiaries, PanGeo Subsea Inc. and PanGeo Subsea Scotland Limited (collectively with PGH Capital,“ PanGeo ”). PanGeo is a service company specializing in high resolution 3D acoustic imaging solutions for the seabed with offices in St. John’s, Newfoundland and Aberdeen, UK. Upon closing, PanGeo is now a wholly owned subsidiary of Kraken Robotic Systems Inc. Under Kraken ownership, PanGeo will continue to operate as a trusted name in underwater imaging and will complement Kraken’s turnkey offering. high resolution underwater imaging services.
Karl Kenny, President and CEO of Kraken, said: “We are delighted to have completed this acquisition and to welcome PanGeo employees to the Kraken team. Together, we provide a comprehensive solution of cutting-edge technologies and services in the field of underwater acoustic and optical imaging, autonomous robotics and underwater batteries for customers in the defense and commercial markets. We are also excited about the increased exposure to the offshore renewable energy market and believe we can implement technologies that will lower costs for customers, improve safety and reduce their carbon footprint. “
The acquisition was an “accelerated acquisition” in accordance with TSX Venture Exchange Policy 5.3 – Acquisitions and disposals of non-cash assets. All common shares issued as part of the transaction are subject to a trading restriction for four months and one day from the date of issue.
In connection with the acquisition, the board of directors of Kraken approved the issuance of 1,000,000 options to an officer of PanGeo. These options have a term of five years and an exercise price of $ 0.50 per common share.
UPDATE ON OFFER TO PURCHASE
In the context of the simplified prospectus offering of “bought deal” units previously announced by the Company (the “Offer”), The Company paid the syndicate of underwriters led by Canaccord Genuity Corp., and comprising Raymond James Ltd., Desjardins Securities Inc., Beacon Securities Limited and Research Capital Corp., an aggregate commission of $ 600,000, equivalent to 6.0% of the gross proceeds of the Offering.
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 sensors, underwater batteries and thrusters, and underwater robotic systems. The company is headquartered in Newfoundland and offices in Canada, the United States, Germany, Denmark and Brazil. In August 2021, Kraken acquired PanGeo Subsea, a leading service company specializing in high-resolution 3D acoustic imaging solutions for the seabed. PanGeo, with offices in Canada, the United States and the United Kingdom, is now a wholly owned subsidiary of Kraken. Kraken is ranked among the Top 100 Marine Technology Companies by Marine Technology Reporter.
Certain information contained in this press release constitutes forward-looking statements. When used in this press release, the words “may”, “would”, “could”, “may”, “intention”, “plan”, “anticipate”, “believe”, “seek” , “Propose”, “estimate”, “expect” and similar expressions, with respect to the Company, are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements concerning, among other things, business objectives, expected growth, results of operations, performance, business plans and opportunities and financial results.These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events differ materially from those anticipated in these forward-looking statements. These statements reflect the Company’s current views regarding future events based on certain factors and assumptions. assumptions and are subject to certain risks and uncertainties, including, without limitation, changes in the market, competition, government or regulatory developments, general economic conditions and other factors defined in the documents of public information of the Company. There are many factors that could cause the Company’s actual results, performance or achievements to differ from those described in this press release, including, without limitation, those listed above. These factors should not be taken as exhaustive. If one or more of these risks or uncertainties materialize, or if the assumptions underlying the forward-looking statements prove to be incorrect, actual results may differ materially from those described in this press release and from these forward-looking statements included or incorporated by reference in this press release. release, should not be unduly invoked. Such statements speak only as of the date of this press release. The Company does not intend and assumes no obligation to update these forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange Inc. nor its Regulation Services Provider (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 more information, please contact:
Joe MacKay, Chief Financial Officer
Greg Reid, Chief Operating Officer
Sean Peasgood, Investor Relations