PNG Kraken Robotics Inc

Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce its recent participation at Exercise REPMUS 23 in Portugal. The Robotic Experimentation and Prototyping with Maritime Unmanned System (REPMUS) is focused on capability development and interoperability, and the 2023 Exercise involved 15 NATO partners, as well as Sweden and Ireland. Kraken’s field support team was onsite throughout the exercise, working closely with three NATO navy teams (the US, UK, and Netherlands) utilizing three generations of HII’s REMUS unmanned underwater vehicles (UUVs), all of which were retrofitted with Kraken’s Man-Portable Synthetic Aperture Sonar (MP-SAS). The UUVs included MK18 Mod 1, REMUS 100 NGR, and REMUS 300 underwater vehicles, showing the versatility of MP-SAS and its capability to be used across multiple platforms.

Kraken’s MP-SAS provided ultra-high resolution real time 3 cm x 3 cm imagery, with swaths of over 200 meters (>100 meters range per side), providing operators with a significantly increased area coverage rate when compared to legacy sidescan sonars (SSS) with typical ranges of <30 meters per side. Kraken also took part in a historic multi-national collaborative underwater vehicle mission, where the US Navy MK 18 Mod 2 conducted a Search-Classify-Map (SCM) mission including embedded Automated Target Recognition (ATR) identifying contacts of interest, and using SeeByte’s Neptune automatically re-tasking the Royal Navy REMUS 100 and the Netherlands Navy REMUS 100 with Kraken SAS to perform Reacquire and Identification (RI) missions.

About REPMUSThe exercise is co-organised by the NATO Centre for Maritime Research and Experimentation (CMRE), the University of Porto’s Laboratory for Underwater Systems and Technology (LSTS), and NATO’s Maritime Unmanned Systems Initiative (MUSI). Fifteen NATO nations participated in the exercise, along with partners Ireland and Sweden. REPMUS 23 and DYNAMIC MESSENGER 23 have developed significant partnerships between the private sector and academia, and provide guidance for technology advancements, operational concepts, doctrine, and future work programmes. Both exercises were held around the Troia Peninsula, in Portugal. Exercise Dynamic Messenger 23 took place from 18 to 29 September 2023 and Exercise REPMUS 23 took place from 11 to 22 September 2023.

About Kraken SASKraken’s Miniature Synthetic Aperture Sonar (MINSAS) is an off the shelf, configurable SAS that replaces high end sidescan systems at an affordable price, while delivering higher resolution, range, and area coverage rates (ACR). The increased range, resolution, and therefore higher useable ACR of SAS over traditional Side Scan Sonar systems significantly expand the capabilities of naval, scientific, and commercial applications. Kraken’s is capable of 2 cm x 2 cm Ultra High-Definition SAS imaging at long ranges. Kraken SAS is uniquely positioned within the industry to bring this capability to the increasingly popular man-portable (small-sized) vehicle class.

Kraken’s SAS is modular and has been integrated and deployed on over 20 different underwater vehicle platforms from shallow (<10 m) water to full ocean depth (6000 m). A modular and versatile sensor for seabed intelligence, Kraken’s SAS is field-proven by being one of only two companies in the world that has delivered and integrated SAS into man portable vehicles (small-sized), towed systems, and deep-water vehicles. This ability to cross several platforms enables military customers to streamline their Post Mission Analysis by having the same sonar resolution and ATR performance across their entire fleet of vehicles and mission requirements.

In addition to navy customers who have integrated Kraken SAS as a modular update to existing fielded systems, several Unmanned Underwater Vehicle companies this year have made public announcements of their UUVs showing SAS from Kraken. These include America’s HII (REMUS 620 UUV), Israel’s Elta Systems a division of Israeli Aerospace Industries (Blue Whale UUV), and South Korea’s Hanwha (SAS AUV).

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Figure 1: Kraken MP-SAS on Royal Netherlands Navy REMUS 100 heading out to REPMUS Naval Mine Warfare operating areas off Sesimbra, Portugal.

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Figure 2: Royal Netherlands MCM team loading R100 with Kraken MP-SAS.

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Figure 3: Royal Netherlands Navy REMUS 100 with Kraken MP-SAS heading out on a Search-Classify-Map (SCM) mission at REPMUS 23.

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Figure 4: KRAKEN MP-SAS integrated to REMUS 300.

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Figure 5: First KRAKEN MP-SAS integrated to a REMUS 300 on mission at REPMUS 23.

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Figure 6: SAS Data from REPMUS 23 Exercise taken from Royal Netherlands Navy REMUS 100 with Kraken MP-SAS.

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Figure 7. Historic Multi-National Collaborative AUV Mission at REPMUS 23 featuring US Navy, Royal Netherlands Navy, and Royal Navy HII Remus AUV’s using SeeByte’s Neptune Collaborative Autonomy software. Kraken MP-SAS integrated to Royal Netherlands Navy REMUS 100 (at left) for use in Reacquire Identification (RI) mission. Photo courtesy of SeeByte Ltd.

ABOUT KRAKEN ROBOTICS INC.Kraken Robotics Inc. (TSX.V:PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

LINKS:www.krakenrobotics.com

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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:

Stephen Griffin, Group Marketing ManagerStephen.Griffin@krakenrobotics.com

Joe MacKay, Chief Financial Officer(416) 303-0605jmackay@krakenrobotics.com

Greg Reid, President & CEO(416) 818-9822greid@krakenrobotics.com

Sean Peasgood, Investor Relations(647) 955-1274sean@sophiccapital.com