ST. JOHN'S, Newfoundland and Labrador, July 10, 2024 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ("Kraken" or the "Company") (TSX-V: PNG, OTCQB: KRKNF) announces that effective July 9, Nathaniel Spencer has been appointed Chief Operating Officer of Kraken. Mr. Spencer joined Kraken in August 2021 with the acquisition of PanGeo Subsea, where he was the Vice President of Service Delivery. For the last 18 months, Nat has been the Managing Director of Kraken's subsea power business. Nat has over 12 years in the marine sector, including founding a subsea inspection business that was sold to Oceaneering in 2016.

Greg Reid, Kraken's President and CEO noted, "I am pleased to promote Nat to the COO role after 3 years at Kraken. Nat's strength is in driving operational performance, by building strong teams, setting goals, and effectively monitoring and communicating both up and down an organization. He is very process driven and brings a sense of urgency and solid business sense to matters at Kraken. Combined with the rest of our Executive Management team that includes Joe MacKay (CFO), Dave Shea (CTO), and Lynne Adu (CCO) our organization is now well structured to handle strong organic growth and to integrate selective acquisitions that add additional technology, customers, and profitability to our business.

Kraken is also pleased to announce that Erica Kierstead has joined as Director of Global Marketing. Based in Boston, Erica spent 2 years at MITRE in marketing and communications most recently focused on the AI and Bluetech sectors, and prior to that spent 9 years at Hydroid and then HII in marketing. With over 10 years of experience in ocean technology and the defense industries, Erica is a welcome addition to lead Kraken's marketing efforts.

Kraken also announces that its Board of Directors has approved the issuance of 5,990,000 stock options. The grant consists of 5,590,000 options to certain employees and 400,000 options to directors. These options have a seven-year term, with vesting in four equal instalments on the annual year anniversaries of the initial date of grant. The exercise price on the options is $1.14. With this option issuance, Kraken has options issued and outstanding totalling 5.0% of common shares outstanding.

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.

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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:

Erica Kierstead, Director of Marketing
erica.kierstead@krakenrobotics.com

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

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

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