ST. JOHN'S, NL--(Marketwired - October 13, 2016) - Kraken Sonar Inc. (TSX VENTURE: PNG) is pleased to announce the addition of Mr. Larry Puddister, P. Eng to the Company's Board of Directors.
Mr. Puddister is Co- Chairman of Pennecon Limited, a leading Canadian heavy civil construction, energy and real estate business. Mr. Puddister's 20 years of experience covers the full gamut of heavy civil expertise from hydro-electric and wind energy developments to oil and gas, transportation, mining, infrastructure, and marine construction. He is also a majority shareholder and Chief Executive Officer of Newcrete (a group of concrete companies), a professional engineer and graduate of Memorial University of Newfoundland's Bachelor of Engineering (Hons) program. Mr. Puddister was recently selected as Atlantic Business Magazine's CEO of the Year for 2016 (http://www.atlanticbusinessmagazine.net/article/ceo-of-the-year/).
Since Mr. Puddister joined Pennecon Limited in 2005, he has served as Chief Operating Officer, President and Chief Executive Officer, and has overseen its significant growth in terms of revenue, geographical footprint, and employee base. Pennecon has office locations in Alberta, Newfoundland and Labrador, Nova Scotia, and New Brunswick, employs some 2,000 professionals and skilled trades across Canada, and has earned the Canada's Best Managed Companies designation for the past five consecutive years.
Karl Kenny, Kraken's President and CEO, said, "We are delighted to welcome Larry to the Kraken Board of Directors. His extensive experience, keen instincts, and global industry connections should prove to be very beneficial for Kraken's business pursuits for underwater robotic applications in marine construction, offshore oil and gas, and the ocean renewable energy sectors."
"The global underwater robotics market is poised for substantial growth across military, commercial, and research sectors, and Kraken is well positioned to service these growing sectors," said Mr. Puddister. "I look forward to contributing to the ongoing development of the Company's Sensors-to-Systems strategy, and feel very positive about Kraken's future, not only as a member of the Board of Directors, but also as an investor." Mr. Puddister acquired 1.5 million Kraken shares in the Spring of this year.
Kraken also announces that Mr. Roman Kocur has tendered his resignation in good standing from Kraken's Board of Directors. Mr. Kenny said, "I wish to thank Roman for his valuable assistance and contribution over our last 18 months as a public company. We are sad to see him go, but understand that due to personal commitments he is unable to devote additional time to Kraken. We wish him well."
Kraken also announces that the Company and Sophic Capital Inc. have agreed to renew the existing capital markets advisory agreement for a period of one year. In connection with the renewal, and subject to the prior approval of the TSX Venture Exchange, Sophic will receive a monthly fee of $7,000. In connection with these above announcements Kraken has issued 600,000 options to certain directors and consultants. These options have an exercise price of $0.15 and have a three-year term.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX VENTURE: PNG) is a marine technology company, founded in 2012, that is dedicated to the production and sale of software-centric sensors and underwater robotic systems. The Company's products are sold to leading defence contractors, commercial survey companies and research institutions for acquiring real-time, ultra-high resolution imagery and data. For more information, please visit www.krakensonar.com.
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.