SOURCE: Kraken Sonar Inc.

Kraken Sonar Inc.

September 08, 2017 18:00 ET

Kraken Announces Options Issuance

ST. JOHN'S, NL--(Marketwired - September 08, 2017) - Kraken Sonar Inc. (TSX VENTURE: PNG) (OTCQB: KRKNF), a marine technology company dedicated to the production and sale of software-centric sensors and underwater robotic systems, announced today that it has issued 350,000 options to certain employees. These options have an exercise price of $0.17 and a 3-year term. One-third of these options vest immediately, with one-third vesting on the anniversary date, and the final one-third vesting on the second year anniversary.

Kraken also announces that at its recent AGM, Mr. John Travaligni did not stand for re-election to Kraken's Board of Directors. Karl Kenny, Kraken's President and CEO said: "I wish to thank John for his valuable assistance over the last three years. We wish him well in his future endeavours. We are targeting to have a new Board member with significant marine technology industry experience join Kraken's Board within the next 90 days."

ABOUT KRAKEN

Kraken Sonar Inc. (TSX VENTURE: PNG) (OTCQB: KRKNF) 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 is headquartered in St. John's, Newfoundland with offices in Dartmouth, Nova Scotia; Bremen, Germany; and Fairfax, Virginia. For more information, please visit www.krakensonar.com, www.krakenrobotik.de www.krakenpower.de.

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.

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