SOURCE: Kraken Sonar Systems Inc.

Kraken Sonar Systems Inc.

June 01, 2015 16:00 ET

Kraken Appoints Greg Reid as Chief Financial Officer and Grant Options

ST. JOHN'S, NL--(Marketwired - June 01, 2015) - Kraken Sonar Inc. (TSX VENTURE: PNG) is pleased to announce that Greg Reid has joined the company as Chief Financial Officer (CFO), effective as of June 1, 2015.

Mr. Reid is a seasoned executive with over twenty years of finance, investment, and business development experience, predominantly focused on the technology sector. Most recently, Mr. Reid was co-founder and President of GasGen Canada Ltd., a distributor of natural gas-based industrial engine generators. From 2004 to 2011, Mr. Reid was a founding partner of Wellington West Capital Markets Inc. and led the technology and clean technology research and then investment banking efforts until the sale of Wellington West Capital Inc. to National Bank Financial in 2011. Mr. Reid is a Charted Professional Accountant, Chartered Accountant, (CPA, CA) and Chartered Financial Analyst (CFA).

The Company also announces that the board of directors of the Company has approved the granting of 2,000,000 incentive stock options pursuant to the Company's Stock Option Plan to Mr. Reid. The options are exercisable at a price of $0.21 per share. The options expire on June 1, 2020, with the options granted vesting over the next three years on the following schedule: 250,000 vesting six months following the date of grant, 250,000 vesting on the first anniversary of the date of grant, and an additional 750,000 vesting on each of the second and third anniversary of the original grant date.

"Greg is extremely well qualified to serve as CFO," said Karl Kenny, President and Chief Executive Officer of Kraken. "His experience will be a strong complement to our executive team and will be invaluable as we continue to drive our business growth."

Mr. Reid will replace Ms. Kim Evans as CFO. Kraken would like to thank Ms. Evans for her exceptional insight, guidance and knowledge as CFO as the company transitioned from being privately held to publicly traded. Given Mr. Reid's experience with capital markets, he will also assume responsibility for all Investor Relations. As a result of this, the Company will be centralizing this function in Toronto. The Company would also like to thank Mr. David Bajwa for his insight and guidance to the company during his tenure as Investor Relations for Kraken and wish him well in his future endeavours.

ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc. (TSX VENTURE: PNG) is an industrial technology company, founded in 2012, that is dedicated to the production and sale of software-centric Synthetic Aperture Sonar (SAS) technology. The Company's products have been sold to leading defence contractors, commercial survey companies and research institutions for producing real-time, ultra high resolution imagery and bathymetry of the seabed. Marine Technology Reporter has twice named Kraken to their MTR100 -- a list of the 100 most influential companies in the international marine technology marketplace. 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.

Contact Information

  • For further information, please contact:

    Glenda Leyte, Marketing Manager
    (709) 757-5757 extension 242
    gleyte@krakensonar.com