SOURCE: Kraken Sonar Inc.

Kraken Sonar Inc.

April 09, 2015 06:00 ET

Kraken Sonar Engages IR Consultant

ST. JOHN'S, NL--(Marketwired - April 09, 2015) - Kraken Sonar Inc. ("Kraken" or the "Company") (TSX VENTURE: PNG), an industrial technology company specializing in Synthetic Aperture Sonar (SAS) is pleased to announce that is has retained David Bajwa effective April 1, 2015 to provide Investor Relations services for the Company pursuant to an investor relations agreement (the "Agreement").

Mr. Bajwa brings over 20 years' of experience providing investor relations services to micro-cap technology issuers. Identification, analysis and engagement with capital markets participants to develop on-going relationships that represent the closest match within their investment thesis are the hallmarks of Mr. Bajwa's approach, providing the opportunity for efficient access to capital while supporting corporate value.

Under the terms of the Agreement and subject to regulatory approval, the Company's Board of Directors have approved an incentive stock options grant to Mr. Bajwa of 200,000 options at an exercise price of $0.25 per share for a period of 3 years. Vesting details of the options grant includes 175,000 share options that will vest over the next 24 months and 25,000 share options to be deemed vested immediately. The Agreement is for a term of two years and either party can terminate the agreement by providing 30 days' written notice.

Kraken also wishes to thank Flora Wood, who served the Company in an Investor Relations and Communications role through its going public transaction, and is departing in mid-April for another opportunity. Flora's guidance and strategic introductions during this formative period were valuable, and established a framework that will be further developed under Mr. Bajwa's leadership.

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 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:

    Karl Kenny
    President & CEO 
    Telephone: 709-757-5757 ext. 288
    Email: info@krakensonar.com

    David Bajwa
    Investor Relations
    Telephone: 604 284-5561
    Email: dbajwa@krakensonar.com