Kraken and Atlas Elektronik Sign Teaming Agreement

• Collaboration to Offer Innovative Sensors and Underwater Robotics

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Kraken Sonar Inc. (TSX VENTURE: PNG) announced today that its wholly-owned subsidiary, Kraken Sonar Systems Inc., has signed a Teaming Agreement with ATLAS ELEKTRONIK GmbH ("ATLAS"), a leading international defence contractor.

The objective of the Teaming Agreement is to combine the expertise and technology of both companies to provide the Royal Canadian Navy with the optimal solution for its Remote Mine Disposal System (RMDS). In addition to the RMDS program, Kraken has teamed with ATLAS to provide military grade KATFISH towed sonar systems to a leading Asian navy as part of a major mine-countermeasures procurement program.

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Expanding upon this both ATLAS and Kraken are looking forward to jointly pursue further opportunities for both the Canadian and global naval defence market. Further collaboration programs between ATLAS and Kraken will be defined and disclosed within the remainder of this year.

Dr. Jens Bodo Koch, CEO of ATLAS ELEKTRONIK GmbH, said, "We are pleased to announce our cooperation with Kraken. By working together both companies can use their experience in sonar systems and maritime technology to meet customers' demands throughout the international maritime defence market. Our teaming is in alignment with our strategy to embrace new technologies, rapidly deploy smart products, improve platform efficiency and offer cost-effective solutions for our customers."

Karl Kenny, Kraken's President and CEO, said, "ATLAS represents the ideal partner for us in the military market. By offering advanced sensor solutions we expect that underwater vehicles will become more affordable and reliable, smarter and more closely aligned with operator needs. We also expect that our partnership will generate significant savings of time and money for our military customers and enhanced revenue for our combined products and services. Going forward, Kraken is already seeing expansion opportunities with additional global partners in sectors such as oil and gas, offshore renewable energy, seabed survey and ocean science."

For Kraken, the signing of the Teaming Agreement with Atlas marks a milestone achievement of its Sensors-to-Systems strategy. By teaming up ATLAS ELEKTRONIK and Kraken can offer cutting edge but affordable sensor and autonomous underwater vehicle technology on today's global market.

Source : ATLAS ELEKTRONIK GmbH & Kraken Sonar Inc