Advanced Sonar Technology Company Kraken Sonar Started Trading on the TSX Venture Exchange - Video News Alert on InvestmentPitch.com

February 27, 2015 2:46 PM EST | Source: InvestmentPitch Media

Vancouver, British Columbia--(Newsfile Corp. - February 27, 2015) - Kraken Sonar (TSXV: PNG) recently started trading on the TSX Venture Exchange following approval of its qualifying transaction with Capital Pool Company "Anergy Capital". Founded in 2012, Kraken is a leading developer of Synthetic Aperture Sonar, or SAS, an advanced sonar technology used for ultra-high resolution seabed imaging.

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The company's software-centric version of SAS competes with more hardware-dependent and expensive SAS solutions. SAS is capable of producing ultra-high resolution imagery at long ranges, which can be more than ten times the range of conventional side scan sonar.

Over a period of two years, Kraken's team of engineers and scientists have successfully produced, validated through sea trials and sold their SAS systems to several leading defence contractors and commercial companies for advanced seabed survey. Kraken's technology was selected by Defence Research and Development Canada for deployment in the Franklin Expedition search of 2014, earning recognition from leading scientists and government agencies for its differentiation and performance in producing images of the Arctic seafloor that were unprecedented in their clarity and accuracy.

The company is led by Karl Kenny, a former naval officer who was part of the Microsoft Mouse project team during the 1980s, before focusing on marine technology companies.

Karl Kenny, President & CEO stated: "We have emerged as a leading supplier of advanced sonar technology, and today count international navies and defence contractors among our customers. Being publicly traded is a fundamental step for our company, giving us access to growth capital in step with our strategic plan."

Over the next 5 years, the company anticipates expanding its addressable market from $100 million to the $1 billion range.

The shares are trading at $0.24, and with 71 million shares outstanding, the company is capitalized at $17 million.

For a more information, please visit the company's website www.krakensonar.com, or contact Flora Wood at 709-757-5757 or email fwood@krakensonar.com.

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