Today, Kraken Robotics Inc. (TSXV:$PNG) announced that it has achieved $800,000 in cash and unused credit facilities at the end of the 3rd quarter, 2017. The company also announced that it had $2 million available to be drawn down on non-repayable government grants. The company also forecast an additional $700,000 from a contract advance and government grant drawdown in the first week of the new quarter.
Kraken also recently won a prototype contract with an international oil and gas service to develop a prototype that will utilize the pressure tolerant encapsulation technology developed by Kraken Power. Work will be completed on the $150,000 contract in the 4th quarter of 2017.
The company announced recently that it worked with the US Navy’s Autonomous Underwater Vehicle, demonstrating the first time that Synthetic Aperture Sonar has been successfully deployed on a smaller underwater vehicle. The results of the collaboration will be detailed October 3 through 5, 2017, at the upcoming Naval Mine Countermeasures Symposium in Halifax.
Kraken also recently completed its Robotics as a Service contract with OEX Recovery Group. The contract utilized their Thunderfish AUV.
In other news, Kraken recently moved its registered office from British Columbia to Ontario. It also will be presenting at the Small Cap Discoveries conference in Vancouver on Wednesday, October 4th.
Featured Image: twitter
