Kraken Sonar Becomes Kraken Robotics, Wins $2M Contract
- Business & Finance
Kraken Sonar has changed its name to Kraken Robotics and that effective Friday, September 22, 2017, it will begin trading under its new name.
The company’s stock symbols will remain the same. The company’s Canadian operating subsidiary, Kraken Sonar Systems has been renamed Kraken Robotics Systems.
While the public company name and Canadian operating subsidiary names will have changed, there has been no change to the company’s ownership or corporate address.
The name change is intended to reflect Kraken’s evolution from manufacturing sensors to supplying complete robotic systems, software and services in the global unmanned maritime systems (UMS) market, the company explained.
Karl Kenny, Kraken president and CEO said, “Our new name reflects the company’s broader commitment and expertise in driving the innovations needed to shape the future of unmanned maritime systems. We expect that the UMS market will soon evolve from research, develop and testing programs into significantly larger procurement opportunities for Kraken.”
Furthermore, Kraken Robotic Systems has been awarded a contract valued at over $2 million.
The contract entails the delivery of sensors, underwater robotics and software.
Delivery of the entire contract is expected in 4Q 2017. Further contract terms and program details are confidential.