(St. John’s, NL; 11 Sept. 2014)Anergy Capital Inc. (TSX-V: ACA.H) a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange, is pleased to announce that it has entered into a letter of intent dated September 8, 2014 with Kraken Sonar Systems Inc. pursuant to which the Company has agreed to acquire all of the issued and outstanding shares of Kraken.
The Acquisition, assuming it is completed, will constitute the Company’s “Qualifying Transaction” as defined in Exchange Policy 2.4. Kraken is an arm’s-length party and, as such, the Acquisition will not be subject to shareholder approval. Upon completion of the Qualifying Transaction, it is expected that the Company will be a Tier 2 technology issuer.
Kraken is a private marine technology company based in Newfoundland and was incorporated under the Canada Business Corporations Act. The Resulting Issuer will be continued out of British Columbia into the federal jurisdiction of Canada in connection with the Acquisition.
Kraken is engaged in the design, development and marketing of advanced sonar and sensors for Unmanned Underwater Vehicles (“UUVs”). UUVs are either preprogrammed vehicles (not controlled by an operator), vehicles remotely controlled by an operator on a surface ship, tethered vehicles controlled by an operator on a surface ship, or vehicles tethered to a ship and towed below the water surface. UUVs are extensively used for military and commercial applications, such as undersea search and survey missions.
Kraken is one of the recognized leaders in Synthetic Aperture Sonar (SAS) – a disruptive military technology now available for commercial applications. Kraken’s key differentiator is its ability to produce ultra-high resolution (3 cm) images at ranges far superior to conventional sonar technology. In addition to enhanced imagery, Kraken’s robust design and state-of-the-art engineering provides huge operational advantages, such as low power consumption, compatibility and modular design.
Kraken supplies its sonar and acoustic sensors to a number of international blue-chip defense contractors, national defense agencies, oil and gas customers and survey companies and was included among the technologies employed in the recently successful mission to discover thye lost vessel of the ill-fated Franklin expedition.
For more details on the the terms of ther Acquisition CLICK HERE.
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