ST. JOHN’S, NEWFOUNDLAND – JANUARY 07, 2013 – Kraken Sonar Systems Inc. announced today that it has acquired all Intellectual Property (IP) rights to the AquaPix® Synthetic Aperture Sonar (SAS) technology platform from Marport Deep Sea Technologies Inc.

Kraken was recently spun-out from Marport and is headquartered in St. John’s, Newfoundland.  Kraken’s senior management team includes Karl Kenny as President and CEO; Dr. Marc Pinto as Chief Technology Officer; Sean Chapman as Chief Sonar Engineer and David Shea as Engineering Manager.

“While Synthetic Aperture Sonar is an important marine technology with significant market potential we feel it requires dedicated management, engineering and financial resources to efficiently advance commercialization,” said Cyril McKelvie, President and CEO of Marport. “Marport has incubated the development of the AquaPix® SAS platform for the past two years. We believe the transaction with Kraken provides the best opportunity for successful product commercialization while ensuring our shareholders have participation in upside success. It also enables both Marport and Kraken to capitalize on their respective strengths, pursue new business opportunities and lead their target markets.”

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Photo shows Detail of sonar image showing discarded automobiles in 65-metre deep Bedford Basin using Kraken Sonar Systems Inc.’s AquaPix, a 300 kHz wideband synthetic aperature sonar as featured in the Marine Technology Reporter, Dec. 2012

SAS technology has existed for a number of years but the platforms have generally been aimed at meeting military requirements. As such the resulting products have been very expensive. In contrast, the AquaPix® development effort targeted dual-use applications from the start,” said Karl Kenny, President and CEO of Kraken Sonar. “AquaPix offers both military and commercial customers a very compelling and unique value proposition. It provides comparable or better imaging performance to existing military SAS products – with a price point that’s competitive with commercially available side scan sonars. In the face of continuing budget pressures, both naval forces and seabed survey companies understand and appreciate the benefits of the high performance – low cost value proposition offered by AquaPix.”

The SAS technology assets consist of all hardware and software intellectual property targeted to military and commercial applications. The transaction had an effective closing date of December 31, 2012.

FOR A MORE DETAILED BACKGROUNDER DESCRIBING THE DEVELOPMENT AND OPERATION OF THE SAS TECHNOLOGY CLICK HERE

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About Kraken Sonar Systems Inc.: Kraken is a marine technology company engaged in the design and development of high performance Synthetic Aperture Sonars and Acoustic Velocity Sensors for military and commercial applications. For more information, please visit: www.krakensonar.com
 
About Marport Deep Sea Technologies Inc.: Marport is an award-winning designer and manufacturer of sonar systems and sensors for underwater defence and commercial fisheries. For more information, please visit: www.marport.com

FOR FURTHER INFORMATION PLEASE CONTACT:

Kraken Sonar Systems Inc.: Sheri Squires, Communications Coordinator, (709) 757-5757 extension 288; ssquires@krakensonar.com

Marport Deep Sea Technologies Inc.: Cyril McKelvie, President and CEO, (613) 287-2011; cmckelvie@marport.com