Kraken Receives $4 Million Order from NATO Navy

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ST. JOHN’S, Newfoundland and Labrador, April 18, 2023 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF), announces a $4 million follow on order from a NATO Navy customer for KATFISH™ spares. Delivery is expected to occur during the next 12 months.

KATFISH™ is a high speed, actively stabilized Synthetic Aperture Sonar (SAS) towfish that operates at speeds up to 10 knots. The high-speed capability, and constant resolution of KATFISH™ greatly increases Area Coverage Rates (ACR) by providing more useable data for MCM missions than traditional Side Scan Sonars. KATFISH™ provides real time high-resolution ACR of up to 4 km2/hr with 3.3 cm x 3.0 cm* constant resolution across ranges up to 200 m per side with simultaneous 3D bathymetry. *1.9 cm x 2.1 cm constant resolution available with post-processing.

KATFISH Minehunting System

Figure 1: KATFISH Minehunting System

ABOUT KRAKEN ROBOTICS INC.Kraken Robotics Inc. (TSX.V: PNG) (OTCQB: KRKNF) is a marine technology company providing complex subsea sensors, batteries, and robotic systems. Our high-resolution 3D acoustic imaging solutions and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably. Kraken Robotics is headquartered in Canada and has offices in North and South America and Europe. Kraken is ranked as a Top 100 marine technology company by Marine Technology Reporter.

LINKS:www.krakenrobotics.com

SOCIAL MEDIA:LinkedIn www.linkedin.com/company/krakenrobotics Twitter www.twitter.com/krakenrobotics Facebook www.facebook.com/krakenroboticsinc YouTube www.youtube.com/channel/UCEMyaMQnneTeIr71HYgrT2A Instagram www.instagram.com/krakenrobotics

Certain information in this news release constitutes forward-looking statements. When used in this news release, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "seek", "propose", "estimate", "expect", and similar expressions, as they relate to the Company, are intended to identify forward-looking statements. In particular, this news release contains forward-looking statements with respect to, among other things, business objectives, expected growth, results of operations, performance, business projects and opportunities and financial results. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such statements reflect the Company's current views with respect to future events based on certain material factors and assumptions and are subject to certain risks and uncertainties, including without limitation, changes in market, competition, governmental or regulatory developments, general economic conditions and other factors set out in the Company's public disclosure documents. Many factors could cause the Company's actual results, performance or achievements to vary from those described in this news release, including without limitation those listed above. These factors should not be construed as exhaustive. Should one or more of these risks or uncertainties materialize, or should assumptions underlying forward-looking statements prove incorrect, actual results may vary materially from those described in this news release and such forward-looking statements included in, or incorporated by reference in this news release, should not be unduly relied upon. Such statements speak only as of the date of this news release. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Neither the TSX Venture Exchange Inc. nor its Regulation Services Provide (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release, and the OTCQB has neither approved nor disapproved the contents of this press release.

For further information:

Stephen Griffin, Group Marketing Manager[email protected]

Joe MacKay, Chief Financial Officer(416) 303-0605[email protected]

Greg Reid, President & CEO(416) 818-9822[email protected]

Sean Peasgood, Investor Relations(647) 955-1274[email protected]

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8a4125ca-3d01-478b-93bc-cb099fccdc7b