ST. JOHN'S, Newfoundland and Labrador, June 18, 2026 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. ("Kraken" or the "Company") (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce that the Company has received all regulatory and stock exchange approvals required to complete its pending acquisition of Covelya Group Limited ("Covelya Group") announced on March 3, 2026.
The Company expects the acquisition to close on July 2, 2026, subject to satisfaction of customary closing conditions.
"We are excited to have received final regulatory approval for our highly strategic and transformative acquisition of Covelya Group," said Greg Reid, President and CEO of Kraken Robotics. "Upon closing, our focus will shift to welcoming Covelya's employees and to creating a global leader in mission-critical solutions for underwater platforms and subsea sensors/monitoring systems."
ABOUT KRAKEN ROBOTICS INC.
Kraken Robotics Inc. is transforming subsea intelligence through 3D imaging sensors, power solutions, and robotic systems. Our products and services enable clients to overcome the challenges in our oceans - safely, efficiently, and sustainably.
Kraken's synthetic aperture sonar, sub-bottom imaging, and LiDAR systems offer best-in-class resolution, providing critical insights into ocean safety, infrastructure, and geology. Our revolutionary pressure tolerant batteries deliver high energy density power for UUVs and subsea energy storage.
Kraken is headquartered in Canada with offices in North America, South America, and Europe, supporting clients in more than 30 countries worldwide.
On March 3, 2026, Kraken announced the acquisition of Covelya Group, a leading international provider of mission-critical underwater technology solutions operating through its subsidiary companies: Sonardyne International Limited, EIVA A/S, Forcys Limited, Wavefront Systems Limited, Voyis Imaging Inc., and Chelsea Technologies Ltd.
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
FORWARD LOOKING STATEMENTS
This news release contains statements that constitute "forward-looking information" as defined under applicable Canadian securities laws (collectively, "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: the closing of the Acquisition of Covelya Group, and timing thereof. 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, failure to satisfy of the remaining conditions to the closing of the Covelya Acquisition or obtain the proceeds of equity and debt acquisition financing as anticipated, governmental, legal or regulatory developments, and changes in market conditions. Additional risks and uncertainties not presently known to the Company or which it believes to be less significant may also adversely affect the Company. 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 accordingly, forward-looking statements should not be unduly relied upon.
Forward-looking 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, whether as a result of new information, future events or otherwise, except as required by securities laws. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information:
Erica Hasenfus, Director of Global Marketing
erica.hasenfus@krakenrobotics.com
Shant Madian, Director of Capital Markets
shant.madian@krakenrobotics.com
Kraken Robotics Inc.
+1 709-757-5757 or investors@krakenrobotics.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a53d856e-02f9-4c93-91ee-38d3adfdd319
