ST. JOHN’S, Newfoundland and Labrador, Nov. 20, 2023 (GLOBE NEWSWIRE) — Kraken Robotics Inc. (“Kraken” or the “Company”) (TSX-V: PNG, OTCQB: KRKNF) is pleased to announce the appointment of Peter A. Hunter as a new member of its Board of Directors, effective November 20. Mr. Hunter, founder and Managing Partner of Artemis Capital Partners, brings over 30 years of experience as both an investor and operator and specializes in supporting industrial technology manufacturers.
Kraken Robotics is a marine technology company that provides complex subsea sensors, batteries, and robotic systems. With the addition of Mr. Hunter to the Board, the Company aims to leverage his expertise in strategic growth, corporate governance, and organizational planning to advance its position in the subsea industry.
Mr. Hunter’s extensive experience in the subsea sector includes his tenure as Chairman of Hydroid, LLC, a leading provider of unmanned underwater vehicles (UUVs) known for its REMUS UUV brand. Under his leadership, Hydroid experienced significant growth, leading to its eventual acquisition by Kongsberg Maritime, AS in 2008.
Commenting on the appointment, Greg Reid, President, and CEO of Kraken Robotics, expressed his enthusiasm for Mr. Hunter joining the Board. He stated, “Peter’s deep understanding of the subsea industry, along with his financial acumen and operational expertise, will be invaluable to Kraken. We look forward to his contributions in driving our strategic growth and enhancing our position in the market.”
Mr. Hunter’s appointment follows the resignation of long-time Kraken Director, Larry Puddister. Mr. Puddister, who has other active business interests, stepped down from his board position to focus on these endeavors. The management and Board of Kraken extend their gratitude to Mr. Puddister for his valuable input and guidance over the years.
As part of his appointment, Mr. Hunter has been granted 400,000 stock options with a term of five years. These options will vest in three equal installments on the date of grant and the one and two-year anniversaries of the grant date.
Frequently Asked Questions (FAQ)
What is Kraken Robotics?
Kraken Robotics is a marine technology company that specializes in subsea sensors, batteries, and robotic systems. They provide high-resolution 3D acoustic imaging solutions and services to clients in the marine industry.
Who is Peter A. Hunter?
Peter A. Hunter is the founder and Managing Partner of Artemis Capital Partners. He has over 30 years of experience as an investor and operator, with expertise in strategic growth, corporate governance, and organizational planning. Mr. Hunter also brings subsea technology expertise, having served as Chairman of Hydroid, LLC, a leading provider of unmanned underwater vehicles.
What are the stock options granted to Peter A. Hunter?
As part of his appointment to the Board of Directors, Peter A. Hunter has been granted 400,000 stock options by Kraken Robotics. These options have a term of five years and will vest in three equal installments over time.
Why did Larry Puddister resign from the Board?
Larry Puddister resigned from his position on the Kraken Robotics Board of Directors to focus on his other active business interests. The decision was made to dedicate more attention to those endeavors, and the management and Board of Kraken extend their appreciation for Mr. Puddister’s contributions.
How will Peter A. Hunter’s appointment benefit Kraken Robotics?
Peter A. Hunter’s appointment brings valuable expertise and experience to Kraken Robotics. His deep understanding of the subsea industry, combined with his financial and operational acumen, will help drive the Company’s strategic growth and enhance its position in the market.