Kraken Sonar Inc.is pleased to announce that Greg Reid has joined the company as Chief Financial Officer (CFO), effective as of June 1, 2015.
Mr. Reid is a seasoned executive with over twenty years of finance,
investment, and business development experience, predominantly focused
on the technology sector. Most recently, Mr. Reid was co-founder and
President of GasGen Canada Ltd., a distributor of natural gas-based
industrial engine generators. From 2004 to 2011, Mr. Reid was a founding
partner of Wellington West Capital Markets Inc. and led the technology
and clean technology research and then investment banking efforts until
the sale of Wellington West Capital Inc. to National Bank Financial in
2011. Mr. Reid is a Charted Professional Accountant, Chartered
Accountant, (CPA, CA) and Chartered Financial Analyst (CFA).
The Company also announces that the board of directors of the Company has
approved the granting of 2,000,000 incentive stock options pursuant to
the Company’s Stock Option Plan to Mr. Reid. The options are exercisable
at a price of $0.21 per share. The options expire on June 1, 2020, with
the options granted vesting over the next three years on the following
schedule: 250,000 vesting six months following the date of grant,
250,000 vesting on the first anniversary of the date of grant, and an
additional 750,000 vesting on each of the second and third anniversary
of the original grant date.
“Greg is extremely well qualified to
serve as CFO,” said Karl Kenny, President and Chief Executive Officer of
Kraken. “His experience will be a strong complement to our executive
team and will be invaluable as we continue to drive our business
Mr. Reid will replace Ms. Kim Evans as CFO. Kraken would
like to thank Ms. Evans for her exceptional insight, guidance and
knowledge as CFO as the company transitioned from being privately held
to publicly traded. Given Mr. Reid’s experience with capital markets, he
will also assume responsibility for all Investor Relations. As a result
of this, the Company will be centralizing this function in Toronto. The
Company would also like to thank Mr. David Bajwa for his insight and
guidance to the company during his tenure as Investor Relations for
Kraken and wish him well in his future endeavours.
ABOUT KRAKEN SONAR INC.
Kraken Sonar Inc.
is an industrial technology company, founded in 2012, that is dedicated
to the production and sale of software-centric Synthetic Aperture Sonar
(SAS) technology. The Company’s products have been sold to leading
defence contractors, commercial survey companies and research
institutions for producing real-time, ultra high resolution imagery and
bathymetry of the seabed. Marine Technology Reporter has twice
named Kraken to their MTR100 — a list of the 100 most influential
companies in the international marine technology marketplace. For more
information, please visit www.krakensonar.com.
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.
For further information, please contact:
Glenda Leyte, Marketing Manager
(709) 757-5757 extension 242