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Kraken Robotics Enters into New Credit Agreement to Support Continued Growth$45 Million of New Committed Credit FacilitiesST. JOHN'S, Newfoundland and Labrador, April 22, 2024 (GLOBE NEWSWIRE) -- Kraken Robotics Inc. (TSX-V: PNG, OTCQB: KRKNF) ("Kraken" or the "Company"), announced that it has entered into a credit agreement (the "Credit Agreement") with The Bank of Nova Scotia (the "Lender") for credit facilities (the "Credit Facilities") that are expected to provide added financial flexibility to support the Company's continued growth. The Credit Facilities consist of: (i) a revolving 3-year term facility of up to $35 million (subject to meeting certain borrowing base requirements based on eligible receivables and inventory) (the "Revolver"); (ii) a $10 million revolving capital expenditure line of credit; (iii) a $10 million uncommitted letter of credit facility; and (iv) an uncommitted accordion facility of up to $30 million (the "Accordion"). The Credit Facilities replace in its entirety the Company's existing credit facilities with Royal Bank of Canada which were paid out using funds drawn from the Credit Facilities effective April 19, 2024. The Credit Facilities bear interest at bank prime interest rates plus a margin of between 1.00% and 1.75%. The Credit Facilities contain standard financial and negative covenants for a normal course operating facility and are secured by security over substantially all of the Company's assets and are guaranteed by its material subsidiaries. Subject to credit and risk approval by the Lender at the time of any request, the Company has the ability to increase the amount that can be drawn under the Credit Facilities pursuant to the Accordion for up to an additional $30 million. The Company has no plans to draw on the Accordion at this time. Kraken expects to use the credit facility to facilitate its long-term strategy including to further strengthen the Company's balance sheet in anticipation of the continued growth in Kraken's business including upcoming customer and partner decisions on additional large, new program and contract opportunities, and to fund capital expenditures, for working capital, and for general corporate purposes. Management Comments "We are pleased to announce the execution of our new Credit Facilities. Our ability to complete this transaction reflects the strong momentum we have experienced and the solid outlook we have for our business. With our strong EBITDA growth outlook, our capital structure can comfortably support increased debt, while still maintaining significant financial flexibility," said Joe MacKay, Chief Financial Officer at Kraken. "The successful negotiation of the Credit Facilities provides us with greater financial flexibility to execute on our growth strategy that consists of investing in our business to drive organic growth and in pursuing accretive strategic acquisitions," said Greg Reid, President and Chief Executive Officer at Kraken. 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. SOCIAL MEDIA: LinkedIn www.linkedin.com/company/krakenrobotics For further information: Jack North, Marketing Joe MacKay, Chief Financial Officer Greg Reid, President & CEO Sean Peasgood, Investor Relations 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, the expected use of proceeds from the Credit Facilities, the potential for expansion of the borrowing base under the Credit Facilities, and expectations regarding future growth, including upcoming customer and partner decisions on new contract opportunities. 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. 
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