LAKELAND, FL -- (Marketwire) -- 04/30/12 -- Coda Octopus Group, Inc. (PINKSHEETS: CDOC) was recently awarded and completed a contract for circa $3m for the supply of six (6) of its Underwater Inspection Systems (UIS) to the Lower Mississippi River Port-Wide Strategic Security Council. These systems will be used by a number of ports in that region.
The Lower Mississippi River is reported to be the largest and one of the busiest port systems in the world. It is also fast moving and has almost zero visibility water, making it amongst the most difficult port environments to maintain. Each of these UIS systems which include Echoscope® real-time 3D sonar technology will be used, amongst other things, for essential safety duties, such as ensuring that the shipping channels are kept clear of dangerous debris.
Blair Cunningham, our Chief Technology Officer, said, "We are very pleased to welcome this very influential group of Louisiana ports to the fast growing community of UIS users. The Coda Octopus UIS is proving itself invaluable to operators. By using its real-time 3D capabilities it is providing cost and time savings by enabling operators to see in real time underwater objects in zero visibility conditions and thereby reducing significantly the complexity of tasks and operations. We now have over 25 UIS in operation in the US ports community, doing essential port and harbor security work every day of the year. This is a testament to the incontrovertible benefits of deploying this real time tool."
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda Octopus Group is now headquartered in Lakeland, Florida. The Group consists of a Marine Products business in Florida and Edinburgh, Scotland, and engineering businesses in Utah and Weymouth, England. Each of the Group companies are technology innovators with a particularly high level of sonar expertise. The Group has facilities in Florida, Utah, the UK and Norway.
Alongside providing custom engineering and development for defense applications, and oil and gas, companies, one of the Group's key products is the Coda Echoscope® -- the first real time 3D sub-sea sonar. The Echoscope® is also at the heart of the Underwater Inspection System which is being adopted for homeland security, and other applications in ports around the world.
With this patented revolutionizing sub-sea visualization capability, and the existing systems integration skills within Colmek Systems Engineering, Inc. and Martech Systems Engineering Ltd., the Coda Octopus Group believes they can become a world leading integrated sonar technology supplier.
Safe Harbor Statement:
This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Coda Octopus Group plans, expects, should, believes, anticipates or words of similar import. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. Certain of those risks and uncertainties are discussed in registration statement on Form SB-2 and include, but are not limited to, market acceptance of Coda Octopus' planned products and their level of sales, access to the capital necessary to finance and grow the business, a highly competitive environment in the security field that includes numerous large and well established companies much larger than ours, and our ability successfully to deploy our technologies and products to meet the technical demands and market requirements of our customers. These forward-looking statements are only made as of the date of this press release and Coda Octopus Group does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Director and Group Officer