LAKELAND, FL -- (Marketwire) -- 07/09/12 -- Coda Octopus Group, Inc. (PINKSHEETS: CDOC) recently completed the sale of an Echoscope® and F180series® system to international maritime salvage and marine emergency response company, T&T Marine Salvage Inc. of Galveston, Texas. The Echoscope®, augments T&T Marine's technology with real-time 3D sonar survey and imaging capability. This purchase follows a series of successful on-project system trials in Texas and Kentucky, where T&T Marine was appointed as the salvage contractor following the collision of the vessel 'Delta Mariner' with the Eggner
Ferry Bridge. Further details can be found at: http://www.tradewindsnews.com/casualties/663029/rocket-ship-bashes-bridge or http://www.workboat.com/newsdetail.aspx?id=12607.
Training was completed in May and the system is now being extensively used. Mr. Don Draper, Remote Operations Manager for T&T Marine commented: "The unique capability of the Echoscope® to visualize complex structures in real time 3D is the perfect technology for T&T Marine. The system has already established itself as one of our primary tools for rapid appraisal and assessment of the complex underwater environments associated with marine emergencies."
Don continued: "T&T Marine's trademark is technical expertise and rapid response, and the Echoscope compliments this -- from rapid deployment to real time visualization, it helps us to make the right calls in critical situations in less time."
Blair Cunningham, our President of Technology, said, "We welcome T&T Marine Salvage Inc. to the ever expanding community of Echoscope® real-time 3D sonar users. We are very pleased that Echoscope® has been so instrumental in enabling T&T Marine to progress this high profile project, and that it has brought sufficient benefits to T&T Marine that they already regard it as one of their primary tools for rapid appraisal and assessment. We look forward to working with T&T Marine on many other projects over the coming years and developing new ways of working in marine salvage using our patented real-time 3D sonar."
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.
About T&T Marine Salvage Inc.
T&T Marine has been in business since 1957 and continues to be a family run organization with operations occurring worldwide. T&T Marine have performed work across the continental U.S., Alaska, Hawaii, Guam, Puerto Rico as well as the Caribbean, South America, Asia, and Europe.
T&T Marine Salvage Inc. owns state of the art portable equipment capable of being dispatched anywhere in the world on a moment's notice. The equipment is packaged so it can be easily transported by air, land or sea. With 15 locations in the U.S, Europe and Asia, T&T can respond immediately to an emergency.
T&T Marine's salvage, wreck removal, and heavy lift operations are complimented by its spill response and lightering capabilities. Registered with the State of Texas as a DCO and classified by the Coast Guard as an OSRO, T&T Marine owns a large inventory of response equipment, including two large Oil Spill Recovery Vessels, "Clean Channel 2" and "Clean Channel 3."
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