Coda Octopus to Receive $2.4 Million Funding under Department of Defense Appropriations Bill, 2008
NEW YORK--(BUSINESS WIRE)--
Coda Octopus Group, Inc. (OTC BB: CDOC), a world leader in underwater security and terrorism prevention, today announced funding of $2.4 million for the Company's 3D real time sonar, the Coda Echoscope(TM), as part of the Department of Defense (DoD) Appropriations Bill for the fiscal year ending September 30, 2008. This bill was signed into law by the President yesterday.
Coda President and CEO Jason Reid commented, "This is excellent news for the Company and for all of those concerned with securing our nation's waterways. Today's news of the second installment of funds is recognition of the importance being placed on 3D real time sonar by US Policy makers at the highest levels, and follows on from the funding we received in the FY 2007 DoD Appropriations Bill, which led to our contract for an initial $2.59 million in July, 2007."
Coda Octopus signed a contract with the Department of Defense Technical Working Group (TSWG) in July, 2007 for the supply of underwater inspection systems to the US Coast Guard. The contract, if fully funded, has a value of up to $8.27 million. The initial funding, which we received in FY 2007, totaled $2.59 million. This new allocation, which the Company expects to be obligated shortly, will bring the total value allocated to date to $4.99 million, which is approximately half of the potential value of the contract.
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda Octopus Group has grown to encompass five companies and is headquartered in New York. All of the Group companies operate within the technology innovation, product development and engineering services sphere with facilities in Washington D.C., Florida, Utah, New York, the UK and Norway. Alongside providing custom engineering and development to navies, oil and gas, nuclear and medical clients around the world, one of the key products is the Coda Echoscope(TM) - the first real time 3D subsea sonar. The Coda Echoscope(TM) is the heart of the Coda Underwater Inspection System(TM) being adopted for homeland security in ports around the world. With this patent revolutionizing subsea visualization, and the existing systems integration skills within Colmek Systems Engineering, Inc and Martech Systems Engineering Ltd, the Coda Octopus Group companies believe they are well on the way to becoming the world's leading integrated sonar technology supplier.
For further information, please visit http://www.codaoctopusgroup.com or contact Coda Octopus at info@codaoctopusgroup.com.
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.
Source: Coda Octopus Group, Inc.
Released November 14, 2007