Coda Octopus Says Jacksonville to Become First US Port to Deploy New Technology to Prevent an Underwater Terrorist Attack
NEW YORK--(BUSINESS WIRE)--
Coda Octopus Group, Inc. (OTCBB: CDOC), headquartered here, today announced the first deployment in the United States by a local law enforcement agency since the 9/11 attacks of a new generation of port security technology to respond to underwater threats.
The Company said it had received an order from the City of Jacksonville, Florida, to deliver its Underwater Inspection System, developed for the United States Coast Guard, to the Jacksonville Sheriff's Office, whose team of highly trained public safety / Bomb Squad divers will be using the system on their small patrol vessels. The UIS utilizes Coda's patented real time 3D sonar technology, the Coda Echoscope(TM) to identify and classify objects underwater, enabling much more rapid and effective searches of ports and waterways.
Coda Octopus expects to deliver the UIS, which has already been deployed by the US Coast Guard and in the Middle East and Asia, to the Jacksonville Sheriff's Office within the next thirty days. The Company also said that a large number of US ports have shown a significant interest in the UIS, and that it expects to be able to confirm at least one additional order over the next 60 days.
"The UIS will greatly enhance our capability to safeguard our ports and underwater critical infrastructure" said Chief Roy Henderson, who heads the Jacksonville Sheriff's Office Homeland Security Division.
Jason Reid, Coda Octopus President and CEO, said he viewed the Jacksonville order as a "significant milestone" for Coda Octopus. He commented that "It was shortly after 9/11 that I had my first view of a 3D real time sonar device in its earliest prototype form, and the Company's commitment to commercialize this technology was indeed inspired by the attacks. It has been a long journey, but we always envisaged the ports of the United States as a very large and important market for these devices. Today, we are more certain than ever of the size of this potential market, the uniqueness and appropriateness of the technology and of the products we have to offer, and of the interest on the part of US Coast Guard and of large numbers of port authorities throughout the United States."
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 sub sea 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 and which can be linked to land based surveillance systems utilizing secure wireless communications developed by Innalogic, Inc. With this patent revolutionizing sub sea 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 March 26, 2008