Nick Franks Appointed Chairman of Coda Octopus; Jody Frank Joins Board
NEW YORK, NY -- (MARKET WIRE) -- 07/09/09 -- Coda Octopus Group, Inc. (OTCBB: CDOC), a world leader in underwater port security and marine survey technology, announced today that Nick Franks, who joined the Company's Board on March 25, 2009, was recently appointed as Chairman. Paul Nussbaum has stepped down as the Company's Chairman due to other commitments. Mr. Nussbaum remains a member of the Board of Directors.
Jody Frank, the Company's CFO since July 2007, also joined the Board effective March 25, 2009, bringing the total number of members of the Board of Directors to seven.
Nick Franks has been a director of and consultant to Selex, Inc., a provider of integrated sensor solutions and through-life capability management for defense systems and homeland security applications since 2008. He was the Group Managing Director and Chief Executive of Selex, Ltd. from 2005 through 2007. From 2002 through 2005, Mr. Franks was the Group Managing Director for BAE Systems Avionics Group, a global company engaged in the development, delivery and support of advanced defense, security and aerospace systems in the air, on land and at sea. Prior thereto, he held a variety of executive positions at developers and suppliers of electronic equipment to the military and civil aerospace markets. Mr. Franks has attended, among others, the Harvard Business School and Stanford University.
Coda's President and CEO, Jason Reid, commented, "Nick Franks' experience in the global defense industry, a prime market for the Company, will be invaluable as we strive to expand our contacts and capabilities in this area. The appointment of Nick and Jody to the Board provides us with additional strengths and experience, placing the Board in an ideal position to guide and direct the Company in what we anticipate will be an exciting future."
About Coda Octopus Group, Inc.
Coda Octopus Group, Inc. is a world leader in 3D real time underwater sonar technology. Our platform offers the ability to search, map, position, identify and classify under water in zero visibility from all angles in real time and 3D. We also have significant expertise in engineering services and products, software and systems integration. Our proprietary products and high technology services address niche markets worldwide in defense and security, and in the underwater oil and gas, maritime infrastructure, dredging and construction industries.
For further information, please visit http://www.codaoctopus.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 post-effective amendment No. 2 to a registration statement on Form S-1 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.
Company Contacts: Jody Frank CFO (212) 924-3442 Richard Lewis (212) 924-3442 Agency Contact: Equity Communications: Ira Weingarten (805) 897-1880
Released July 9, 2009