Coda Octopus Announces Order and Delivery to Customer of Calibrated Echoscope(R) Real Time 3D Sonar System
NEW YORK, NY -- (MARKET WIRE) -- 03/03/10 -- Coda Octopus Group, Inc. (PINKSHEETS: CDOC), a world leader in underwater port security and marine survey technology, announced today that it had received an order for, and already delivered, a pre-calibrated Echoscope® System to a highly respected customer.
The customer, a leading underwater research institution, contacted the Company with precise and defined specifications which required target strength returns from the Echoscope® sonar to be both accurate and absolute, regardless of where the object was in a 3D underwater space.
Following in-depth negotiations and the application of the acoustic engineering skills of Coda Octopus, the pre-calibrated Echoscope® Real-Time 3D Sonar System was delivered to the customer. The Echoscope® provides over 16,000 accurate data points per sonar ping, creating an instantaneous, GPS referenced 3D subsea image. The additional 'calibrated' functionality enables the user to classify the material type of the object in addition to accurately knowing its shape and location. This capability makes the system ideally suited to a range of underwater applications including mine counter measures (MCM), environmental projects and rapid object classification surveys, such as narcotics or explosives detection thus enabling the user not only to visualize the subsea environment but also classify the object type. This is a marked improvement on the capability and use of our technology.
Commenting on this major achievement, Stephen Auld, Coda Octopus Products Managing Director said, "It is thanks to the skills of our acoustic engineers that we can add such value to our customers and allow us to successfully deliver an enhanced calibrated system with more functionality, built upon our unique Echoscope® technology."
Operating with the calibrated Echoscope®, an Octopus F180+ system, which provides accurate positioning and motion data, was included in the http://www.codaoctopus.com/support/index.asp contract along with enhanced after sales service and unrivalled technical support.
About Coda Octopus Group, Inc.
With headquarters in New York, USA, Coda Octopus Group is a leader in protection and technology for the world's harsh environments. The Group's scope of capabilities includes patented Echoscope® 3D real time subsea visualization technology, Coda® geophysical survey systems for seismic and sidescan, inertial marine motion sensing, rugged products development and systems engineering and provision of antipiracy, counter-terrorism and military training.
About Coda Octopus Echoscope
Echoscope® sonar technology is the world's only real time 3D high definition sonar technology that provides the capability to visualize underwater scenes in real time. Producing an instant measurable 3D dataset, it removes the need for time consuming post processing. These combined capabilities make it suitable for varied subsea projects and Echoscope® technology is in use in numerous applications such as offshore platform inspection, port security, forward looking obstacle avoidance, construction visualization, subsea intervention and high definition channel mapping. Worldwide customers include navies, defense contractors, commercial survey contractors, dredging and construction contractors and academic institutions.
For further information, please visit http://www.codaoctopus.com or contact us at info@codaoctopus.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains "forward-looking statements" within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are 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 the Company's filings with the U.S. Securities and Exchange Commission 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: Geoff Turner, CEO (212) 924-3442 Investor Relations: Richard Lewis: (212) 924-3442
Released March 3, 2010