The City of Boston Awards Coda Octopus Contract for Underwater Inspection System
3D Technology Delivers Real-Time Inspection and Intelligence to Boston Harbor
JERSEY CITY, NJ -- (MARKET WIRE) -- 05/25/10 -- Coda Octopus Group, Inc. (PINKSHEETS: CDOC) said today that it was recently awarded a contract to supply its Underwater Inspection System (UIS™), to the City of Boston. The UIS will be used by the Boston Police Department's Harbor Patrol Unit, providing a new generation port security technology to identify and respond to underwater threats.
The UIS uses the proprietary 3D sonar technology of Echoscope®. This flagship product of Coda Octopus adds GPS-guided accuracy and a sophisticated optical camera system integrated on a state-of-the-art software platform to provide real-time underwater situational awareness.
"We researched several products and the Coda Octopus UIS the only system of its kind that can produce all the real-time 3D data that we need," said Deputy Superintendent Thomas Lee, Commander of the Special Operations Division. He also said that "it is going to vastly improve our ability to identify underwater threats, thereby playing a key role in providing enhanced port security in a post-9/11 world."
Geoff Turner, Coda Octopus CEO, said, "We are delighted to welcome the City of Boston to the family of UIS and Echoscope 3D sonar users. This is a testament to the unique benefits of the UIS and Echoscope contributing to the City of Boston's ability to provide for the safety of citizens of Massachusetts." He went on to say, "This brings to five the number of significant US ports currently employing Coda Octopus Echoscope® technology. We are currently working with many other law enforcement and port security agencies and we look forward to confirming additional orders for UIS and Echoscope in the near future."
About the Underwater Inspection System (UIS)
The UIS system utilizes Coda's patented real time 3D sonar technology to identify and classify objects underwater, enabling much more rapid and effective searches of ports and waterways. The system has already been deployed by the US Coast Guard and in Asia.
About Coda Octopus Group, Inc.
With headquarters in New Jersey, 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.
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.
For more information and interviews: Geoff Turner CEO (212) 924-3442
Released May 25, 2010