Coda Octopus Products and Seatronics Sign Echoscope TAP(TM) Agreement
LAKELAND, FL -- (MARKET WIRE) -- 03/14/12 -- During Oceanology International, Coda Octopus Products (PINKSHEETS: CDOC) and the world's largest marine electronic equipment rental company, Seatronics, have signed an agreement with an initial investment worth over $1.5m to increase the number of Echoscope® systems available for rental worldwide through a joint Technology Access Program, ("TAP™"). TAP™ now means clients can contact any Coda Octopus or Seatronics base office directly to hire the real-time 3D sonar technology, the Echoscope®, which is transforming applications from marine construction through to port security, dredging and decommissioning. Over and above access to revolutionary sonar technology, TAP™ also makes available a pool of trained operators who can deliver a host of service provisions to suit every client's requirements.
Whether you are a large marine operator working on a major offshore installation requiring both equipment and personnel, or a smaller scale company needing short period equipment hire with a few days of operator training, TAP™ is the affordable answer.
Stephen Auld, Coda Octopus Products Limited, Managing Director, said, "This is a fantastic move forward for Coda Octopus. It makes our Echoscope® systems available on short or longer term rental. This will facilitate the use of Echoscope® for project-based work where the Echoscope may only be required for a short period or at short notice. We hope this will bring far more Echoscopes® into use in the market, and make them more familiar to potential customers. In addition, of course, it moves Coda Octopus Products into more service based offerings rather than remaining a pure product sales operation."
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda Octopus Group is now headquartered in Lakeland, Florida. The Group consists of a Marine Products business in Florida and Edinburgh, Scotland, and engineering businesses in Utah and Weymouth, England. Each of the Group companies are technology innovators with a particularly high level of sonar expertise. The Group has facilities in Florida, Utah, the UK and Norway.
Alongside providing custom engineering and development for defense applications, and oil and gas, companies, one of the Group's key products is the Coda Echoscope® -- the first real time 3D sub-sea sonar. The Echoscope® is also at the heart of the Underwater Inspection System™ which is being adopted for homeland security, and other applications in ports around the world.
With this patented revolutionizing sub-sea visualization capability, and the existing systems integration skills within Colmek Systems Engineering, Inc and Martech Systems Engineering Ltd, the Coda Octopus Group believes they can become a world leading integrated sonar technology supplier.
For further information, please visit http://www.codaoctopusgroup.com or contact Coda Octopus at info@codaoctopusgroup.com. Our Annual Report is filed at www.otcmarkets.com and our symbol is CDOC.
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.
Company Contact: Geoff Turner Director and Group Officer info@codaoctopusgroup.com
Source: Coda Octopus Group, Inc.
Released March 14, 2012