Coda Octopus Products announce first customer for F175™ MOTION system
Coda Octopus Group, Inc. (CDOC), is pleased to announce that Survey Equipment Services (SES), who in the last financial year have invested around a million dollars in Coda Octopus marine products recently purchased the first F175™ to come off the production line. SES will be using the system in the Gulf of Mexico.
The new F175™, which is the latest addition to Coda Octopus` comprehensive range of motion sensing systems, is a very cost effective easy way for a client to blend an existing GNSS with an inertial system to provide an extremely accurate heave, pitch, roll, heading and positioning solution.
Gary Sayers, Engineering Manager for Survey Equipment Services said “we are extremely pleased to have Coda Octopus here as technology partners in the Gulf of Mexico, allowing us to offer our clients access to the latest technology and software available on the market today”.
Blair Cunningham, President of Technology for Coda Octopus, said, “there are many businesses involved in complex and difficult underwater operations who already have GNSS systems but need motion sensing capabilities. The F175™ is ideal for them as it minimizes the investment they are required to make. These companies will understand the advantages of the F175™ system and can realize productivity gains through deployment of the F175™. We are extremely pleased to partner with Survey Equipment Services to provide such early access to this technology.”
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 located in Lakeland, Florida, Edinburgh, Scotland, Perth, Australia, and Bergen, Norway, and engineering businesses, Coda Octopus Colmek in Salt Lake City, Utah and Coda Octopus Martech in 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, Australia, and Norway.
Alongside providing bespoke engineering and development for defense applications one of the Group's key products is the patented Coda Echoscope® - the first real time 3D sub-sea sonar which is used in oil and gas, underwater construction, search and rescue operations and port and harbor security and constructions. The top end software which runs on the Echoscope® (Underwater Survey Explorer) is also proprietary to Coda Octopus. The Echoscope® is also at the heart of the Underwater Inspection System which is being adopted for port and harbor security, and other applications globally. We have a number of products which are based on our real time 3D technology (Echoscope®, Underwater Inspection System and Dimension® (the latter being a forward looking real time sonar targeted at ROV applications)).
With this patented revolutionizing sub-sea visualization capability, and the existing systems integration skills within Coda Octopus Colmek, Inc. and Coda Octopus Martech Ltd., the Coda Octopus Group believes it can become a world leading integrated sonar technology supplier.
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 but all statements other than of historical fact could be deemed forward-looking statements. Stockholders, potential investors and other readers are cautioned not to place undue reliance on these forward-looking statements that are predictions and opinions based only on current information as of the date of this press release 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 CodaOctopus’ planned products and their level of sales, access to the capital necessary to finance and grow the business, ahighly 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.
Released May 22, 2013