Cooperation Agreement with Fugro Chance Inc.
Coda Octopus Group, Inc. (CDOC) (Coda Octopus) announces that it and Fugro Chance Inc. have entered into a Cooperation Agreement for two years to take advantage of Coda Octopus` Echoscope®; a patented 3D sonar technology that generates high resolution real time images of the underwater environment also in turbid and zero visibility environments. This relationship will give Coda Octopus early access to real-world requirements associated with Fugro Chance projects. Having access to the myriad of data acquired by Fugro Chance will enable Coda Octopus to utilize the Echoscope® in a variety of applications and challenges, thus maintaining its cutting edge position in sonar technology. In return, Fugro Chance will have the advantage of working with Coda Octopus to develop tailored solutions for their clients` subsea imagery deliverables.
The Coda Octopus Echoscope® Dual Frequency 3D Sonar is a unique sonar device using phased array technology. It generates over 16,000 beams simultaneously, producing instantaneous, three-dimensional sonar images of both moving and stationary objects and enabling extremely rapid reconnaissance and inspection.
Fugro Chance has proven field success in project time and cost savings as well as operational benefits from using this technology. Fugro Chance Data Manager, Tony Gray, commented, “There is a world of possibilities with this 3D technology; be it installing platform legs subsea, seabed clearance surveys or even close-proximity subsea structure point cloud acquisition. Echoscope® is a resourceful tool that can be used in subsea projects where time, risk and depth are all critical factors to visualisation and measurement.”
The two companies will work together on joint developments of new applications for meeting Fugro Chance requirements in data visualization and processing. In addition, Fugro Chance will gain market advantage from training opportunities provided by Coda Octopus as well as project support.
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 March 20, 2013