NORTH SALEM, N.Y., March 3, 2005 (PRIMEZONE) -- Coda Octopus Group, Inc. (Pink Sheets: CDOC) reports that its order book has experienced dramatic growth, with an increase of 342% in sales orders for 2005 compared to 2004. With the company's order book at the end of January 2005 totaling $1.3m, the first quarter of the New Year has begun well ahead of target.
Both Coda and Octopus product ranges have been selling well, with orders including brand new products as well as many from the company's core geosurvey business, where activity continues to increase. The introduction last year of the Octopus 760 series of geophysical systems and the acquisition of the thermal printer business from Ultra Electronics have complemented the market leading Coda GeoSurvey acquisition and processing solutions for sidescan and sub bottom profiler.
Orders for the new Echoscope 3D real time imaging sonar have already reached 8 with deliveries to defense specialists in the USA, Europe and Japan. Over 15 Coda "DA" data acquisition systems have been shipped since November and customers include Stolt Offshore in Aberdeen, UK; GeoConsult of Bergen, Norway; Wessex Archaeology, Salisbury, UK; NIO in Goa, India; NIOT in Chennai, India; Hydroacoustics SL in Madrid, Spain; Unique System of Sharjah, UAE.
Underlining a commitment to the geophysical survey industry, CodaOctopus continues to provide operator training courses and an open training session on Coda GeoSurvey was recently conducted in Great Yarmouth, UK in conjunction with local training and personnel providers, Maritech Group. Individually designed training for Coda users at their premises and aboard survey vessels world-wide is a popular choice, with Stolt Offshore recently taking up both options.
Numerous Octopus 760 series systems are now in use world-wide with recent sales bringing the total count to over 25 since Coda Octopus started deliveries in July 2004.
Sales of Octopus 120 and 200 series printers and supplies have matched the healthy performance of the long-established CodaOctopus products with deliveries to customers including GSE Rentals in Aberdeen, UK; Applied Acoustic Engineering and Sonar Equipment Services, both of Great Yarmouth, Norfolk, UK; Sea and Land Technologies in Singapore; C&C Technologies of Lafayette, LA, USA; NIOZ of The Netherlands. One particularly significant contract has come from Atlas Elektronik for which CodaOctopus will supply specially adapted Octopus 200 series 20" printers for integration into naval submarine sonar systems destined for customers worldwide.
Commenting on the Atlas contract, Sales Manager, Stephen Auld said, "With ten printers already supplied to Atlas under an original contract with Ultra Electronics, this new contract secures the supply of printers, spares and support to Atlas Elektronik for the foreseeable future."
Information about the Coda and Octopus ranges of systems and software can be found on the Coda Octopus website: www.codaoctopus.com
Safe Harbor Statement: Except for historical information, the matters set forth herein, which are forward-looking statements, involve certain risks and uncertainties that could cause actual results to differ. Potential risks and uncertainties include, but are not limited to, market acceptance of Coda Octopus' planned products and their level of sales, the competitive environment and successful technical and economic implementation.