NEW YORK, May 25, 2005 (PRIMEZONE) -- Coda Octopus Group, Inc (Pink Sheets:CDOC) an international leader in marine technology solutions, today announced an agreement with Precision Control Technologies (PCT) of Melksham, U.K., to jointly develop a new range of precision motion sensors for the marine environment. The new products are being designed to complement the highly regarded Octopus F180 motion sensor and will enable expansion into a wider range of applications and a larger market, currently estimated at more than $50 million or about 10% of the overall marine products market worldwide.
Since its launch in 2002, the Octopus F180 Precision Attitude and Positioning System, which creatively reapplies technology originally developed for the extreme world of motor racing, has been selected by a number of high profile customers, including the U.S. Coast Guard, the U.S. Army Corps of Engineers, Fugro Surveys, C & C Technologies, Inc., Scripps Institute, University of New Brunswick (UNB) and United States Geological Survey (USGS). It is widely regarded as one of the highest performing systems within the hydrographic survey industry.
The agreement with PCT encompasses the development and support of a new, wider range of motion sensing products, with prototypes of the jointly developed systems expected to be available in October this year and initial production units planned for early 2006. This wider range of products will bring a choice of solutions at a number of price levels, suitable for all applications within the marine survey market.
Commitment to Rapid Growth
Jason Reid, Coda Octopus' CEO, stated, "This agreement is a further reflection of Coda Octopus' commitment to rapid growth by expanding its product lines, including the revolutionary new Coda Echoscope, to address new, larger markets through a combination of internal development, joint development programs and acquisitions. We believe this approach will enable us to achieve our goal of becoming the world's leading company in the $500 million marine products market."
About Precision Control Technologies
PCT, a privately held company, has over 20 years of expertise in developing custom-made technology for winch, crane and handling-system controls on moving platforms such as ships and offshore rigs. The company has already developed the core technology suitable for marine motion sensing which will allow new products to be brought to market much more quickly than usual.
About Coda Octopus
Founded in 1994 as Coda Technologies, recently public Coda Octopus is recognized internationally as a leading developer of underwater technologies for imaging, mapping, and defense and survey applications. Based in New York, with R&D and manufacturing facilities in the U.K. and Norway, its key products include Octopus precision motion sensors, Coda and Octopus marine software and systems, Octopus thermal printers and the unique Coda Echoscope -- the first real-time 3D subsea sonar with particular applications in the homeland security and construction markets. With this patented new product, which revolutionizes subsea visualization, Coda Octopus believes it is well on its way to becoming the world's leading sonar technology company, with the further goal of becoming the top company in the broader $500 million international marine products market.
Additional information about Coda Octopus is available on its website at http://.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, perceived or actual benefits of the relationship with Precision Control Technologies and market acceptance of Coda Octopus' planned products and their level of sales, the competitive environment and successful technical and economic implementation.