Lakeland, Fl. (January 21st 2014) - Coda Octopus Group, Inc. (OTC: CDOC.PK), recently completed the sale of an Echoscope® and F180® system to Resolve Marine Group, a major international salvage and marine emergency response company. The ISU (International Salvage Union) in 2013 estimated the marine salvage industry as worth about $500m per annum working on between 150 and 200 projects per year. This is a significant market for Coda Octopus.
The Echoscope® and F180® were delivered to Resolve Marine Group for use on the Rena Project in New Zealand. The MV Rena, a container ship, ran aground on the Astrolabe Reef off the Bay of Plenty in New Zealand in October 2011 with 1,900 tonnes of oil and 1368 containers aboard, and was subsequently declared the country's worst ever marine environmental disaster. Newer vessels are capable of carrying 18,000 containers, and so present much larger threats.
Resolve Marine Group will use the patented Echoscope® to map the subsea environment in real time using also Coda Octopus' patented real time 3D rendering technology, which gives geo-referenced data that provides detailed images in real time and enables immediate decision making during salvage operations considerably enhancing the safety of operations.
Joey Farrell III, Senior Assets Manager for Resolve Marine Group, commented: "[w]e can use Echoscope® to very quickly visualize complex structures in real time 3D and enhance our salvage processes, saving us both time and money, and improving operational safety. It is the perfect technology for Resolve Marine Group.
The system has already established itself as one of our primary tools for rapid appraisal and assessment of the complex underwater environments associated with marine emergencies. The Echoscope® is already contributing to planning, salvage operations, diver safety and monitoring, and final verification of clean-up."
Blair Cunningham, our President of Technology, said, "[w]e are extremely pleased with the initial results of this project. The Echoscope® real time 3D sonar is again delivering real productivity and safety benefits to our customer."
Marine businesses in many industries now understand the advantages of the real time 3D imaging capabilities of the Echoscope® over other sonar equipment, and are time after time endorsing the productivity gains and safety improvements that can be realized by using the Echoscope®."
| Company Contact: | Geoff Turner, |
| Executive Director | |
| Email: info@codaoctopusgroup.com |
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(TM) 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.
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.