ORLANDO, FL, Sept. 13, 2019 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA), a global leader in real-time 3D sonar technology and real-time subsea intelligence, announced the election of J. Charles Plumb, Captain, USNR (Ret.) to its Board of Directors. Captain Plumb was elected at the Company’s annual meeting of stockholders.
Captain J. Charles Plumb is a retired U.S. Navy fighter pilot and former Vietnam Prisoner of War. He retired from the United States Navy after 28 years of service, and his military honors include two Purple Hearts, the Legion of Merit, the Silver Star, the Bronze Star, and the P.O.W. Medal. Since his retirement, Captain Plumb has been a motivational speaker, consultant, and executive coach. His clients include the U.S. Navy, NASA, General Motors, FedEx, Hilton, Aflac, and BMW.
“We are very pleased and honored to add another exceptional leader to our Board. Charlie’s integrity and ‘can do against all odds,’ results-driven focus aligns well with the Board we have put in place, to help steer the Company at this pivotal juncture and fully realize the opportunity before us,” said Annmarie Gayle, CODA’s Chairman and CEO. “His close ties to the U.S. Defense establishment will benefit the strategic course of both operating units within the Group. I look forward to Charlie’s contributions and direction to help us achieve our strategic goals, including increasing shareholders value.”
“I am excited to be joining Coda Octopus Group’s Board of Directors. The Group's long-standing reputation for executing state-of-the-art, top-quality real-time 3D sonar technology, defense products, and engineering services for defense primes, is well known. We have a great opportunity to both create value for our shareholders, as well as to provide the Company’s continually advancing slate of state-of-the-art equipment to our country’s and Allies’ forces,” said Captain Plumb.
During Captain Plumb’s tour in Vietnam, five days before the end of his tour on his 75th combat mission, he was shot down over Hanoi, taken prisoner and tortured. During his nearly six years as a prisoner of war, he distinguished himself as a pro in underground communications. He was a great inspiration to all the other POWs and served as chaplain for two years. Following his repatriation, Captain Plumb continued his Navy flying career in Reserve Squadrons where he flew A-4 Sky Hawks, A-7 Corsairs, and FA-18 Hornets. His last two commands as a Naval Reservist were on the Aircraft Carrier Corral Sea and at a Fighter Air Wing in California. In addition to his motivational speaking engagements since his retirement, Captain Plumb was founder and CEO of two Southern California-based companies, Globemaster Travel Inc. and Inform Inc. Since 2010, he has been a member of the Board of Directors of the Lightspeed Aviation Foundation. He also serves on the advisory board of Red Six Aerospace Inc., an augmented reality air combat training systems company. Captain Plumb earned a B.S. in electrical engineering from the U.S. Naval Academy at Annapolis.
As a result of his appointment to the Board, Captain Plumb will receive compensation of a quarterly fee of $10,000. In addition, he was awarded 6,424 shares of common stock of the Company, which will vest on the first anniversary of his election.
About Coda Octopus Group, Inc.
The Company, founded in 1994, manufactures and markets patented real-time 3D subsea sonar technology, the Echoscope®, which enables real-time 3D imaging and mapping in zero visibility conditions underwater. Echoscope® is used globally in numerous applications including defense, marine construction, oil and gas subsea infrastructure installation and surveys, and port and harbor security. In addition to the Marine Products business, Coda Octopus Products Ltd., CODA’s two defense products and engineering services businesses are Coda Octopus Colmek and Coda Octopus Martech. For further information, please visit http://www.codaoctopusgroup.com or contact us at: coda@codaoctopusgroup.com.
Forward Looking Statement
This press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include, without limitation, statements regarding the Company's expectations for the growth of the Company's operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2018, filed with the Securities and Exchange Commission on January 29, 2019, as amended on February 7, 2019 and April 23, 2019. Coda Octopus Group, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
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