Coda Octopus Group Granted Exclusive License for Exploitation in Commercial Market for the Face Plate Technology of the Diver Augmented Vision Display (DAVD) Head-up Display, by Naval Surface Warfare Center Panama City Division

Orlando, UNITED STATES


Echoscope®-complementary Technology Delivers Combined Complete End-to-end Diver Management Solution, Permits Divers and Supervisors on the Surface to Simultaneously Visualize the Diving Environment in Real Time

ORLANDO, FL, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA), a global leader in real-time 3D sonar technology and real-time subsea intelligence, announced that as part of the transitioning of the prototype for the Diver Augmented Vision Display (DAVD) system, Naval Surface Warfare Center Panama City Division (NSWC PCD) has granted the Company the Exclusive License to use its utility invention relating to the face plate for manufacture and sale in the commercial market. The face plate technology is patented, as it relates to its application subsea. Since the DAVD system is funded by the Office of Naval Research (ONR) through an ONR Future Naval Capabilities program and continues to be managed by NAVSEA 00C3, a license is not required for CODA to manufacture and supply the multi-generation DAVD system to the U.S. defense market.

When coupled with one of CODA’s real-time 3D Sonars, commercially branded Echoscope®, the head-up display face plate technology allows both divers in the water and supervisors on the surface to simultaneously visualize the diving environment in real time. The divers and supervisors are able to communicate with real-time data, images, video, and step-by-step instructional information to run the dive operations in a safe, controlled, and timely manner. The see-through head-up display was developed in the Gen 1 DAVD program on standard Navy-issue Kirby Morgan KM37, KM37SS and KM97 helmets, with supported dive helmets and masks expected to increase after initial release. The Echoscope® series of real-time 3D sonars range from the compact and lightweight Echoscope® C500 and Echoscope4G® Surface for diver handheld operations to CodaOctopus® Underwater Inspection System (UIS), which provides the highest performance 3D real-time mapping and monitoring platform. Commercial applications range from marine and port construction to offshore wind energy-renewables and oil and gas, and include research and educational institutions.

Blair Cunningham, Coda Octopus Group’s President of Technology, commented: “We thank our collaborators at ONR, NSWC PDC and NAVSEA 00C3 for affording us this exciting commercial extension of the DAVD program. This represents a new product for Coda Octopus Products, which will be manufactured under license with NSWC PCD. It represents a significant opportunity for both CODA and our customers. The major service providers and, indeed, nearly all of our customers around the world, have divers in the water on all projects. This advanced face plate technology, when used in conjunction with our complementary real-time 3D sonar solutions, will greatly benefit both the safety of crew divers and project efficiencies, bringing significant value to our customers.”

The DAVD face plate technology commercial license announcement follows CODA’s successful transition of the Gen 1 DAVD prototype to a first-generation operational system for project sponsor, NAVSEA 00C3.

For further information, see CODA’s news releases, “Coda Octopus Group Awarded Contract to Advance U.S. Naval Diving Operations with State-of-the-art Real-time 3D Subsea Intelligence for Next Generation Wearable Head Up Display with Embedded Software” (February 5, 2018), “Coda Octopus Group Enters into a Navy Cooperative Research And Development Agreement with Naval Surface Warfare Center, Panama City Division for Naval Real-Time 3D Imaging Head Up Display Diver Solution” (July 16, 2018), “Coda Octopus Group Announces the Successful Completion of NAVSEA and NASA Joint Mission Trials of Diver Augmented Vision Display (DAVD) Generation 1.0 Head-Up Display Prototype System” (September 9, 2019), and “Coda Octopus Group Announces Gen 1 Diver Augmented Vision Display (DAVD) System Completed and Delivered” (February 5, 2020).

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.

About Office of Naval Research (ONR)

As an executive branch agency within the Department of Defense, the Office of Naval Research (ONR) supports the President’s budget. ONR provides technical advice to the Chief of Naval Operations and the Secretary of the Navy. ONR coordinates, executes, and promotes the science and technology programs of the United States Navy and Marine Corps. For further information, please visit: https://www.onr.navy.mil/en

About Naval Surface Warfare Center Panama City Division (NSWC PCD)

The mission of Naval Surface Warfare Center Panama City Division is to conduct research, development, test and evaluation, and In-Service support of Mine Countermeasure Systems, Naval Sea Mine Systems, Naval Special Warfare Systems, Amphibious & Expeditionary Maneuver Warfare Systems and support all other systems that occur primarily in coastal or littoral regions. Today, Naval Surface Warfare Center Panama City Division is one of the major research, development, test and evaluation laboratories in the U.S. Navy and boasts a wide base of expertise in engineering and scientific disciplines. By October 2017, the command employed more than 1,400 civilian employees of which over 800 were scientists and engineers. NSWC PCD prides itself of being good stewards of the environment and taxpayer dollar. The command has a business base of more than $400 million of which $330 million goes back into the State of Florida through labor dollars, contract services, and local goods. For further information, please visit http://www.navsea.navy.mil/Home/Warfare-Centers/NSWC-Panama-City/.

About NAVSEA 00C Diving Program

NAVSEA Supervisor of Salvage and Diving, SEA 00C, is the Fleets Diving Technical Authority. SEA 00C develops procedures, diving manuals & technical instructions to support Fleet diving operations. They conduct Test & Evaluation of new and existing technology and procedures and provides Fleet Diving support including:

  • System and equipment acquisition
  • Issuing Dive Advisories/direct technical assistance
  • Offering Depot Level maintenance
  • Developing collaboration tools
  • Establishes and conducts QASP/DORI program
  • Writes and issues diving equipment preventative maintenance procedures

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.

Contact:

MDC Group
Investor Relations:
David Castaneda
Arsen Mugurdumov
414.351.9758

Media Relations:
Susan Roush
805.624.7624

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