Coda Octopus Group, Inc. (OTCBB: CDOC), headquartered here, today
announced the first deployment in the United States by a local law
enforcement agency since the 9/11 attacks of a new generation of port
security technology to respond to underwater threats.
The Company said it had received an order from the City of Jacksonville,
Florida, to deliver its Underwater Inspection System, developed for the
United States Coast Guard, to the Jacksonville Sheriff’s
Office, whose team of highly trained public safety / Bomb Squad divers
will be using the system on their small patrol vessels. The UIS utilizes
Coda’s patented real time 3D sonar technology,
the Coda Echoscope™ to identify and classify
objects underwater, enabling much more rapid and effective searches of
ports and waterways.
Coda Octopus expects to deliver the UIS, which has already been deployed
by the US Coast Guard and in the Middle East and Asia, to the
Jacksonville Sheriff’s Office within the next
thirty days. The Company also said that a large number of US ports have
shown a significant interest in the UIS, and that it expects to be able
to confirm at least one additional order over the next 60 days.
“The UIS will greatly enhance our capability
to safeguard our ports and underwater critical infrastructure”
said Chief Roy Henderson, who heads the Jacksonville Sheriff's Office
Homeland Security Division.
Jason Reid, Coda Octopus President and CEO, said he viewed the
Jacksonville order as a “significant milestone”
for Coda Octopus. He commented that “It was
shortly after 9/11 that I had my first view of a 3D real time sonar
device in its earliest prototype form, and the Company’s
commitment to commercialize this technology was indeed inspired by the
attacks. It has been a long journey, but we always envisaged the ports
of the United States as a very large and important market for these
devices. Today, we are more certain than ever of the size of this
potential market, the uniqueness and appropriateness of the technology
and of the products we have to offer, and of the interest on the part of
US Coast Guard and of large numbers of port authorities throughout the
United States.”
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda Octopus Group
has grown to encompass five companies and is headquartered in New York.
All of the Group companies operate within the technology innovation,
product development and engineering services sphere with facilities in
Washington D.C., Florida, Utah, New York, the UK and Norway. Alongside
providing custom engineering and development to navies, oil and gas,
nuclear and medical clients around the world, one of the key products is
the Coda Echoscope™ - the first real time 3D
sub sea sonar. The Coda Echoscope™ is the
heart of the Coda Underwater Inspection System™
being adopted for homeland security in ports around the world and which
can be linked to land based surveillance systems utilizing secure
wireless communications developed by Innalogic, Inc. With this patent
revolutionizing sub sea visualization, and the existing systems
integration skills within Colmek Systems Engineering, Inc and Martech
Systems Engineering Ltd, the Coda Octopus Group companies believe they
are well on the way to becoming the world's leading integrated sonar
technology supplier.
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.
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