ORLANDO, FL, June 18, 2018 – Coda Octopus Group, Inc. (CODA) (Nasdaq:CODA) today announced that it has completed the sale and delivery of its flagship system, CodaOctopus® Underwater Inspection System (“UIS”) to the prestigious Los Angeles County Sheriff’s Department for a contract value of $665,000.
Los Angeles County Sheriff’s Department (LASD) is the largest in the Country and has over 18,000 employees providing service to over 3 million residents over more than 4,000 square miles.
The LASD joins around 35 ports (mostly in the USA) to adopt the CodaOctopus® Underwater Inspection System (“UIS”) which embeds our patented real time 3D sonar technology and which we believe is the only real time 3D sonar commercially available. The ports that are currently utilizing our UIS are largely using this for many port applications such as maritime security, port and harbour maintenance, channel clearance, search and recovery, intruder detection and classification, rapid assessment of storm damage, location of objects on the seabed and change detection in the port environment.
The CodaOctopus Underwater Inspection System® is increasingly becoming the tool of choice for port activities involving rapid real time assessment of risks in these environments as this unique technology provides photograph-like real time 3D images of underwater environments even in the harshest of conditions such as zero visibility. This allows users to make critical instantaneous decisions concerning subsea activities. Further, this easy to use system and clear crisp photograph like images which it generates allows non-specialized personnel to use the system, thus further enhancing its versality and accessibility across ports.
LASD stated: “Members of LASD - Special Enforcement Bureau (SEB) were extremely pleased to take delivery of this state of the art piece of equipment, which they will use mainly for counter-smuggling/terrorism (CBRNE screening), seafloor search and recovery of evidence and targets and to assist in dive related operations. LASD members completed the initial orientation/training and found the images that it generates are truly state of the art and will advance the manner in which they conduct many of their port activities concerning real time assessment of threats, identification of hazardous objects and change detection within sensitive areas of their ports and critical waterways. LASD (SEB) Maritime Personnel were equally impressed with the ease of deployment of the Coda 3D system and intuitive nature of its operation. LASD believes that the investment in this state of the art piece of equipment will further advance our activities in the area of real time threat assessment”.
Blair Cunningham our President of Technology said “We are very pleased that we could bring a prestigious body such as the Los Angeles County Sheriff’s Department into the group of forward-looking government agencies using our revolutionary technology. Our agreement with the LASD provides ongoing support for their users and we look forward to working with them to expose the full exciting capabilities of this system. We believe this Underwater Inspection System is far superior to other sonar technology in the market today as our industry-leading Echoscope® technology generates real time images of the underwater environment in three/four dimensions even in zero visibility conditions. Furthermore, uniquely, it can image moving objects in the water column, thus enabling agents and personnel to address many risks and hazards that ports face in this technologically advanced age.”
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda Octopus Group’s patented real-time 3D subsea sonar technology, Echoscope®, enables real-time 3D imaging and mapping in zero visibility conditions underwater, and is used globally in numerous applications including defense, marine construction, oil and gas subsea infrastructure installation and surveys, and port and harbor security. For further information, please visit http://www.codaoctopusgroup.com or contact us at: cogi@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 filed with the Securities and Exchange Commission on January 30, 2018. 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
414.351.9758
Media Relations:
Susan Roush
805.624.7624
