Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA),
a global market leader in real-time 3D/4D/5D and 6D imaging sonar
technology for real-time subsea intelligence and real time
information platform diving technology, announced the election by
the Board of two new directors to fill vacancies as a result of the
retirement of two directors. The Company is pleased to announce the
appointments of Brigadier General Anthony J. Tata (US Army,
Retired) and Robert Harcourt to its Board.
Brigadier General Anthony J. Tata (US Army,
Retired) most recently performed the duties of Undersecretary of
Defense for Policy, the number 3 position in the United States
Department of Defense, where he implemented the National Defense
Strategy and worked closely with allies and partners to achieve
strategic defense goals globally.
His distinguished military career includes
commands in the 82nd Airborne and 101st Airborne Divisions and the
10th Mountain Division, as well as many overseas operations. His
military awards include the bronze star, combat action badge,
ranger tab, master parachutist badge and the department of defense
award for distinguished public service. He is a West Point graduate
with a Bachelor of Science and has two master’s degrees in
Operational Planning and International Relations. He was also a
distinguished national security fellow at Harvard University’s JFK
School of Government and is a successful author.
Brigadier General Tata said, “Coda Octopus’
ground breaking and unique technology for real time 3D imaging and
visualization underwater coupled with its simultaneous information
platform for diving through its Diver Augmented Vision Display
(DAVD) system will save lives, provide better, safer
infrastructure, and increased capabilities to governments and
businesses globally. As the Company now pivots to an ambitious
growth strategy around these technologies, I am looking forward to
helping Coda Octopus on its journey to becoming an even more
significant platform in bringing cutting edge patented technology
not only to the commercial world but also to our military and those
of our allies."
Mr. Robert R Harcourt is a retired Audit and
Advisory Partner of KPMG with a professional career spanning over
40 years, executing a variety of roles at the partnership level
during this time with this leading global organization, both in the
USA and Europe. Mr. Harcourt has a wide experience as an audit and
advisory professional, practice manager, professional practice
leader, and human resource head. He brings to the Board a wide
experience in Sarbanes-Oxley. He also worked as an associate
director of the Public Company Accounting Oversight Board (PCAOB)
for several years. Mr. Harcourt has broad experience with a number
of industries, including manufacturing. He completed a BBA in
Accountancy from Pace University, is a Certified Public Accountant
and has completed course work at Harvard University and Stanford
University. He is also a co-author of “Supply Chain Management,”
published in The CPA Journal.
Mr. Harcourt echoed Brigadier General Tata,
saying, “CODA’s technology is truly impressive, and its management
impresses with its vision and determination. The Company is in
excellent condition, with world-leading products. I look forward to
playing my part in helping management execute its vision and
advance the business for its stakeholders.”
Annmarie Gayle, CODA’s Chair and CEO, said, “We
are very pleased and humbled to add these exceptional individuals
to our Board as we pivot the Company to its next level of
performance. We look forward to leveraging their expertise and
capabilities for the benefit of our stakeholders. At this pivotal
and transformational time in the Company, where we are diverting
our focus from our R&D to business development and global brand
building, we believe that this Board composition brings us
additional, targeted expertise to help management execute on its
strategy for the Company.”
The vacancies were the result of the retirement
from the Board of Ms. Mary Losty and Captain Charlie Plumb (Ret)
with immediate effect. Ms. Gayle stated: “On behalf of the Company
and the Board of Directors, I would like to thank both Ms. Losty
and Captain Plumb for their service and significant contributions
to the Company during their tenure on the Board. We wish each of
them the best in their future endeavors.”
About Coda Octopus Group, Inc.
The Company, founded in 1994, innovates,
develops, manufactures and markets subsea products (hardware and
software) and solutions including its flagship real-time 3D, 4D, 5D
and 6D underwater imaging sonar technology, marketed under the name
“Echoscope®” and Echoscope PIPE® and its recently launched Diver
Augmented Vision Display system (“CodaOctopus® DAVD”). This sonar
technology generates real-time 3D, 4D, 5D and 6D imaging data for
inspection and mapping underwater and is used globally for numerous
applications including the commercial and defense underwater
market. Applications for the Echoscope® technology include
complex mapping underwater, subsea intervention, subsea asset
placements, offshore renewables cable installations and surveys,
marine construction, subsea infrastructure installation, mining
applications, breakwater construction and monitoring,
decommissioning, diving applications and port and harbor security.
The recently launched new generation of diving technology, DAVD, is
expected to change the way global diving operations are performed
(both in the Defense and Commercial space) because it provides real
time digital information for use and consumption by both the divers
and the dive supervisor top-side team. It is also expected to
transform the way communications are made in diving from analog
audio to digital audio and to 2D and 3D visual imagery, both in
textual and video format. In addition to the Marine Products
business, Coda Octopus Products Ltd., CODA’s two defense
engineering services businesses are operated through 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.
When used in this document, the words “may”, “would”, “could”,
“will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”,
“expect” and similar expressions are intended to identify
forward‐looking statements. 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, restrictions on our business
operations due to the Pandemic, 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, 2022, filed with the Securities and
Exchange Commission on January 30, 2023. 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:
Cody Slach or Jackie KeshnerGateway Group, Inc.
(949) 574-3860CODA@Gateway-grp.com
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