Coda Octopus Group Reports $906k Engineering Services Order
09 July 2024 - 10:00PM
Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA),
a global market leader in 4D/5D/6D imaging sonar technology for
real time subsea intelligence and cutting-edge diving and
communications technology, today reported that its Salt Lake City
based Defense Engineering Services Business, Coda Octopus Colmek,
recently received one of the orders that had been expected and
delayed during the first six months of fiscal 2024. This order has
a contract value of $906k and relates to one of the programs that
it has been servicing for over 25 years.
Annmarie Gayle, CODA’s Chairman and CEO,
commented: “I am very pleased to see some of the barriers we have
experienced in respect of Defense procurement budgets being removed
and that we have recently received this significant order which we
have been anticipating since our first quarter. Deliveries under
this contract will span the remainder of 2024. The Engineering
Business is an important part of our Group, and we continue to
execute against our strategy to restore this Business to its
pre-COVID $10m revenue profile and this is one step in the right
direction”.
About Coda Octopus Group,
Inc.
The Company, founded in 1994, is an established
supplier to the Underwater/Subsea market. It supplies a range of
hardware and software solutions to this market which includes key
proprietary real time 4D/5D/6D imaging sonars, marketed under the
name Echoscope® and Echoscope PIPE® addressing the underwater
imaging sensor market along with new generation diving technology,
Diver Augmented Vision Display (DAVD) system. The Company’s
Echoscope PIPE® sonar generates real-time 3D/4D/5D images of
moving objects underwater including in zero visibility water
conditions. The Echoscope® technology is used globally for numerous
applications in both the commercial offshore market and defense
underwater markets. Applications for the Echoscope® technology
include complex mapping underwater, subsea intervention, subsea
asset placements, salvage and recovery, search and rescue, offshore
renewables cable installations and surveys, marine construction,
subsea infrastructure installation, mining applications, robotics
(3D Perception and Depth), breakwater construction and monitoring,
decommissioning, diving applications and port and harbor
security.
The recently launched new generation of diving
technology, DAVD, has the potential to change the way global diving
operations are performed (both in the Defense and Commercial space)
because it is a fully integrated singular system for topside
control and fully connected diver HUD system, allowing both the
topside and diver to share a range of critical information and
visualize the same underwater scene. Furthermore, the DAVD
integrates the Company’s sonar technology, which allows dive
operations to be performed in zero visibility conditions, a common
problem that besets these operations.
The Company also includes two discrete Defense
engineering businesses Coda Octopus Martech Ltd (UK based) and Coda
Octopus Colmek, Inc. (US based) whose primary business model is to
supply sub-assemblies into broader mission critical programs in the
capacity of sub-contractors to the Prime Defense Contractors. Their
scope of supply under these programs typically includes concept,
design, prototype, manufacturing, and post-sale support. This gives
them the opportunity to have repeat orders for these sub-assemblies
through the life of these programs.
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, 2023, filed with the Securities and
Exchange Commission on January 29, 2024, and the subsequently filed
10-Qs and 8-Ks. 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:
Geoff TurnerCoda Octopus Group, Inc.1-407-768-
0988coda.ir@codaoctopusgroup.com
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