NEW YORK, Sept. 22, 2005 (PRIMEZONE) -- Coda Octopus Group, Inc (Pink Sheets:CDOC) a world leader in underwater technology solutions, said today it completed two key field trials of its real-time breakthrough 3D sonar system, the Coda Echoscope.
The company said that these tests were carried out in conjunction with two important customers including a U.S. governmental agency; in one of the tests, the system was deployed on a vessel for a customer in Utah; the other involved pressure testing the capabilities of the Coda Echoscope for another customer to a depth of 3,000 meters. The tests were successfully completed and will translate into deliveries of the Coda Echoscope to a number of customers before Coda's October 31 fiscal year end.
New Deep Water Milestone Creates Additional Market Potential
According to the company, the success of the pressure testing to a depth of 3,000 meters is a significant milestone, which opens the door to new, deep water applications, where the company believes there is an exciting and very large market opportunity.
First Commercial Echoscope Deliveries a Giant Step Forward
According to Jason Reid, president and CEO, "Delivery before our fiscal year end of the first Coda Echoscope systems will put us on track with our goals for this very exciting new product, which has particular application in the rapidly expanding Homeland Security and Defense Markets." He continued, "Coda Echoscope's proven ability to 'see' underwater threats and intruders is creating significant worldwide excitement and demand, and as successful initial shipments of the product are completed, we expect this demand to grow further."
According to Mr. Reid, the company currently has an order backlog of ten units representing approximately $1.5 million in sales, and expects initial deliveries to be made later this month and continue into the company's first quarter of fiscal 2006.
Unique Technology Continues to Build Worldwide Interest, Particularly for Homeland Security and Defense Applications
The Coda Echoscope is a unique and patented sonar system that generates precision images of underwater scenes, either static or moving, comprising almost a hundred-fold more information than anything else on the market. With an initial order book of 10 systems worth approximately $1.5 million, the Coda Echoscope has already attracted interest around the world, particularly for Homeland Security and Defense applications.
The Coda Echoscope is the result of a multi-year effort to bring the benefits of 3D technology to the underwater sonar market place. In 1999, the Echoscope 1600 was introduced as the first working prototype ever produced. Subsequently, the original prototype has been completely re-designed, resulting in a four-fold increase in performance with a 50% reduction in size and no significant cost increase. With over 2,300 active channels generating over 16,000 simultaneous sonar beams to create stunning 3D underwater images in real-time with centimeter resolutions, the Coda Echoscope is ideal for a wide range of civil and defense applications including harbor security, intruder detection, underwater obstacle avoidance, and pipe and cable laying. Being extremely compact -- about the size of a briefcase plus a laptop -- the Coda Echoscope can be rapidly deployed from almost any boat or fitted to underwater vehicles enabling extremely rapid but precise underwater surveys of ports, harbors, ships-hulls or other structures for reconnaissance and security purposes.
About Coda Octopus
Founded in 1994 as Coda Technologies, recently public Coda Octopus is recognized internationally as a leading developer of underwater technologies for imaging, mapping, defense and survey applications. Based in New York, with R&D and manufacturing facilities in the UK and Norway, its key products include Octopus precision motion sensors, Coda and Octopus marine software and systems, Octopus thermal printers and the unique Coda Echoscope -- the first real-time 3D subsea sonar -- with particular applications in the homeland security and construction markets. With this patented new product, which revolutionizes subsea visualization, Coda Octopus believes it is well on its way to becoming the world's leading sonar technology company, with the further goal of becoming the top company in the broader $500 million international marine products market.
Additional information about Coda Octopus and its products is available on its website at http://www.codaoctopus.com
Safe Harbor Statement: Except for historical information, the matters set forth herein, which are forward-looking statements, involve certain risks and uncertainties that could cause actual results to differ. Potential risks and uncertainties include, but are not limited to, market acceptance of Coda Octopus' planned products and their level of sales, the competitive environment and successful technical and economic implementation.