Coda Octopus Group Reports Sizable Sale of Echoscope PIPE® Sonars to Major Offshore Service Provider.

ORLANDO, FL, April 23, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA), a global market leader in 3D/4D/5D/6D imaging sonar technology for real time subsea intelligence and cutting-edge diving technology, today reported that a major offshore service provider recently purchased a number of Echoscope PIPE^® sonars having a contract value of $1,000,000.

Commenting on this, Blair Cunningham, CODA’s President of Technology, stated “we are excited that this global offshore service provider has recognized the value of investing in our real-time 3D Echoscope^® technology. They will use the technology for several major underwater construction projects such as breakwater construction, offshore renewables (cable laying and scour monitoring) and salvage operations. I am also very pleased that Echoscope^® is currently being used as a key sensor for the Francis Scott Key Bridge collapse in Baltimore and that we are working closely to support US Navy SUPSALV (Supervisor of Salvage and Diving) and the Unified Command. The Echoscope^® real-time 3D imaging sonar stands head and shoulders above other imaging sonars for these types of complex scene inspection applications and facilitates immediate and efficient decision making and real-time monitoring of all recovery and salvage operations. We have over 20 major ports in the USA alone using the Echoscope^® for port and harbor security and search, rescue, and recovery operations as well as a growing number of bridge inspection service providers working with the Department of Transportation for regular and on-demand infrastructure inspection”.

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 Statements

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. 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 Turner
1-407-768-0988
coda.ir@codaoctopusgroup.com