LAKELAND, Fla., June 25, 2012 /PRNewswire/ -- The advanced
patented Echoscope® 3-D imaging sonar, produced by Coda Octopus
Group Inc., has been selected by Lockheed Martin for a new fleet of
autonomous subsea inspection vehicles.
Echoscope® provides the Marlin™ Autonomous Underwater Vehicle
(AUV) with the unique sensory inputs that enable the construction
of real-time 3-D models of structures up to 1,000 ft deep
regardless of water clarity. The Marlin™ AUV is undergoing final
development testing and is planned for introduction to the market
later this year.
"We look forward to providing oil and gas operating companies
with real-time 3D modeling capability using Echoscope onboard the
Marlin," said Coda Octopus President of Technology Blair Cunningham. "We supplied more than four
Echoscopes® under this program and are very pleased with the
results of pre-production models and trials."
Benefits of utilizing the Echoscope® for subsea inspection
operations include increased productivity, unsurpassed data density
and enhanced operational safety in complex environments. The sensor
was selected based on its unique ability to provide real-time point
cloud images of underwater environments.
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda
Octopus Group is now headquartered in Lakeland, Florida. The Group consists of
a Marine Products business in Florida and Edinburgh, Scotland, and engineering
businesses in Utah and
Weymouth, England. Each of the
Group companies are technology innovators with a particularly high
level of sonar expertise. The Group has facilities in Florida, Utah, the UK and Norway.
Alongside providing custom engineering and development for
defense applications, and oil and gas, companies, one of the
Group's key products is the Coda Echoscope® - the first real time
3D sub sea sonar. The Echoscope® is also at the heart of the
Underwater Inspection System™ which is being adopted for homeland
security, and other applications in ports around the world.
With this patented revolutionizing sub-sea visualization
capability, and the existing systems integration skills within
Colmek Systems Engineering, Inc and Martech Systems Engineering
Ltd, the Coda Octopus Group believes they can become a world
leading integrated sonar technology supplier.
For further information, please visit
http://www.codaoctopusgroup.com or contact Coda Octopus at
info@codaoctopusgroup.com. Our Annual Report is filed at
www.otcmarkets.com and our symbol is CDOC
Safe Harbor Statement:
This press release contains certain forward-looking statements.
These forward-looking statements can generally be identified as
such because the context of the statement will include words such
as Coda Octopus Group plans, expects, should, believes, anticipates
or words of similar import. Stockholders, potential investors and
other readers are cautioned that these forward-looking statements
are predictions based only on current information and expectations
that are inherently subject to risks and uncertainties that could
cause future events or results to differ materially from those set
forth or implied by the forward-looking statements. Certain
of those risks and uncertainties are discussed in registration
statement on Form SB-2 and include, but are not limited to, market
acceptance of Coda Octopus' planned products and their level of
sales, access to the capital necessary to finance and grow the
business, a highly competitive environment in the security field
that includes numerous large and well established companies much
larger than ours, and our ability successfully to deploy our
technologies and products to meet the technical demands and market
requirements of our customers. These forward-looking
statements are only made as of the date of this press release and
Coda Octopus Group does not undertake any obligation to publicly
update such forward-looking statements to reflect subsequent events
or circumstances.
Company
Contact:
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Geoff
Turner,
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Director
and Group Officer
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info@codaoctopusgroup.com
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SOURCE Coda Octopus Group, Inc.