Coda Octopus Group, Inc. Results Following Restructuring
March 09 2012 - 12:00PM
Marketwired
Coda Octopus Group, Inc. (PINKSHEETS: CDOC) announced today its
full year unaudited financial results following comprehensive
restructuring of the Group over the previous two years.
For the year ending October 31st, 2011, the Group achieved
revenues of $15.7m, up from $11.5m for the previous year, and Net
Income of $1.1m versus a loss of $1.8m in the previous year. This
is the first time since its formation in 2004 that the Group has
achieved a profit. The full financial results and our Annual
Report, is available at www.otcmarkets.com (symbol - CDOC).
These results benefit from an upturn in demand for the Company's
patented real-time 3D sonar, the Echoscope®, which the Company
believes is revolutionizing the conventional sonar market. The
Echoscope® (which is used by construction crews, law enforcement
officers, as well as in our traditional oil and gas market) is
becoming the easy to use tool of choice for many complex and
hazardous projects. Taking advantage of the real time capabilities
along with the superb images generated by the Echoscope®, many of
our customers are reporting significant health and safety benefits,
time savings and hence cost savings by using our sonar.
These results mark the turning point for the Group. The
management still has a great deal to do to sustain these results
and grow, but the first requirement of a business is to turn a
profit, and for the first time, this is what the team at Coda
Octopus has done.
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: Geoff Turner Director and Group Officer
info@codaoctopusgroup.com
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