Coda Octopus Group Reports that its Echoscope® Technology used as the Primary Survey Tool in the Francis Scott Key Bridge ongoing salvage operations.
April 02 2024 - 7:25AM
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 its Echoscope® technology is being used on the
ongoing salvage operations. The news highlighting this can be
found here.
Commenting on this, Blair Cunningham, CODA’s
President of Technology, stated “we are humbled and pleased that
Coda Octopus and its technology can play a part as the primary
survey tool in these ongoing operations, and I am pleased that I
can be onsite assisting in the ongoing operations. As noted
by SUPSALV in the article referred to above, the conditions are
challenging and compounded by poor visibility water conditions …the
Echoscope® “is the primary survey tool used by divers, with
visibility clouded to just one to two feet because of the four to
five feet of mud and loose bottom of the Patapsco River”.
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. 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:
coda.ir@codaoctopusgroup.com
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