Coda Octopus and the Center for Ocean Technology Sign Memorandum of Understanding.

NORTH SALEM, New York -- CODA OCTOPUS GROUP, INC. (Pink Sheets:CDOC) announces the signing of a Memorandum of Understanding (MOU) with the Center for Ocean Technology (COT) of the University of South Florida (USF), St. Petersburg, Florida. The agreement strengthens the relations between the two organizations and constitutes a first step towards formal relationships with USF to promote the development and exploitation of technologies for the maritime security and marine survey industries.

The MOU builds on the growing interactions forged between Coda Octopus, specialists in collecting and visualizing subsea data, and COT, a research and engineering center which designs and produces research instrumentation. COT has been instrumental in the recent success of the Coda Echoscope, a three dimensional subsea visualization device and COT is currently involved in a project to integrate Echoscope into an advanced Marine Inspection Package (MIP) for port and harbor security applications. Aimed at a wide range of marine oriented anti-terrorism and homeland security programs, Echoscope has already undergone evaluation programs with the US Coast Guard and US Navy and has been identified as an essential tool for rapid and covert reconnaissance from small vessels.

In addition to the joint promotion of Echoscope to United States and international defense markets, Coda Octopus and COT are also investigating collaboration to bring new technologies, spawned from USF's highly innovative research and development programs, to market for defense and commercial applications. Jason Reid, President & CEO of Coda Octopus said of the longer term, "With this collaboration between Coda Octopus and USF's Center for Ocean Technology we are aiming to target research and development towards the needs of defense and commercial customers worldwide, to the mutual benefit of both organizations."

Larry Langebrake, Director of COT added, "Working with companies such as Coda Octopus can yield significant advantages for our programs. It provides opportunities for us to make our advanced technology widely available for scientific research as well as defense and homeland security applications."

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, perceived or actual benefits of the relationship with University of South Florida and market acceptance of Coda Octopus' planned products and their level of sales, the competitive environment and successful technical and economic implementation.

Source: Coda Octopus Group, Inc.

http://www.codaoctopus.com