Coda Octopus to Receive $2.4 Million Funding under Department of Defense Appropriations Bill, 2008.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Coda Octopus Group, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: CDOC CDOC Colored Dissolved Organic Carbon CDOC Combined Defense Operations Center CDOC Chromomorphic Dissolved Organic Carbon CDOC Counter-Drug Operations Center CDOC Continuing Demonstration Of Capability ), a world leader in underwater security and terrorism prevention, today announced funding of $2.4 million for the Company's 3D real time sonar, the Coda Echoscope[TM], as part of the Department of Defense (DoD) Appropriations Bill for the fiscal year ending September 30, 2008. This bill was signed into law by the President yesterday. Coda President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Jason Reid commented, "This is excellent news for the Company and for all of those concerned with securing our nation's waterways The list of waterways is a link page for any river, canal, estuary or firth. International waterways
Coda Octopus signed a contract with the Department of Defense Technical Working Group (TSWG TSWG Technical Support Working Group TSWG Track Safety Working Group (UK) TSWG Tactical Standards Working Group TSWG Towed Systems Working Group TSWG Transportation Safety Working Group ) in July, 2007 for the supply of underwater inspection systems to the US Coast Guard. The contract, if fully funded, has a value of up to $8.27 million. The initial funding, which we received in FY 2007, totaled $2.59 million. This new allocation, which the Company expects to be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. shortly, will bring the total value allocated to date to $4.99 million, which is approximately half of the potential value of the contract. About Coda Octopus Group, Inc. Originally founded in 1994 as Coda Technologies, the Coda Octopus Group has grown to encompass five companies and is headquartered in New York. All of the Group companies operate within the technology innovation, product development and engineering services sphere with facilities in Washington D.C., Florida, Utah, New York, the UK and Norway. Alongside providing custom engineering and development to navies, oil and gas, nuclear and medical clients around the world, one of the key products is the Coda Echoscope[TM] - the first real time 3D subsea Subsea is a general term frequently used to refer to equipment, technology, and methods employed to explore, drill, and develop oil and gas fields that exist below the ocean floors. This may be in "shallow" or "deepwater". sonar. The Coda Echoscope[TM] is the heart of the Coda Underwater Inspection System[TM] being adopted for homeland security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States in ports around the world. With this patent revolutionizing subsea visualization, and the existing systems integration skills within Colmek Systems Engineering, Inc and Martech Systems Engineering Ltd, the Coda Octopus Group companies believe they are well on the way to becoming the world's leading integrated sonar technology supplier. For further information, please visit http://www.codaoctopusgroup.com or contact Coda Octopus at info@codaoctopusgroup.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement: This press release contains certain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . 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. |
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