Coda Octopus Group Announces Increase in Scope of Supply Under Key Defense Program, Resulting in Increased Order Value
18 Septembre 2023 - 12:00PM
Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA),
a global market leader in real-time 3D/4D/5D and 6D imaging sonar
technology for real-time subsea intelligence and diving technology,
is reporting an increase in purchase contract value under one of
its subsidiary’s longstanding key Defense Programs.
CODA reported that in September 2023, its
subsidiary, Coda Octopus Colmek, Inc (which forms part of its
engineering services business), received orders for approximately
$1m for the production of proprietary sub-assemblies and support
relating to one of its longstanding Defense Programs. The Company
also reported that it has now received a total of $2.9m in orders
from this Program alone in fiscal year 2023.
Coda Octopus Colmek specializes in the design,
manufacturing and long-term support of software and firmware for
defense applications and has been a supplier to this Program for
over 20 years, with a focus on servicing key systems and
modernization needs. In the current fiscal year, the Company has
increased its scope of supply under this Program and continues to
strengthen its long-term relationship with the Prime Defense
contractor, who is the lead for this Program.
Kevin Kane, Coda Octopus Colmek’s CEO, said: “We
have a strong record of performance on these longstanding programs
– some of which extend over 40 years. I am very pleased that we
have broadened our scope of supply under this Program, resulting in
increased purchase orders in fiscal 2023. Additionally, due to
ongoing industry-wide supply chain and obsolescence issues, we see
increased opportunities to grow our scope under this and our other
longstanding programs. We believe these new opportunities would
enable us to grow our footprint in these programs and drive greater
benefits for our business.”
About Coda Octopus Group, Inc.
The Company, founded in 1994, innovates,
develops, manufactures and markets subsea products (hardware and
software) and solutions including its flagship real-time 3D, 4D, 5D
and 6D underwater imaging sonar technology, marketed under the name
“Echoscope®” and Echoscope PIPE® and its recently launched Diver
Augmented Vision Display system (“CodaOctopus® DAVD”). Our
Echoscope PIPE® sonar generates real-time 3D, 4D, 5D and 6D imaging
data for inspection, mapping, and real time 3D monitoring
underwater in zero visibility water conditions and is used globally
for numerous applications including the commercial and defense
underwater markets. Applications for the Echoscope® technology
include complex mapping underwater, subsea intervention, subsea
asset placements, 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, is expected 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. In addition to the Marine
Technology Business, the Company has two 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. Our
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 the program.
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, 2022, filed with the Securities and
Exchange Commission on January 30, 2023, and the Company’s
subsequently filed Quarterly Reports on Form 10-Q and Current
Reports on Form 8-K. 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:
Cody Slach or Jackie KeshnerGateway Group, Inc.
(949) 574-3860CODA@Gateway-grp.com
Coda Octopus (NASDAQ:CODA)
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