NORTH SALEM, N.Y., Feb. 14, 2005 (PRIMEZONE) -- Coda Octopus Group, Inc. (Pink Sheets:CDOC), in a new initiative to focus academic research toward the requirements of commerce and industry, has announced that its United Kingdom subsidiary, CodaOctopus Ltd., is sponsoring a new geophysical research laboratory at Cardiff University. Coda Octopus, recognized internationally as a specialist in underwater technologies for imaging, mapping, defense and survey, has provided hardware and software valued in excess of $90,000 to the laboratory.
The official opening of the CodaOctopus Research Laboratory at Cardiff University's School of Earth, Ocean and Planetary Science took place on February 1, 2005. Guests, including journalists from the BBC and other U.K. television news stations, experienced the lab's 3D visualization suite. Demonstrations featured a collection of 3D underwater images captured by the Coda Echoscope.
The Echoscope is focused on the large and growing Homeland Security market. Significant interest has been established in this product with a number of U.S. defense organizations such as NAVSEA, ONR, USCG; and initial sales have already been made to these organizations, among others. Echoscope is a unique inspection tool that generates high-resolution 3D underwater images in real time. Employing highly innovative multi-element transducer design, high-speed digital signal processing, advanced sonar beam forming techniques and intuitive image display software, it excels where conventional 2D sonars fail to deliver. Suitable for hull mount, over-the-side mount or remotely operated vehicle (ROV) installation, Echoscope can be deployed quickly from vessels of opportunity and is ideally suited to port and harbor security applications.
Paul Baxter, Commercial Manager, spoke for Coda Octopus at the launch and said, "The new industry-university link will bring benefits both to Coda Octopus and Cardiff University by utilizing the intellect that makes revolutionary new concepts work and applying those concepts to real industry circumstances. Working together will create opportunities to revolutionize the way underwater inspections and surveys are conducted and interpreted."
Dr. Chris Wooldridge, Senior Lecturer and Project Co-ordinator at Cardiff University explained, "A special aspect of the joint program is the development of novel methods of 3D representation of seabed features and marine operations. At a time of increased risk in terms of marine security, environment, health and safety, mapping the seabed and bringing the results to a wider audience is an important part of the School's mission. This collaboration will provide visualization of the seabed for scientists and strategic decision makers."
For further information about Coda Octopus and Echoscope, please visit www.codaoctopus.com. A selection of underwater images captured by Echoscope can be found at www.codaoctopus.com/3d_ac_im/gallery.asp.
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 Cardiff University and market acceptance of Coda Octopus' planned products and their level of sales, the competitive environment and successful technical and economic implementation.