Coda Octopus Group Reports Sizable Sale of Echoscope PIPE Sonars to Major Offshore Service Provider.

ORLANDO, FL, April 23, 2024 (GLOBE NEWSWIRE) -- 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 a major offshore service provider recently purchased a number of Echoscope PIPE sonars having a contract value of $1,000,000.

Commenting on this, Blair Cunningham, CODA’s President of Technology, stated “we are excited that this global offshore service provider has recognized the value of investing in our real-time 3D Echoscope technology. They will use the technology for several major underwater construction projects such as breakwater construction, offshore renewables (cable laying and scour monitoring) and salvage operations. I am also very pleased that Echoscope is currently being used as a key sensor for the Francis Scott Key Bridge collapse in Baltimore and that we are working closely to support US Navy SUPSALV (Supervisor of Salvage and Diving) and the Unified Command. The Echoscope real-time 3D imaging sonar stands head and shoulders above other imaging sonars for these types of complex scene inspection applications and facilitates immediate and efficient decision making and real-time monitoring of all recovery and salvage operations. We have over 20 major ports in the USA alone using the Echoscope for port and harbor security and search, rescue, and recovery operations as well as a growing number of bridge inspection service providers working with the Department of Transportation for regular and on-demand infrastructure inspection”.

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.