SOURCE: Coda Octopus Group, Inc.

October 12, 2006 12:45 ET

Coda Octopus Expands Into New Head Office in New York City, Expects Worldwide Employee Count to Grow to Eighty by Year End

NEW YORK, NY -- (MARKET WIRE) -- October 12, 2006 -- Coda Octopus Group, Inc. (PINKSHEETS: CDOC), a world leader in 3D subsea technology with key applications in port security and defense, announced today that it has moved its corporate headquarters into a new, larger space in New York City. Effective immediately, communications with the Company should be addressed to:

                      Coda Octopus Group, Inc.
                      164 West 25th Street, 6th Floor
                      New York, NY 10001
According to Jason Reid, President and CEO, "As our Company continues to grow, our employee count worldwide also has grown, with a total of approximately 65 employees now working at our U.S. offices in New York City, Washington D.C. and St. Petersburg, Florida and on our team in Norway and the UK. As per plan, by year end we anticipate a total employee count of approximately 80." Mr. Reid continued, "With customers and operations around the world, we're pleased with our decision in 2004 to base our head offices in New York, and look forward to continuing our expansion here."

About Coda Octopus

Founded in 1994 as Coda Technologies, Coda Octopus is recognized internationally as a leading developer of underwater technologies for imaging, mapping, defense and survey applications. Based in New York, with R&D, manufacturing, and sales facilities in the UK, Norway, and Florida, its key products include Octopus precision motion sensors, Coda and Octopus marine software and systems, Octopus thermal printers and the unique Coda Echoscope -- the first real time 3D subsea sonar with a variety of applications within navies and for subsea construction. The Echoscope is the heart of the Coda Octopus Underwater Inspection System used for homeland security in ports around the world. With this patented new product, which revolutionizes subsea visualization, Coda Octopus believes it is well on its way to becoming the world's leading sonar technology company.

For further information, please visit http://www.codaoctopus.com or contact Coda Octopus at info@codaoctopus.com

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, market acceptance of Coda Octopus' planned products and their level of sales, the competitive environment and successful technical and economic implementation.

Contact Information

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