SOURCE: Coda Octopus Group, Inc

March 27, 2006 11:57 ET

Coda Octopus Announces Two Important New Echoscope Orders

Revolutionary Real Time 3D Sonar Systems to Join Two Already at Work Assessing Hurricane Damage to Oil and Gas Platforms in the Gulf of Mexico

NEW YORK, NY -- (MARKET WIRE) -- March 27, 2006 -- Coda Octopus Group, Inc (OTC: CDOC), a world leader in 3D subsea technology with key applications in homeland security and defense, headquartered here, today announced important recent orders of its lead product, the Echoscope.

Two more Echoscope systems are on their way to map oil and gas platform hurricane damage in the Gulf of Mexico over the coming weeks. Purchased through Houston based Survey Equipment Services, for Tesla Offshore, LLC, the units will join two the survey company is already working in the Gulf, to map and make safe the devastation caused by the recent hurricanes. This damage has cost oil and gas companies dearly -- up to 60% of the production in the Gulf remains shut off and a major push is underway to clean up, restore and rebuild. Working closely with the survey contractor, CodaOctopus have supported Echoscope systems since May 2005 on their projects to safely and efficiently remove twisted platform debris and enable access to well heads for restoration or permanent capping.

Speaking recently in Houston, Tesla Offshore President, Randall Bergeron, stated, "The Echoscope is unique -- no other sonar on the market today can produce real time 3D images underwater. By mounting the units on a Remotely Operated Vehicle (ROV) and mosaicing these downed structures, Tesla's survey crews have been able to assist their clients in building accurate 3D structure maps of the damage. Salvage engineers on board are then able to assess structural damage at the site and guide divers in real time as to the safest and most effective repairs underwater. We believe these units are effective tools that have prevented diving accidents and increased the efficiency of the salvage process. On the vessels where these systems are deployed there have been zero (0) Lost Time Accidents."

CodaOctopus Commercial Vice President Anthony Davis, stated, "We are seeing huge interest in the Echoscope from the oil and gas industry all over the globe for this and other safety critical applications, such as pipeline mattress protection installation, where monitoring in 3D can save time and prevent accidents. Our early production run is sold out and we have more enquiries than can currently be fulfilled -- we are looking forward to begin to satisfy this demand in full when our main production line comes on stream in May 2006. This order, coupled with other recent activity, takes the March total orders from the Gulf of Mexico alone to over $0.5M and brings orders received for the quarter to date up to $1.3M."

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 particular applications in the homeland security and construction markets. 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 or contact Coda Octopus at

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