SOURCE: Coda Octopus Group, Inc.

May 14, 2007 08:39 ET

Coda Octopus Appoints Tom Brady as Controller

NEW YORK, NY -- (MARKET WIRE) -- May 14, 2007 -- Coda Octopus Group, Inc. (PINKSHEETS: CDOC), a world leader in port security technology, headquartered here, today announced the appointment of Thomas P. Brady as its Controller.

Mr. Brady, 33, has served for the past six years in management and administrative roles of increasing responsibility with Prudential Securities, Wachovia, and since April 2006 with Morgan Stanley. Included within his responsibilities was the implementation of control systems following the 2004 joint venture between Prudential and Wachovia. He received an MBA in Executive Management from St. Johns University in May 2003.

According to Jason Reid, Coda Octopus President and CEO, "Tom brings to Coda a powerful combination of youth and experience to the important tasks of upgrading and implementing financial planning and reporting systems to enable the Company to continue to grow at a very rapid pace, while more effectively managing its resources and cash flows and greatly improving transparency."

Brady said, "I was attracted to Coda by the tremendous potential for growth and the belief that my particular areas of expertise can make a difference in terms of helping the Company make timely and accurate reports to the SEC and to shareholders, and helping to improve its financial performance."

About Coda Octopus

Founded in 1994, Coda Octopus is recognized internationally as a leading developer of underwater technologies for imaging, mapping, and 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 sub sea sonar with a variety of applications within navies and for sub sea 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 sub sea 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

  • Company Contact:
    Jason Reid
    CEO
    (212) 924-3442

    Agency Contact:
    Equity Communications
    Ira Weingarten
    (805) 897-1880

    Steve Chizzik
    (908) 688-9111