SOURCE: Coda Octopus Group, Inc.

May 09, 2006 11:13 ET

Coda Octopus Makes Donation to the College of Marine Science of the University of South Florida's 'Bridge to the Doctorate Endowed Graduate Fellowship'

NEW YORK, NY -- (MARKET WIRE) -- May 9, 2006 -- Coda Octopus Group, Inc. (OTC: CDOC), a world leader in 3D subsea technology with key applications in port security and defense, headquartered here, today announced that it had gifted $25,000 to the College of Marine Science of the University of South Florida's Bridge to the Doctorate Endowed Graduate Fellowship.

Dr Betzer, Dean of the College of Marine Science, commented that, "The University of South Florida is fortunate to have partners like Coda Octopus Group, Inc. who recognize the value of higher education. Proceeds from this endowment will be used to fund fellowships for underrepresented students in the College of Marine Science."

Jason Reid, CEO of Coda Octopus, commented that, "We are delighted to provide this gift to the Bridge to the Doctorate Endowed Graduate Fellowship. The University of South Florida is an integral member of the maritime community and the College of Marine Science's fellowship program will help ensure this presence continues well into the future."

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.

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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.

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