SOURCE: Coda Octopus Group, Inc.

August 01, 2006 12:13 ET

Coda Octopus Opens New Office in Washington, D.C. and Strengthens Management Team as it Prepares for Further Growth

NEW YORK, NY -- (MARKET WIRE) -- August 1, 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 opened a new office in Washington, D.C. and also has made several additions to its management team.

Expanded Government Liaison Department

According to the Company, the newly opened office in Washington will house its Government Liaison Department, which will work closely with the Company's lobbying firm, The PMA Group, to explore government funding opportunities. The office is being staffed by Mr. Frank Moore, newly appointed as the Company's Senior Vice President, Government Relations and Ms. Ruth Rodgers, who has been appointed as Executive Assistant for Government Relations.

Mr. Moore has a wealth of experience in the political arena including serving as Assistant to President Jimmy Carter, with chief responsibility for the Administration's relations with Congress. He reported directly to the President and also worked on international matters such as the Panama Canal Treaty and the Strategic Arms Limitations Talks (S.A.L.T. II). Prior to his position in the White House, Moore served as Assistant, and later as Chief of Staff, to Mr. Carter when he was Governor of Georgia. He was formerly Vice President for Government Affairs and Public Policy for Waste Management, Inc., a Fortune 50 company.

Ruth Rodgers spent several years working as a Congressional staff assistant before joining the Carter White House Congressional Liaison staff, during which she had extensive contact with members of Congress and their staffs while working to implement the Administration's legislative priorities. Ms. Rodgers also has worked for a government relations firm specializing in port and transportation issues and has been CEO of Coalition Management Group, Inc., a coalition management and grassroots lobbying firm for the last 20 years.

Jason Reid, CEO of Coda Octopus, commented, "We are extremely pleased that we have been able to attract these high caliber additions to the Company who give us a strong, full time presence in Washington, D.C., where the nation's port and harbor security is a clear concern."

Other Key Appointments

In line with its continuing growth, the Company also announced other key appointments in the Legal, Merger and Acquisition and Strategic Development areas.

Ms. Annmarie Gayle has been appointed the Company's Senior Vice President, Legal Division. She is an international lawyer with more than 12 years' experience, with a particular focus on transactional work. Ms. Gayle also has managed large European Union projects where she implemented many law drafting, training and capacity building programs in transitional countries such as Croatia, Bosnia, Serbia and Montenegro. She has also worked in privatization (of banking and utilities) and restructuring of state assets. Initially, she will be based in the UK, with a view to relocating to the New York office in the near future.

The Company said that Mr. Joel Pensley, who has served as Corporate Secretary and General Counsel since it became a US company in 2004, is leaving to pursue other opportunities. Mr. Reid stated, "We greatly appreciate and would like to thank Joel for his contribution to the Company's progress over the past two years."

Mr. Geoff Turner has been appointed Senior Vice President, Mergers and Acquisitions, having previously worked with the Company as a consultant. Mr. Turner has been involved in the IT industry for over 30 years, in both technical and commercial roles. He spent 13 years with GE Information Services, the global market leader in Electronic Commerce, where he was Director of Business Development for Europe, Middle East & Africa. During this time, in addition to his business development roles he held posts as Software Products Director, and in global channel sales management. Since leaving GE, he has been involved in a number of businesses, ranging from a financial services business to a key supplier of supply chain management software. The position is based in the UK and the US.

The Company also noted that Mr. Angus Lugsdin will shortly relocate to the Company's New York office where the Strategic Development Unit, of which he is a member, is based. Mr. Lugsdin previously worked for the Company in the capacity of Head of US Sales and was an employee of Octopus Marine Systems Limited, which was acquired by the Company in 2000.

Mr. Reid commented further, "Both the staff changes and the opening of the Washington office are reflections of our advances and our need for further formalization of the business as we prepare for future growth and upgrading our listing following a planned registration with the SEC."

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.

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