Coda Octopus Group Announces that it has recently received an order for fifteen of its new generation F280® GNSS Aided Inertial Navigation Systems (“GNSS Aided INS”) for Contract Value of $576,000
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ORLANDO, FL, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Coda Octopus Group, Inc. (“CODA” or the “Company”) (Nasdaq: CODA), a global market leader in 3D/4D/5D/6D imaging sonar technology for real time subsea intelligence and cutting-edge diving technology, today announced that its Marine Technology Business Unit (“Products Business”) received an order for fifteen (15) of its new generation F280® GNSS Aided INS systems (“Motion products”) valued at approximately $576,000 and which will be used in a foreign Navy Program.
Annmarie Gayle, CODA’s Chairman and CEO, commented: “We are very pleased to have received this order for this new foreign Navy Program. The F180 Series® (the predecessor product to our new F280 Series®) formed part of the staple of Motion products sold by the Products Business for over 20 years and historically has contributed to up to 10% of the Products Business annual revenue. In 2020, we initiated the development of our new generation of Motion Products with a focus on delivering accuracy and precision of motion data to the marine surveying and measurement markets. This program is likely to expand as the customer brings on additional vessels, and we are therefore very pleased that our F280 Series® GNSS Aided inertial navigation system was selected for this program, with the possibility of repeat multiple orders during the life of the program. The F280 Series® instruments are used to provide very high accuracy positioning, heading, pitch, roll, yaw and heave measurement data at sea. We sell these as standalone systems and they are also paired with the Echoscope® to form our Underwater Inspection System (UIS) Solution”.
About Coda Octopus Group, Inc.
The Company, founded in 1994, is an established supplier to the Underwater/Subsea market. It supplies a range of hardware and software solutions to this market which includes key proprietary real time 4D/5D/6D imaging sonars, marketed under the name Echoscope® and Echoscope PIPE® addressing the underwater imaging sensor market along with new generation diving technology, Diver Augmented Vision Display (DAVD) system. The Company’s Echoscope PIPE® sonar generates real-time 3D/4D/5D images of moving objects underwater including in zero visibility water conditions. The Echoscope® technology is used globally for numerous applications in both the commercial offshore market and defense underwater markets. Applications for the Echoscope® technology include complex mapping underwater, subsea intervention, subsea asset placements, salvage and recovery, search and rescue, offshore renewables cable installations and surveys, marine construction, subsea infrastructure installation, mining applications, robotics (3D Perception and Depth), breakwater construction and monitoring, decommissioning, diving applications and port and harbor security.