Coda Octopus Group, Inc (CDOC.OB), a world leader in underwater security and terrorism prevention, announced that the company has recently delivered the first of three Underwater Inspection Systems to the US Coast Guard; in accordance with the contract signed with the Department of Defense Technical Support Working Group established in July 2007.
A TSWG Program Manager commented, “Following a very successful initial design review meeting with Coda Octopus in Tampa in early October, the US Coast Guard have taken delivery of the first of the three UIS systems for evaluation, which we expect to play an important part in their ongoing underwater security operations. We are delighted with the progress of the contract thus far.”
The contract between the Company and TSWG was first signed in July 2007. According to the terms under this contract, the contract had an immediate value of $2.59m and requires the additional delivery of three UIS systems over the first six months. These systems will enable rapid underwater searches in the nation’s ports and waterways by the US Coast Guard and other users. The contract includes additional options which, if fully funded, would expand the contract to a total of $8.27m and would require the Company to deliver a further seven UIS systems and develop a number of significant enhancements to the current system.
Let us hear your thoughts below:
