Coda Octopus Group Inc (CODA)

[gerard711]

Looking Back at this Press Release things seem to be going as planed


Coda Octopus Announces Record Annual Revenue; Company Is Poised for Continuing Strong Growth in the Year Ahead
Thursday November 10, 2:14 pm ET


NEW YORK, NY--(MARKET WIRE)--Nov 10, 2005 -- Coda Octopus Group, Inc (Other OTC:CDOC.PK - News) a world leader in underwater technology solutions, announced today that for its fiscal year ended October 31st, 2005 the Company achieved record annual revenue.
ADVERTISEMENT


Revenue Doubled During the Year to $4.5 million

The Company's sales for the year ended October 31st, 2005 (unaudited) reached $4.5 million, more than doubling those achieved in the previous year, and the highest in the Company's history.

Additionally, each of the months of August, September, and October surpassed the previous best monthly revenues achieved by the Company, resulting in fourth quarter revenue in excess of $1.8 million -- more than double the Company's previous best quarterly result.

Company Confident of Continuing Strong Growth

Jason Reid, President and CEO, commented, "These outstanding figures are the product of a lot of effort and commitment from our skilled workforce. Given the huge interest shown in our revolutionary 3D real time underwater imaging technology, the Echoscope, and the consistently strong sales across the rest of our product range, I am confident that we will continue to see strong growth in the year ahead."

Publication of Information and Disclosure Statement

The Company also announced that it has published an Information and Disclosure Statement, which will appear shortly on its website (www.codaoctopus.com) as well as on the official Pink Sheets site (www.pinksheets.com). This document includes background information on the Company and its management team, a description of its products and operations, as well as management's consolidated financial statements for Coda Octopus Group, Inc. for the periods ended October 31st, 2003 and 2004, and for the six months ended April 30th, 2005.

The Company is in the final stages of completing its first audit as a U.S. company subject for the first time to GAAP accounting, and expects to release the results for the year ended October 31st, 2005 soon.

About Coda Octopus

Founded in 1994 as Coda Technologies, recently public 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 and manufacturing facilities in the UK and Norway, 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, with the further goal of becoming the top company in the broader $500 million international marine products market.

Additional information about Coda Octopus and its products is available on its website at http://www.codaoctopus.com