Coda Octopus Group Inc (CODA)

[Katfish]

Another commitment from the NAVY in addition to the one previously announced.

To this end, during the fiscal third quarter we were pleased to enter another Navy Cooperative Research and Development Agreement, with Naval Surface Warfare Center , Crane Division. Under this agreement, NSWC Crane Division will evaluate the CodaOctopus® Underwater Inspection System (UIS), and Echoscope® technology, for suitability for a number of its critical operations. If these evaluations are successful, the CodaOctopus® UIS and our Echoscope® technology will be listed as Approved Navy Use items. Also, under another Navy program, we were pleased to receive funding to evaluate existing, and develop new, technology for higher precision 3D tracking of underwater assets.

Additionally, in the fiscal third quarter, we received our second-year funding from the U.S. Coast Guard for the ongoing use of our real-time 3D technology for the dynamic ship hull scanning pilot program, in place since late 2016. We are very pleased with these developments in the defense space.