Project Manager, NAVSEA 00C3, Declares First Gen DAVD “Ready for Fleet Issue”
CRADA objectives met, project Manager NAVSEA 00C3 signs off on Gen 1 systemInitial DAVD Gen 1 product focuses on see-through head-up display on standard Navy-issue Kirby Morgan KM37, KM37SS and KM97 helmetsCODA expected to start supplying initial Gen 1 systems to the Navy for operational use with its core dive teams in early 2020ORLANDO, FL, Feb. 05, 2020 (GLOBE NEWSWIRE) — Coda Octopus Group, Inc. (CODA) (Nasdaq: CODA), a global leader in real-time 3D sonar technology and real-time subsea intelligence, announced that its Gen 1 Diver Augmented Vision Display (DAVD) system, developed in conjunction with Naval Surface Warfare Center, Panama City Division (NSWC PCD) and NAVSEA 00C3, has met the project’s Cooperative Research and Development Agreement (CRADA) objectives. The Company has successfully transitioned the NSWC PCD faceplate prototype to a first-generation operational system in production. NAVSEA 00C3, the Navy Diving Project Manager, has signed off on the Gen 1 DAVD and named it “Ready for Fleet Issue,” in a recent issue of Faceplate. The Gen 1 DAVD is expected to be added to the “Authorized for Navy Use” (ANU) product list, available for supply across the U.S. Navy, military and Allies, in the coming weeks.CODA also announced that next Gen R&D development of the multi-generation DAVD system – sponsored and funded by the Office of Naval Research (ONR) through the ONR Future Naval Capabilities (FNC) program is underway. The DAVD program continues to be managed by NAVSEA 00C3, and the ONR FNC program will continue to fund the development of the end-to-end diver management solution in a staged approach through three generations, as new technology and capabilities develop.The initial DAVD Gen 1 product focuses on the high-resolution, see-through head-up display (HUD) embedded directly inside the standard Navy-issue Kirby Morgan KM37, KM37SS and KM97 helmets, with supported dive helmets and masks expected to increase after initial release. CODA is expected to start supplying initial Gen 1 DAVD systems to the Navy for operational use with its core dive teams in early 2020. Paul D. McMurtrie, Diving Equipment RDT&E Program Manager for Naval Sea Systems Command, commented in the December 2019 Faceplate article: “…initial fleet issue will take place from January 2020 through June 2020. The first units scheduled for fleet delivery are to the two primary MDSU [Mobile Diving and Salvage Unit] commands, and the two primary UCT [Underwater Construction Team] commands. Each command will receive one full up DAVD system, along with system operational training pier side.”Blair Cunningham, Coda Octopus Group’s President of Technology, commented: “We are excited to have accomplished this important Gen 1 milestone with our NAVSEA collaborators including NASA. This program represents a significant and material opportunity for Coda Octopus Group, as the real opportunity is to positively impact both naval and commercial diving operations globally. This product is ‘state of the art’ and we believe will significantly advance diving operations by providing capability for both diver and dive supervisors on surface vessel to jointly see the same scene underwater, thus managing these operations more effectively. It also mitigates against zero visibility conditions. We are extremely pleased that the DAVD program is now part of the Office of Naval Research’s Future Naval Capabilities (FNC) program whose mission is developing and transitioning cutting-edge technologies to acquisition programs of record. Along with our NAVSEA collaborators, we expect that this product and subsequent generations of the DAVD, if successful, will advance diving operations and we hope will be the first step in the standardization of this real-time 3D technology for diving operations not only in the USA but globally, among Allies.”For further information, see CODA’s news releases, “Coda Octopus Group Awarded Contract to Advance U.S. Naval Diving Operations with State-of-the-art Real-time 3D Subsea Intelligence for Next Generation Wearable Head Up Display with Embedded Software” (February 5, 2018), “Coda Octopus Group Enters into a Navy Cooperative Research And Development Agreement with Naval Surface Warfare Center, Panama City Division for Naval Real-Time 3D Imaging Head Up Display Diver Solution” (July 16, 2018), and “Coda Octopus Group Announces the Successful Completion of NAVSEA and NASA Joint Mission Trials of Diver Augmented Vision Display (DAVD) Generation 1.0 Head-Up Display Prototype System” (September 9, 2019).About Coda Octopus Group, Inc.The Company, founded in 1994, manufactures and markets patented real-time 3D subsea sonar technology, the Echoscope^®, which enables real-time 3D imaging and mapping in zero visibility conditions underwater. Echoscope^® is used globally in numerous applications including defense, marine construction, oil and gas subsea infrastructure installation and surveys, and port and harbor security. In addition to the Marine Products business, Coda Octopus Products Ltd., CODA’s two defense products and engineering services businesses are Coda Octopus Colmek and Coda Octopus Martech. For further information, please visit http://www.codaoctopusgroup.com or contact us at: [email protected].About Office of Naval Research (ONR)As an executive branch agency within the Department of Defense, the Office of Naval Research (ONR) supports the President’s budget. ONR provides technical advice to the Chief of Naval Operations and the Secretary of the Navy. ONR coordinates, executes, and promotes the science and technology programs of the United States Navy and Marine Corps. For further information, please visit: https://www.onr.navy.mil/enAbout Naval Surface Warfare Center Panama City Division (NSWC PCD)The mission of Naval Surface Warfare Center Panama City Division is to conduct research, development, test and evaluation, and In-Service support of Mine Countermeasure Systems, Naval Sea Mine Systems, Naval Special Warfare Systems, Amphibious & Expeditionary Maneuver Warfare Systems and support all other systems that occur primarily in coastal or littoral regions. Today, Naval Surface Warfare Center Panama City Division is one of the major research, development, test and evaluation laboratories in the U.S. Navy and boasts a wide base of expertise in engineering and scientific disciplines. By October 2017, the command employed more than 1,400 civilian employees of which over 800 were scientists and engineers. NSWC PCD prides itself of being good stewards of the environment and taxpayer dollar. The command has a business base of more than $400 million of which $330 million goes back into the State of Florida through labor dollars, contract services, and local goods. For further information, please visit http://www.navsea.navy.mil/Home/Warfare-Centers/NSWC-Panama-City/.About NAVSEA 00C Diving ProgramNAVSEA Supervisor of Salvage and Diving, SEA 00C, is the Fleets Diving Technical Authority. SEA 00C develops procedures, diving manuals & technical instructions to support Fleet diving operations. They conduct Test & Evaluation of new and existing technology and procedures and provides Fleet Diving support including:System and equipment acquisitionIssuing Dive Advisories/direct technical assistanceOffering Depot Level maintenanceDeveloping collaboration toolsEstablishes and conducts QASP/DORI programWrites and issues diving equipment preventative maintenance proceduresForward Looking StatementThis press release contains forward-looking statements concerning Coda Octopus Group, Inc. within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Those forward-looking statements include, without limitation, statements regarding the Company’s expectations for the growth of the Company’s operations and revenue. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, customer demand for our products and market prices; the outcome of our ongoing research and development efforts relating to our products including our patented real time 3D solutions; our ability to develop the sales force required to achieve our development and other examples of forward looking statement set forth in our Annual Report on Form 10-K for the year ended October 31, 2018, filed with the Securities and Exchange Commission on January 29, 2019, as amended on February 7, 2019 and April 23, 2019. Coda Octopus Group, Inc. does not undertake, and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur.Contact:MDC Group
Investor Relations:
David Castaneda
Arsen Mugurdumov
414.351.9758Media Relations:
Susan Roush
805.624.7624AttachmentReady for Fleet Issue
Bay Street News