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Funding received for underwater inspection equipment
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Coda Octopus
: 14 November, 2007 (Company News) |
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US Department of Defence provides funding support to the development of Coda Echoscope, an underwater inspection system for port and harbour security |
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Coda Octopus Group has announced funding of $2.4 million for the Company's 3D real time sonar, the Coda Echoscope, as part of the Department of Defence (DoD) Appropriations Bill for the fiscal year ending September 30, 2008.
Coda President and CEO Jason Reid commented, "This is excellent news for the Company and for all of those concerned with securing our nation's waterways. Today's news of the second instalment of funds is recognition of the importance being placed on 3D real time sonar by US Policy makers at the highest levels, and follows on from the funding we received in the FY 2007 DoD Appropriations Bill, which led to our contract for an initial $2.59 million in July, 2007."
Coda Octopus signed a contract with the Department of Defence Technical Working Group (TSWG) in July, 2007 for the supply of underwater inspection systems to the US Coast Guard. The contract, if fully funded, has a value of up to $8.27 million. The initial funding, which we received in FY 2007, totaled $2.59 million. This new allocation, which the Company expects to be obligated shortly, will bring the total value allocated to date to $4.99 million, which is approximately half of the potential value of the contract.
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