CODA OCTOPUS GROUP, INC. 
CODA OCTOPUS GROUP INC. IMPLEMENTED 1:14 REVERSE STOCK SPLIT
Trading Commenced Today On a Split-Adjusted Basis Under Symbol CDOCD
LAKELAND, FL, January 11th, 2017 - Coda Octopus Group, Inc. (CODA) (OTC: CDOCD). Coda Octopus Group, Inc. ("Coda") today announced that it has implemented a 1 for 14 reverse stock split of the Company's common stock following approval by a majority of its stockholders.
The reverse stock split became effective January 11, 2017 and Coda's common stock commenced trading at the open of business today on a split-adjusted basis on the OTC Bulletin Board. The CUSIP number for the common stock was changed to 19188U 206.
As a result of the reverse stock split, every 14 shares of the issued and outstanding common stock were automatically converted into one share of common stock, without any change in the par value per share or in the number of authorized shares of common stock.
Any fractional shares resulting from the reverse stock split have been rounded up to the nearest whole share. Accordingly, no fractional shares will be issued in connection with the reverse stock split and no cash or other consideration will be paid in connection with any fractional shares that would otherwise have resulted from the reverse stock split.
Stockholders holding shares through a brokerage account will have their shares automatically adjusted to reflect the 1 for 14 reverse stock split. Existing stockholders holding common stock certificates will have the adjustments made automatically upon transfer of their shares and no further action is required to be taken by the stockholders.
The total number of common shares that Coda is authorized to issue remains at 150,000,000. As of January 10, 2017, there were 127,415,895 shares of Coda's common stock outstanding. Effecting the 1 for 14 reverse split reduces the amount of issued and outstanding shares of common stock to approximately 9,101,136 (the exact number may be affected by rounding). This reverse stock split action will also affect the number of shares into which the Senior Secured Convertible Debentures may be converted into.
Annmarie Gayle, the CEO, commented: "[t]his reverse stock split is part of the ongoing progression of the Company. By completing the reverse split, combined with the strong growth illustrated in the Fiscal Year 2016 Preliminary Results (also released today), the Board strongly believes that Coda will gain broader access to, and interest from, the institutional investment community. Furthermore, we consider this reverse stock split one of the necessary steps towards up-listing onto the OTCQX and expect to make progress from there in the near future, thus putting in place the framework for increased shareholders' value."
About Coda Octopus Group, Inc.
Originally founded in 1994 as Coda Technologies, the Coda Octopus Group's patented real-time 3D subsea sonar technology, Echoscope®, enables real-time 3D imaging and mapping in zero visibility conditions underwater, and is used globally in numerous applications including defense, marine construction, oil and gas subsea infrastructure installation and surveys, and port and harbor security. For further information, please visit http://www.codaoctopusgroup.com or contact Coda Octopus at info@codaoctopusgroup.com.
Forward Looking Statement
This 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 developments 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 those other examples of forward looking statement set forth in our annual report for the year ended October 31, 2015 filed with the OTC Markets on February 26, 2016 and subsequently filed quarterly reports. 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
414.351.9758
Media Relations:
Susan Roush
805.624.7624
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Coda Octopus Group, Inc. via Globenewswire
