Coda Octopus Closes $4,514,180 Financing

Coda Octopus Group, Inc. (NASDAQ:CODA) announced today that it has closed an initial $4,514,180 investment by Forest Manor N.V., a Dutch investment firm with a focus on high-quality small-caps globally, in a private placement of an aggregate of 1,125,950 shares of common stock at a price of $4.40 per share, in which Forest Manor purchased 1,025,950 shares.

The terms of the offering require the Company to file a re-sale registration statement prior to May 30, 2018 with respect to the shares issued in the offering.  The Company has granted the investors pro-rata participation rights in future offerings for a period of 36 months, subject to certain limited exceptions.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 us at: [email protected].

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 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 registration statement on Form 10 filed with the Securities and Exchange Commission on March 29, 2017. 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