NEW YORK, 26 June 2007. Coda Octopus Group Inc., maker of underwater terrorism prevention solutions, won a $1,560,000 contract with Raytheon Missile Systems through its wholly owned subsidiary, Colmek Systems Engineering.
The contract is for the upgraded design and production of electronic chassis for the robust, integrated Phalanx in-close weapons defense system with advanced radar and infrared video to locate and destroy incoming hostile threats.
This contract comes shortly after the awards of $476,000 and $212,000 for the continued development of the U.S. Navy's mine-hunting towfish. Colmek provides the airborne and land-based recording, display, and digital processing for the laser and sonar-based system, which rides aboard the MH-53E helicopter.
Based in Salt Lake City, Colmek had revenues of $2,900,000 for FY 2006.
On April 26, 2007, Coda announced the acquisition of Colmek Systems Engineering in a cash and stock transaction valued at $2,075,000, with $800,000 cash paid at closing.
