NEW YORK, NY / ACCESSWIRE / July 17, 2018 / Coda Octopus shares exploded on news yesterday that the company has entered 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. Shares of Tribune Media Company tanked after Federal Communications Commission (FCC) Chairman Ajit Pai said he was concerned about Sinclair Broadcast Group's proposal to acquire the company.
RDI Initiates Coverage on:
Coda Octopus Group, Inc.
Tribune Media Company
Coda Octopus Group, Inc. shares closed up 64.44% on Monday but gave back 4.23% of those gains in after-hours trading. The company announced yesterday that it has entered into a Navy Cooperative Research Development Agreement to transition the prototype of the Divers Augmented Vision Display-Head Up Display (DAVD-HUD) system into a complete system that is ready for operational use, with Naval Surface Warfare Center Panama City Division. According to the press release, "Under the terms of the Cooperative Research Development Agreement, CODA, in collaboration with Naval Surface Warfare Center Panama City Division, will transition the existing prototype to a first-generation operational system in production no later than 12 months from the date of the agreement. CODA would then be granted an Exclusive Invention Licensing Agreement to produce and supply the complete system of software and hardware to the Navy and military community. Once released for sale, the Divers Augmented Vision Display-Head Up Display system, along with CODA’s real-time 3D sonar and 3D visualization software which is branded commercially as Echoscope®, will be an “Authorized for Navy Use” item, allowing these products to be purchased by the U.S. Navy and U.S. Allies." CEO of CODA Annmarie Gayle, stated, "I am very excited and pleased that we have been given this significant opportunity to take forward the initial vision of the DAVD-HUD into a real-time, real-world application that will greatly advance defense and military applications."
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Tribune Media Company shares closed down 16.70% yesterday on tremendous trading volume compared to usual. The stock traded a little over 13 million shares compared to an average trading volume of a about 1 million shares. The stock hit a new low of $31.61 on the news that the controversial $3.9 billion Sinclair-Tribune merger could get rejected. FCC commissioner Ajit Pai has said he has "serious concerns" about the acquisition. Pai said, "Based on a thorough review of the record, I have serious concerns about the Sinclair/Tribune transaction." For now the deal is being blocked by the FCC and Pai said, "the law requires the FCC to designate the transaction for a hearing in order to get to the bottom of those disputed issues." It was on Monday that Sinclair Broadcast Group Inc. rejected allegations that it has been deceitful in its effort to buy Tribune Media Co. The company said, "Sinclair was shocked and disappointed today by the news that FCC Chairman Pai was circulating an order proposing to designate our acquisition of Tribune for an administrative hearing. Although the actual Hearing Designation Order (HDO) has not yet been released, press reports indicate that a leaked version of the HDO suggests that Sinclair may have engaged in misrepresentation or lack of candor. To the extent that the HDO does in fact include any such allegations, we deny such allegations in the strongest possible manner."
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