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<SEC-DOCUMENT>0001144204-09-049907.txt : 20090925
<SEC-HEADER>0001144204-09-049907.hdr.sgml : 20090925
<ACCEPTANCE-DATETIME>20090925104440
ACCESSION NUMBER:		0001144204-09-049907
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20090915
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090925
DATE AS OF CHANGE:		20090925

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Coda Octopus Group, Inc.
		CENTRAL INDEX KEY:			0001334325
		STANDARD INDUSTRIAL CLASSIFICATION:	SEARCH, DETECTION, NAVIGATION, GUIDANCE, AERONAUTICAL SYS [3812]
		IRS NUMBER:				342008348
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-52815
		FILM NUMBER:		091086631

	BUSINESS ADDRESS:	
		STREET 1:		164 WEST 25TH STREET,
		STREET 2:		6TH FLOOR,
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
		BUSINESS PHONE:		212 924 3442

	MAIL ADDRESS:	
		STREET 1:		164 WEST 25TH STREET,
		STREET 2:		6TH FLOOR,
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10001
</SEC-HEADER>
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Securities Exchange Act of 1934</font></div>
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Report (Date of earliest event reported): September 15, 2009</font></div>
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OCTOPUS GROUP, INC.</font></div>
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York 10001</font></div>
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924-3442</font></div>
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telephone number)</font><br></div>
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to:</font></div>
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Floor</font></div>
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(212) 943-2300</font></div>
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appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):</font></div>
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pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
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pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
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communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Departure
      of Directors or Certain Officers; Election of Directors; Appointment of
      Certain Officers; Compensatory Arrangements of Certain
      Officers.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(b)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Effective
September 15, 2009, Jody Frank, Nick Franks, Faith Griffin and Paul Nussbaum
resigned their positions as members of the board of directors of Coda Octopus
Group Inc. (the &#8220;Company&#8221;).&#160;&#160;In addition, effective September 23,
2009, Jason Reid and Jody Frank resigned their positions as President and Chief
Executive Officer and Chief Financial Officer, respectively.&#160;&#160;Mr. Reid
has agreed to remain as a member of the Board for a six month period to assist
the Company in its reorganization efforts.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)-(d)<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Mr. Geoff
Turner, previously the Company&#8217;s President of European Operations, has been
appointed as the Company&#8217;s Chief Executive Officer and has been elected a member
of the Board to fill one of the existing Board vacancies.&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Turner<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>has
been employed by the Company since May 2006, and, since November 1, 2007, as
President European Operations. Mr. Turner is also a Director of the Company&#8217;s
subsidiaries, Coda Octopus Martech Limited, Coda Octopus (UK) Holdings Limited,
and Coda Octopus Products Limited. He has been involved in the IT industry for
over 30 years, in both technical and commercial roles. He spent the 13 years up
to 1999 with GE Information Services (&amp; International Network Services), the
then global market leader in Electronic Commerce, where he was Director of
Business Development for Europe, Middle East and Africa. During this time, in
addition to his business development roles he held posts as Software Products
Director, and in global sales channel management, establishing new sales channel
in over 35 countries.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Mr.
Turner will continue to be compensated at the same rate as previously with a
commitment on the part of the Company to review his compensation within three
months.</font></div>
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Company intends to establish a committee whose function will be to design a
reorganization and recapitalization plan.&#160;&#160;This body is expected to be
structured either as a committee of the Board or as a separate body that will
include board members as well as representatives of certain of the Company's
existing investors and reorganization professionals.</font></div>
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resignations follow the Company&#8217;s previous announcement that it is evaluating
its assets, business, management and cash requirements, as disclosed in its
Current Report on Form 8-K that was filed on September 22, 2009.&#160;&#160;All
non-executive&#160;&#160;resignees were given the opportunity to retain their
positions on the Board of the Company.&#160;&#160;Nevertheless, the Company
believes that it is in a position to enhance its operating performance and
stockholder value, including restructuring its balance sheet, reducing costs and
negotiating with its existing investors to address the Company&#8217;s liquidity
issues and implementing a revised strategic plan.</font></div>
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Exhibits.</a></font></div>
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to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</font></div>
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September 25, 2009</font></div>
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      </font></td>
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      </font></td>
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  </a></font></div>
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