UDI Dive Computer Can Send Underwater Text Messages
The "UDI" from UTC-Digital is a dive computer that includes remote S.O.S. transmission and SMS-like messaging ability. You can't actually input unique messages when you're underwater, but can instead choose from 14 pre-configured text messages, such as "I need help. Slow down." or "I chummed your weight belt."
The UDI units can communicate with each other or a base station on a boat from up to 500 yards away, which is pretty fantastic range for a radio system to work underwater. If a diver presses the "homing" button on his unit, the UDI can steer him back toward the boat.
All in all it's a neat system, which is probably why each unit costs around $1,500 a pop.
Product Page [UTC-Digital via DVice]

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The specs for this thing say "Transmission Band: 35kHz to 55kHz" with a piezoelectric transducer, so it looks more like an acoustic system than a radio system. Submarine navigation would be way easier if anybody had figured out how to make RF work under water.
I recently read a review in a dive mag about these computers. It's a fantastic idea, but for it to be useful, the boat has to have a base station. Those base stations are sold seperately, and are a bit more expensive. The vast majority of dive boats are not equipped with this device. If you bring your own to the boat, odds are the crew won't know how to use it, and any messages you send will most likely not be read or understood.
All that being said, I'm a member of a SCUBA diving club, and as part of club protocol, one person remains on the boat at all times. It might not be a bad idea to buy one of these for the club, and distribute the individual units to the divers on each trip. Kinda expensive though.
this unit is a bogus. be careful not to buy !!!