The Mako Sub, also from Brazil, wasn't a late effort, but as parallel one. There were some interesting ideas like the sliding reel (an idea not shared by Cobra, but copied by Divecom on the Creta Pro band gun, and more recently, Dessault Quattro), the best one being the acentric barrel, much easier to aim, contrary to Cobra's concentric barrel. The rest was al amalgam on bad ideas (the muzzle) and solutions copied/adapted from Cobra's.
The rear-handle Mako model was a version of the Foca (seal in Portuguese) model, after the short-live Moréia (that looked like a product of a Soviet design studio :head
. The Foca had a concentric barrel and a design that allowed a modular assembling in factory. That is, from the same parts (except barrel and chambers lengths), you could make a full length (145cm) mid-handle or a short rear-handle one.
The full length Foca was very popular among professional spearfishers and fresh water spearos, who upgraded its muzzle and piston system with a custom designs made by a now-deceased local speargunsmith, Gilberto. After that pimping the gun became very reliable.
Anyway, the Foca and the Mako-Sub was taken away by the onslaught of euro band guns and the passing of Gilberto.