National Retail Chain Awards Duos Contract to Implement Intelligent Distribution Center Logistics
JACKSONVILLE, FL -- (Marketwired) -- 07/19/16 --
Duos Technologies Group, Inc. (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, announced today that it has been awarded a contract by one of the nation's largest retail chains to implement a multi-phase proof of concept test of an industry leading solution which will automate gatehouse operations within the distribution center environment.
The technology will be based on Duos' successful inspection portal core technology, which will be adapted to truck and intermodal container traffic entering and exiting distribution centers. The cutting edge design will include automation of gatehouse logistics and create comprehensive transactional documentation for vehicles entering and exiting the centers.
"We are very excited to be partnering with a major nationwide retail chain that enables us to expand the use of our portal technologies," stated Felix Krupczynski, EVP & GM for Duos Technologies. "The evolution of our imaging and inspection portals will continue to provide great synergies and operational efficiencies as industries look to utilize intelligent technologies to improve their bottom lines."
The project will also cover integration and correlation of all data with the customers exiting data streams, and consolidation to a single central location. It is anticipated that once the technology has been validated by the customer, the system will be deployed to all distribution centers nationwide. The system architecture will combine Duos' proprietary praesidium™ analytics suite with the Company's centraco™ interface platform.
"The entry to the very significant national retail market is a natural expansion of our intelligent technologies that we have successfully deployed for other transportation sectors," stated Gianni Arcaini, Duos Technologies Group CEO. "Porting our technologies to new markets is consistent with our short and midterm strategic plan, and we expect it to have a significant, positive impact on our revenue horizon," Arcaini said.
About Duos Technologies Group Inc.
Duos Technologies Group, Inc. (OTCQB: DUOT), based in Jacksonville, FL, through its wholly owned subsidiary, Duos Technologies Inc., provides intelligent security analytical technology solutions with a strong portfolio of intellectual property. Duos Technologies' core competencies include advanced intelligent technologies that are delivered through its proprietary integrated enterprise command and control platform, centraco™. The Company provides its broad range of technology solutions with an emphasis on mission critical security, inspection and operations within the rail, utilities, petrochemical, healthcare, and hospitality sectors. Duos Technologies Group also offers IT, professional services.
For more information, visit: http://www.duostech.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, our ability to continue growing our business by expanding existing applications for detailed automation of inspections for rail transportation into other types of freight distribution and handling; the sufficiency and availability of working capital; anticipated revenue growth and ultimate profitability, our ability to successfully adapt existing technologies for new applications, our ability to raise working capital to expand our business and allow further research & development of new solutions for the intelligent technologies business, our business environment and industry trends, competitive environment, and general changes in economic conditions and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including our Annual Report Form 10-K for the year ended December 31, 2015. Any forward-looking statement made by us herein speaks only as of the date on which it is made. We undertake no obligation to revise or update any forward-looking statement for any reason.
Source: Duos Technologies Group, Inc.
Released July 19, 2016