Duos' Proprietary Technology as part of Track Intrusion Detection System Pilot Program
JACKSONVILLE, FL -- (Marketwired) -- 06/13/17 -- Duos Technologies Group, Inc. (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, has been issued a Letter of Intent to award a Purchase Order from New York City Transit to provide a turn-key system as part of a comprehensive pilot program to test and evaluate new technologies that provide a warning when persons or objects enter onto NYC Transit system's tracks.
"Leveraging our experience in the development of many successful, cutting-edge railroad technology systems, we are honored to be chosen to utilize our intelligent technology platforms for this very important pilot program," stated Felix Krupczynski, SVP and Chief Sales Officer for Duos Technologies. "Monitoring and maintaining a safe and secure environment for New York City Transit riders and staff is a paramount focus of the agency and we're excited to demonstrate a solution that can meet the stringent demands of safety required for mass deployment."
The system will utilize redundant, multi-layered sensor technologies combined with Duos Technologies' proprietary praesidium® analytics software, based on neural network algorithms, that will maximize the reliability and accuracy of track intrusion detections. The design will also provide value added capabilities such as End of Platform intrusion detection. The pilot program is designed to evaluate the various technologies and ultimately select the technology to be rolled out to the over 1,500 tracks of NYC Transit's 450+ subway stations.
Duos Technologies Group CEO Gianni Arcaini said, "We feel strongly that our technology will receive high grades and will be instrumental in NYC Transit's stated objective of saving lives and minimizing injuries. Duos Technologies has a history of developing disruptive technology innovations, and this program will be another testimony of how we can effectively utilize our core of intelligent technologies that have been successfully deployed for our transportation clients." This program represents a significant strategic initiative within the transit rail industry with worldwide implications for transit market deployments. "NYC Transit alone suffered over 350 incidents between January 1, 2011 through February 2013 of which 129 were fatalities. In addition to the impact such accidents have on the personal lives of families and employees, consequential delays of the respective rail lines cause significant disruption to passengers and rail operations."
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, oil and gas, chemical industries, commercial and retail distribution, and government 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. Anticipated revenue growth in 2016 and beyond for this specific project and ultimate profitability is dependent upon our ability to successfully adapt existing technologies for new applications, allow further research & development of new solutions for the intelligent technologies business, our business environment and industry trends, competitive environment, the sufficiency and availability of working capital 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, 2016. 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 June 13, 2017