Duos Technologies Awarded Contract for Train Imaging System
First System of Its Kind to Be Installed at Inspection Yard of a Major Railroad Operator
JACKSONVILLE, FL -- (Marketwired) -- 12/01/15 -- Duos Technologies Group, Inc. (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, has been awarded a new contract from a major railroad operator for a complete train imaging system.
The system's design is based on Duos Technologies' latest innovation, the proprietary Railcar Inspection Portal (rip™) technology. The rip™ combines several proprietary intelligent technologies and sub-systems, and the analytical algorithms developed by Duos' R&D team have been optimized and combined to process and evaluate a broad range of data from multiple sensor technologies. One of the major objectives of this new technology focuses on reducing "terminal dwell time" of rolling stock. Terminal dwell time is the period rolling stock is held in a yard for maintenance. Minimizing dwell time is key to improving operating ratios and is one of, if not the most significant industry metric for profitability. By deploying Duos Technologies' rip™ technology, the operator expects to improve the efficiency of preventive maintenance strategies, thereby significantly reducing network costs associated with current inspection practices.
"Our railcar inspection portal system substantially improves the capability and effectiveness of railcar inspections and allows for high resolution 360-degree imaging of railcars as they pass through our portal at speeds up to 70 MPH, before they get to an inspection yard," stated Felix Krupczynski, EVP & GM for Duos Technologies. "Monitoring and maintaining the structural health of railcars is important to ensure safe and efficient railroad operation and is a paramount focus of today's rail industry."
Over two million freight cars travel daily over North America's approximately 200,000 miles of tracks. Each time one of these cars departs a yard, terminal, or industrial facility it is required to be inspected under Federal Railroad Administration (FRA) regulations.
"This is a strategic award as we expect that once implemented, it will change industry-wide maintenance practices and improve the bottom line of rail operators," stated Gianni Arcaini, CEO of Duos Technologies. "The implementation of this next generation technology as an assistance to the industry's workforce will further improve operating ratios, increase capacity and improve efficiencies while increasing safety."
About Duos Technologies Group Inc.
Duos Technologies Group, Inc. (OTC Markets: DUOT), based in Jacksonville, FL, provides intelligent security analytical technology solutions with a strong portfolio of intellectual property. Its 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. The Duos Technologies Group also offers IT, professional services.
For more information, check out: 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 market wide acceptance of the train imaging system, revenue generation and ultimate profitability, our business environment and industry trends, competitive environment, the sufficiency and availability of working capital and general changes in economic conditions. We undertake no obligation to revise or update any forward-looking statement for any reason.
Contacts:
Corporate
Jean Martin
904-652-1601
jmm@duostech.com
Investors Relations
Adrian Goldfarb
904-652-1616
agg@duostech.com
Source: Duos Technologies Group, Inc.
Released December 1, 2015