Duos Technologies Awarded Multi-Million-Dollar Contract From CN
High Resolution Train Imaging Systems for Security and Mechanical Inspection
JACKSONVILLE, Fla., May 15, 2018 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (OTCQB:DUOT), a provider of intelligent security analytical technology solutions, has been awarded a multi-million-dollar contract from CN, a leading North American Class-1 Transportation and Logistics company (NYSE:CNI). The award includes four (4) complete rail inspection portals and deployment of Duos’ first commercial thermal undercarriage inspection system, which was recently beta-tested at the rail testing facility in Pueblo, CO. The systems will be based on Duos’ proprietary Railcar Inspection Portal technology; Duos’ latest innovation that combines several proprietary intelligent technologies and sub-systems. Duos will also participate in an upcoming Phase 2 bid, which is expected to expand the projects to add analytical algorithms to process and evaluate rail cars for potential mechanical defects. The systems will be installed at four main-line locations around the Winnipeg, Manitoba area and are designed to operate at extreme cold temperatures and at train speeds of up to 110 Km/h (70 mph).
Scott Daniels, Senior Vice-President, Strategy & Innovation at CN, said, “CN is making significant investments in infrastructure and technology, including in Machine Vision and predictive analytics capabilities, to increase the safety, fluidity and efficiency of our railway. The Duos technology is the latest example of how we are innovating with our partners to implement new measures that can better target preventative maintenance, improve reliability, reduce dwell and improve the overall performance of our operations.”
“Our Railcar Inspection Portal system substantially improves effectiveness of not only railcar inspections through high resolution 360-degree imaging of the railcar, but also incorporates critical security features,” stated Noel Heiks, President and COO of the Company’s wholly owned operating subsidiary Duos Technologies, Inc. “Monitoring and maintaining the structural health of railcars and its environment is important to ensure secure, safe and efficient railroad operation and is a paramount focus of today’s global rail industry.”
Gianni Arcaini, the Company’s CEO, stated, “We are delighted to forge this partnership with CN. We expect to deploy several additional systems in the near future throughout CN’s rail network. Our library of automated inspection strategies is rapidly expanding and represents a major growth path for our company in this application space. This advanced technology is a complete solution for transportation applications, which is expanding to also cover transit rail and related infrastructure.”
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (OTCQB:DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., provides advanced intelligent security and analytical technology solutions with a strong portfolio of intellectual property. The Company’s core competencies include intelligent technologies that combine machine learning, artificial intelligence and advanced video analytics that are delivered through its proprietary integrated enterprise command and control centraco® platform. The Company provides its broad range of technology solutions with an emphasis on mission critical security, inspection and operations within the rail transportation, retail, petrochemical, government, and banking sectors. Duos Technologies also offers professional and consulting services for large data centers. For more information, visit http://www.duostech.com.
For more information, visit: http://www.duostech.com.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “anticipates,” “plans,” or similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause Duos Technologies Group, Inc.’s actual results to differ materially from those anticipated by the forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Duos’ Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Duos’ filings with the SEC.
Contacts: Duos Technologies
Corporate
Tracie Hutchins
Duos Technology Group, Inc.
904-652-1601
tlh@duostech.com
Investor Relations
Matt Glover or Tom Colton
Liolios
949-574-3860
DUOT@liolios.com
Released May 15, 2018