Duos Technologies Receives Award to Develop Mechanical Inspection Algorithms
Agreement Provides for Development of Enhanced Algorithms to Monitor Potential Defects on Rolling Stock at Rail Inspection Portals
JACKSONVILLE, Fla., Sept. 05, 2018 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, was awarded a Software License and Application Models Agreement from a leading North American Class-1 Transportation and Logistics company.
The Agreement covers the development and licensing of seventeen artificial intelligence-based detection algorithm models.
Noel Heiks, President and COO of the Company’s wholly owned operating subsidiary Duos Technologies, Inc., added: “This Agreement allows rail operators to deploy sophisticated algorithms which will force-multiply and streamline their overall inspection process. Ultimately, with these algorithms fully implemented, rail operators will be able to increase the speed and accuracy by which potential mechanical defects can be identified as well as corrected.”
Duos Chairman and CEO Gianni Arcaini stated: “This agreement will allow us to demonstrate how significantly our automated inspection strategies can impact rail operations in general and, in particular, the safety and efficiency of traditional mechanical inspection practices. We anticipate the development and deployment of many additional detection algorithms in the near future, which will go hand in hand with the deployment of our constantly improving inspection portal technologies.”
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.
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 September 5, 2018