Duos Technologies Secures Additional Contract for a Railcar Inspection Portal with CSX Transportation
CSX Adds Third Unit in Expansion of Automated Inspection Technology Utilizing AI
JACKSONVILLE, FL / ACCESSWIRE / December 16, 2021 / Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) through its operating subsidiary Duos Technologies, Inc. a provider of vision based analytical technology solutions, has been awarded a contract for an additional turn-key Railcar Inspection Portal (rip®) with existing customer CSX Transportation ("CSX") (NASDAQ:CSX). This contract marks the third portal to be installed as part of the Company's continued partnership with CSX. The Company believes this order is indicative of an increasing trend in the railroad industry to accelerate the implementation of automated railcar mechanical inspection and integration of the systems into their various mechanical departments.
The award includes a contract for annual service and preventive maintenance of the system. In addition, Duos, using its proprietary truevue360 platform, will provide its Expert Artificial Intelligence (EAI) which incorporates Human-in-the-Loop (HITL) as part of the development and training process. This additional step dramatically increases the performance, accuracy and reliability of each unique inspection algorithm. Installation and development efforts are expected to be completed by the end of the second quarter of 2022.
Duos CEO Chuck Ferry commented, "We would like to thank CSX for their confidence in our technologies as well as their continued and expanded business with us. Over the past 12 months we have been focused on making continuous improvements to our core centraco® software platform to ensure our operations are able to run smoothly with increased capabilities. We have also been developing bespoke hardware technologies, which will be included in this and future installations that should expand our service offerings and make us an even more essential part of the rail inspection process."
CSX, based in Jacksonville, Florida, is a premier transportation company. It provides rail, intermodal and rail-to-truck transload services and solutions to customers across a broad array of markets, including energy, industrial, construction, agricultural, and consumer products. For nearly 200 years, CSX has played a critical role in the nation's economic expansion and industrial development. Its network connects every major metropolitan area in the eastern United States, where nearly two-thirds of the nation's population resides. It also links more than 230 short-line railroads and more than 70 ocean, river and lake ports with major population centers and farming towns alike. More information about CSX Corporation and its subsidiaries is available at www.csx.com. Like us on Facebook (http://facebook.com/OfficialCSX ) and follow us on Twitter (http://twitter.com/CSX ).
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (NASDAQ:DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., designs, develops, deploys and operates intelligent vision based technology solutions supporting rail, logistics, intermodal and Government customers that streamline operations, improve safety and reduce costs. The Company provides cutting edge solutions that automate the mechanical and security inspection of fast moving trains, trucks and automobiles through a broad range of proprietary hardware, software, information technology and artificial intelligence. For more information, visit www.duostech.com
Forward- Looking Statements
This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding, among other things our plans, strategies and prospects -- both business and financial. Although we believe that our plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, we cannot assure you that we will achieve or realize these plans, intentions or expectations. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Many of the forward-looking statements contained in this news release may be identified by the use of forward-looking words such as "believe," "expect," "anticipate," "should," "planned," "will," "may," "intend," "estimated," and "potential," among others. Important factors that could cause actual results to differ materially from the forward-looking statements we make in this news release include market conditions and those set forth in reports or documents that we file from time to time with the United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
Duos Technologies Group, Inc. (NASDAQ:DUOT)
Matt Glover or Tom Colton
Gateway Investor Relations
SOURCE: Duos Technologies Group, Inc.
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Released December 16, 2021