Duos Technologies Secures $1.1 Million in Add-On Upgrades for Passenger Rail Contract
Additional Modifications Represent 11.5% Increase in Total Contract Value
JACKSONVILLE, Fla., March 14, 2023 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), through its operating subsidiary Duos Technologies, Inc., a provider of machine vision and artificial intelligence that analyzes fast moving vehicles, today announced that it has secured contract modifications worth an additional $1.1 million in upgrades to a new system for an existing customer in the passenger transportation sector. The add-ons are part of a long-term installation of the Company’s high-end Railcar Inspection Portal (“rip®” or “RIP”) that is designed to capture images at up to 125 miles per hour.
Due to recent events surrounding derailments, federal, state and local governments are placing an increased focus on preventative measures and technologies that railcar operators can use to mitigate the risk of mechanical defects. Duos continues to work with key stakeholders to provide a growing suite of technical solutions for such operators, including the Company’s new high-end RIP. Duos expects the new technology to be operational later this year. When online, these RIPs will provide significant enhancements to existing systems, including highly efficient trackside image data processing as well as advanced wheel tread and brake analysis.
“We have been working for many years with our Class 1 customers to refine critical defect detection requirements and have invested tens of millions of dollars in designing, developing, and deploying the latest imaging technologies and artificial intelligence models to address their needs,” said Duos Chief Executive Officer Chuck Ferry. “As our offerings improve, we will continue to explore add-on opportunities, such as this agreement with an existing customer, to ensure deployed systems are continually up to date with the most advanced iterations of our hardware and software. Moving forward, we plan to continue our important work with the industry stakeholders to drive better and safer outcomes for everyone.”
Last week, the Company issued a press release showcasing the versatility of its RIP and how it can be tailored to meet specific applications to bolster safety measures on the North American Rail Network. The Company believes that by customizing a RIP, rail operators can benefit from its advanced features and functionality, leading to improved safety and enhanced inspection capabilities.
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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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b7d7214-893e-4aec-b052-973048c3c00e
Contacts Corporate Fei Kwong, Director, Corporate Communications Duos Technologies Group, Inc. (Nasdaq: DUOT) 904-652-1625 fk@duostech.com Investor Relations Matt Glover or Tom Colton Gateway Investor Relations 949-574-3860 DUOT@gatewayIR.com
Duos Technologies Secures $1.1 Million in Add-On Upgrades for Passenger Rail Contract
Duos Technologies Secures $1.1 Million in Add-On Upgrades for Passenger Rail Contract Additional Modifications Represent 11.5% Increase in Total Contract Value
Released March 14, 2023