Settlement Will Result in One-Time Non-Cash $840,000 Gain in Earnings
JACKSONVILLE, FL -- (Marketwired) -- 11/03/15 -- Duos Technologies Group (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, has reached settlement on a long standing lawsuit involving its subsidiary, Duos Technologies, Inc. The settlement, which is premised on Duos' making a one-time payment of $550,000 by February 16, 2016, will also have a significant positive (non-cash) impact on the Company's earnings in 2015.
Adrian Goldfarb, Duos Technologies Group's Chief Financial Officer, stated, "This is a very positive outcome for the Company and is part of ongoing efforts to improve our balance sheet. We believe that this development, combined with recent requests on the part of a number of our debt holders to convert debt to equity, demonstrates confidence that Duos is executing its three year strategic plan for growth and profitability."
Duos Technologies Group's Chief Executive Officer, Gianni Arcaini, who led the settlement negotiations, added, "I am pleased that we could bring this matter to conclusion in a positive way for the Company. This settlement will avoid time consuming and expensive litigation. Given the potential risks and limited upside that could be gained, we view this as a very favorable resolution. Our focus will be to continue making improvements in our balance sheet through reductions in debt and a focus on profitable sales growth."
About Duos Technologies Group Inc.
Duos Technologies Group, Inc. (OTCQB: DUOT), based in Jacksonville, FL, provides intelligent security analytical technology solutions with a strong portfolio of intellectual property. The Company's 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.
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, the combined entity's strategy for growth and profitability, revenue generation, liquidity and access to public markets post transaction, the successful integration of the respective companies' businesses, 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.
Source: Duos Technologies Group, Inc.
Released November 3, 2015