JACKSONVILLE, FL / ACCESSWIRE / August 14, 2019 / Duos Technologies Group, Inc. ("Duos" or the "Company") (OTCQX:DUOT), through its operating subsidiary Duos Technologies, Inc., a provider of intelligent analytical technology solutions, has been awarded a contract with another Class 1 freight railroad for a total value of $2.3 million. The customer will be replacing an earlier generation system with Duos’ latest version of rip®, the Company’s railcar inspection portal. This latest award is indicative of an increasing trend in the railroad industry of automating railcar inspections, which have historically been conducted manually.
The award includes a five-year contract for technical support as well as the development and maintenance of a significant library of Artificial Intelligence (“AI”) algorithms with the objective of automating certain aspects of the client’s railcar inspection process.
“Our rip® technology substantially improves the efficacy of inspections through high-resolution 360-degree imaging of railcars passing through our proprietary rip®, and it also incorporates a myriad of proprietary critical security features,” stated Scott Carns, Executive Vice President and interim-COO of the Company’s wholly owned operating subsidiary Duos Technologies, Inc. “We believe monitoring and maintaining the structural health of railcars and their operating environment is of critical importance to the security, safety and efficiency of railroad operation. These areas are the paramount focus of today’s global rail industry.”
Gianni Arcaini, the Company’s CEO stated, “We continue to build our railcar inspection vertical with both the freight and passenger railroads in mind. Going forward, we expect further growth from our rail technology business in the years ahead to come from other automation projects. Our new subsidiary truevue360™ is expanding our library of AI-based automated inspection strategies and represents a significant growth opportunity, and differentiator, for the Company in this application space. The combination of our advanced, engineered rail inspection technologies with our artificial intelligence capabilities represents, what we believe is a complete solution for transportation applications.”
About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (OTCQX:DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., provides advanced, 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 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 or the negative of these terms and 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.
Duos Technologies Group, Inc.
Matt Glover or Tom Colton
Gateway Investor Relations
SOURCE: Duos Technologies Group, Inc.
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Released August 14, 2019