Duos Technologies Group, Inc.
Under the Symbol:
Duos Technologies Awarded $1.8 Million Contract for New Rail Inspection Portal (rip(R))
Thursday, November 7, 2019 8:00 AM
JACKSONVILLE, FL / ACCESSWIRE / November 7, 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 for a turn-key Rail Inspection Portal (rip®) with an additional North American Class 1 freight railroad client for a total value of $1.8 million. Installation is expected to be completed by the end of 2019. This latest award is indicative of an increasing trend in the railroad industry of automating railcar mechanical inspections, which have historically been conducted manually.
The award includes a 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 mechanical inspection process.
"Our rip® technology substantially improves the efficacy of inspections through automated, high-resolution, 360-degree imaging of railcars passing through our inspection portal, 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."
Duos CEO Gianni Arcaini added, "We continue to build our railcar inspection vertical with both the freight and transit railroads in mind. In the years ahead, we expect further growth from our rail technology business to come from other automation projects with an emphasis on our Artificial Intelligence program. Our subsidiary truevue360™ is expanding our library of AI-based automated inspection strategies which we believe represents a significant growth opportunity, and differentiator, for the Company in this space. Our advanced, engineered rail inspection technologies, combined with our artificial intelligence capabilities, represent 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 news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 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. 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.
Matt Glover or Tom Colton
Gateway Investor Relations
SOURCE: Duos Technologies Group, Inc.