Duos Technologies Secures $1.1 Million in Add-On Upgrades for Passenger Rail Contract
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.
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Contacts Corporate Fei Kwong, Director, Corporate Communications Duos Technologies Group, Inc. (Nasdaq: DUOT) 904-652-1625 [email protected] Investor Relations Matt Glover or Tom Colton Gateway Investor Relations 949-574-3860 [email protected]