Landmark Contract Represents First Strategic Transit Partner in Canada for Duos
JACKSONVILLE, FL / ACCESSWIRE / January 25, 2022 / Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) through its operating subsidiary Duos Technologies, Inc. the leading provider of machine vision-based and Artificial Intelligence (AI) solutions for the rail industry, has been awarded a contract for its Automatic Pantograph Inspection System (apis®) with a large Canadian transit agency. The total contract is valued at over $500,000. The system will be installed and fully operational this calendar year and ongoing annual support and maintenance will be provided by Duos.
The Company believes this recent order is indicative of a trend in the railroad industry to accelerate the implementation of automated railcar inspection systems and the integration of the systems into their various mechanical departments.
Duos' Automatic Pantograph Inspection System (apis®) captures high-resolution imagery of the pantograph assembly including the slips, arms and guides for the purpose of mechanical inspection while the railcars are in transit. This system is a core module of Duos' Railcar Inspection Portal for transit rail applications and can be combined with its truevue360 Expert Artificial Intelligence platform for fully automated inspection processes. In addition to reducing the risk of line teardowns, this technology allows the transit agency's maintenance teams to conduct inspections safely and more quickly from a distance and help keep its fleets fully operational.
"This agreement marks a major step forward for our company as well as the transit industry at large," said Duos CEO Chuck Ferry. "We are looking forward to expanding our transit business into Canada through this initial deployment with a major operator and appreciate the forward thinking of our new partner in adopting technology to solve some of today's biggest problems. As more rail operators in new geographies and environments look to improve safety, increase efficiency, and reduce cost for their operations, Duos expects to play a major role in supporting that collective transition."
The Company is currently in active, late-stage discussions with several existing and potential new customers on additional deployments. Duos expects to provide material announcements related to these developments in the coming weeks.
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.
Corporate
Fei Kwong
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
SOURCE: Duos Technologies Group, Inc.
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