Duos Technologies Awarded Follow-On Multi-Million-Dollar Contract by CN
Additional Order Further Validates Efficacy and Quality of Duos’ Security and Mechanical Inspection System for RailJACKSONVILLE, Fla., Nov. 29, 2018 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (OTCQB: DUOT), through its operating subsidiary Duos Technologies, Inc., a provider of intelligent security and analytical technology solutions, has been awarded a new contract from CN, a leading North American Class-1 Transportation and Logistics company (NYSE: CNI). The award, which follows the original multi-million-dollar contract announced in May 2018, includes provisions for three additional Rail Inspection Portals (rip®) similar to the units that were recently deployed around the Winnipeg, Manitoba area. The new installations will be conducted at three main-line locations: two in the US and an additional unit in Canada.
The systems will be based on Duos’ proprietary rip® technology, the Company’s latest innovation which combines several proprietary intelligent technologies and sub-systems to provide real-time images and data that are used for a variety of railcar inspection criteria. When the new systems are online and fully operational, CN will then have a total of seven Duos rail inspection portals deployed along their North American rail network.
“Our rip® technology not only substantially improves efficiency and accuracy of the mechanical inspection process, but it also significantly improves safety for inspection teams, which is of paramount importance in today’s global rail industry,” stated Noel Heiks, President and COO of the Company’s operating subsidiary Duos Technologies, Inc. “Monitoring and maintaining the structural health of railcars and their environment is vital to ensuring secure and efficient railroad operation. With these new deployments, CN will be able to more effectively track all rolling stock passing through its various inspection points and with the added assurance that our inspection portals are keeping both their people and their goods safe.”
Company CEO Gianni Arcaini added, “CN’s foresight and strategic vision exemplify the broader rail industry’s shift in embracing technology to help significantly improve operating ratios measuring the safety and the fluidity of their network. Our library of automated inspection strategies is rapidly expanding and represents a major growth path for our company in this application space. Additionally, we are delighted to be expanding our partnership with such a respected name in our business and look forward to continuing our mutually beneficial relationship into the future.”
About Duos Technologies Group, Inc.Duos Technologies Group, Inc. (OTCQB: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., provides advanced intelligent security and 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 StatementsThis 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.
Contacts:Duos Technologies Corporate Tracie Hutchins Duos Technologies Group, Inc. 904-652-1601 firstname.lastname@example.org Investor Relations Matt Glover or Tom Colton Liolios 949-574-3860 DUOT@liolios.com