Mexican Rail Operator Renews Support Contract and Adds Duos AI
22 Febbraio 2024 - 2:00PM
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 (“AI”) to analyze fast moving freight, passenger and
transit trains, and trucks is pleased to announce the signing of an
AI subscription agreement for AI detections, empowering the rail
operator to enhance their current railcar inspection capabilities.
Additionally, the agreement includes the renewal of their annual
services and maintenance contract, which now encompasses expanded
support through Duos' Preventative Maintenance Checks and Services
(PMCS) Program and Field Services Support, aimed at further
improving the performance of the rail network.
The renewal agreement includes an annual
subscription for an array of AI algorithms requested by the client
who uses the Duos patented Railcar Inspection Portal (RIP®) and AI
to quickly and efficiently detect critical issues that could
potentially lead to accidents or derailments. As part of the
agreement, Duos will provide maintenance and technical services for
their existing RIP®, offering comprehensive support that includes
field services to address break/fix issues and onsite preventive
maintenance checks and services, along with spare parts
provision.
"We are honored to continue our long-standing
support for this customer. Our patented Railcar Inspection Portal
and AI are now being used by four of the large freight rail
carriers in North America. They are seeing benefits in terms of
safety, maintenance improvements, and in moving commerce more
efficiently from Mexico to the United States and Canada,” said
Chuck Ferry, CEO for Duos. “We are currently working with our
freight and passenger rail carriers to further standardize the
machine vision/AI data our solution produces and getting it to the
right decision makers within one minute of a train passage allowing
for immediate corrective actions if needed.”
Duos' AI-driven railcar inspection solutions are
revolutionizing the rail industry, enabling freight and passenger
railroads to quickly and efficiently detect critical equipment
defects to ensure compliance with regulatory standards. The
expanded partnership with this operator accentuates Duos' position
as a trusted partner in the rail industry and highlights the
Company's focus on recurring revenue streams and helping the users
get the maximum return on their investment.
Duos was recently awarded a Patent for this AI
technology underscoring the high performance of Duos’ AI offerings
which have been developed using rail industry experts. Critical
AI-based defect detections are available to the customer within one
(1) minute or less of the consist passing through the inspection
portal; providing actionable intelligence for rail operators to
make critical business decisions in record time. Duos’ offerings
are the North American Class-1 standard for railroads to use where
automated inspection is required and are now being offered outside
of North America.
To stay up to date on the Company's most recent
developments or to learn more about the Duos story and its
revolutionary technology platforms, be sure to follow here or sign
up for email alerts here. For more information please contact
DUOT@duostech.com or visit the Company's website and social media
channels: Website, LinkedIn, Twitter.
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 using
Machine Vision and Artificial Intelligence (“AI”) to analyze fast
moving freight, passenger and transit trains and trucks
streamlining operations, improving safety and reducing 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/302c8f09-dc9a-4c90-a074-09df40683e63
Contacts
Duos Corporate
Fei Kwong, Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
904-652-1625
fk@duostech.com
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