Duos Secures $2.4 Million AI Subscription and Services Agreement
17 Gennaio 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, announced a strategic move aimed at
revolutionizing rail safety. The Company has solidified its
collaboration with a leading Class 1 railroad to implement a three
(3) year agreement for advanced AI-Based Defect Detection models
into their day to day operations as well as preventative site
maintenance programs for the railroad’s Railcar Inspection Portals.
Incorporating a unique subscription-based AI offering, the
agreement sets new industry standards for comprehensive long-term
collaboration in meeting and exceeding railway safety initiatives.
This agreement formalizes a long-term
partnership between the rail carrier and Duos to proactively
co-operate in critical AI solutions to streamline detection of
mechanical railcar defects as its equipment traverses North
America. This significant alliance aims not only to enhance railway
safety but also to assist in expediting waivers from the Federal
Railroad Administration’s (“FRA”) regulatory requirements,
optimizing safe transit.
This unique alliance is a major step forward in
revolutionizing rail safety practices, emphasizing a commitment to
proactive, state-of-the-art technology deployment. Leveraging the
power of AI, Duos will work together with the carrier to ensure the
highest possible safety standards across its railway network.
“As I discussed in our November conference call,
the Company is focused on developing and implementing its
best-in-class AI models and making them available to rail companies
to help further streamline their operations,” said Duos Chief
Executive Officer Chuck Ferry. “We have invested heavily in the
development of our AI models by means of “real-world”
situations. By using our in-house railroad mechanical
inspection team combined with the most experienced commercial AI
Engineering and Software Development talent, we develop models
tailored for the industry. We believe this is a better
approach than outsourcing to generic AI developers or universities
using standard platforms which tends to produce theoretical results
that generally do not perform at the high level we are delivering
through our in-house teams.”
Duos has been implementing inspection and AI
technologies at Class 1 railroads for more than 13 years based on
this approach. This agreement represents the first of a number of
anticipated successes in building the Company’s recurring revenue
stream.
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 supporting rail,
logistics, intermodal and government customers 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 StatementsThis
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/a4a0ad68-5492-4390-a592-5e2836d47ce5
Contacts
Duos Corporate
Fei Kwong, Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
904-652-1625
fk@duostech.com
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