Duos Railcar Inspection Portal Technology Now Operational in 13 Locations Across the North American Rail Network
16 Agosto 2023 - 7:00AM
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 the Company now has 13 Railcar Inspection Portals (“rip®” or
“RIP”) in operation with four major railroads. The Company also
recently reported that its RIP technology across those same 13
portals has performed over 3.8 million comprehensive railcar scans
through the first half of 2023. This metric encompasses all
railcars scanned at locations across the U.S., Canada, and Mexico.
Duos also has two additional highly advanced
RIPs being manufactured, which will be deployed on the high-speed
rail network in the Northeast Corridor in the coming months. These
advanced RIPs will deploy new machine vision technologies capable
of capturing safety data at speeds of up to 125 miles per hour.
Duos expects to deploy new wheel and brake inspection technologies
with this installation. The Company also recently disclosed that it
intends to build and deploy additional systems around the North
American rail network which can be accessed via subscription,
lowering the barriers to entry for acquiring a RIP system for
railroads and railcar owners alike.
Duos’ RIP technology is rapidly becoming the
industry standard for detecting and identifying mechanical issues
on railcars as operators aim to meet the increasing need for
compliance and safety solutions that are efficient, reliable, and
cost effective. The Company’s major railroad clients have multiple
systems with artificial intelligence (“AI”) actively running on
their rail networks. The Company recently released information
surrounding its catalog of more than 40 AI detections and some the
success stories on avoiding derailment risk with its
end-of-car-cushion detection in the field.
“Through our ongoing rail industry involvement,
we have been active in identifying the key metrics to support an
increased safety focus including our consultation on the proposed
Rail Safety Act of 2023,” said Duos CEO Chuck Ferry. “Related to
that engagement, we have continued to develop our technologies to
further support those efforts including significant AI development
whereby we already have more than 40 highly effective models,
operating with an often greater than 95% accuracy. We are also
working with a Class 1 railroad who has applied for waivers to the
current inspection methods in order to use the Duos RIP systems in
their inspection plans. As we continue to expand our footprint and
capabilities, we expect to drive greater interest from prospective
customers as well as further improve our performance by leveraging
an ever-growing dataset.”
“Our mission is to make this technology
available to as many railroad operators, car owners and other
related parties through our subscription offerings. This will allow
a much lower pricing point for users to gain access to the data
without the necessity to invest $10’s of millions of dollars to
build and support their own network.”
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 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 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/8a6af6c5-baba-4ac4-b7f3-99784a0e1258
Contacts
Corporate
Fei Kwong, Director, Corporate Communications
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@gateway-grp.com
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