Duos RIP® Scans Over Eight and a Half Million Railcars in ‘23
23 Enero 2024 - 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 (“AI”) to analyze fast moving freight, passenger and
transit trains and trucks, has reported that in 2023 the Company’s
Railcar Inspection Portal (“rip®” or “RIP”) technology performed
more than eight and a half million comprehensive railcar scans, on
over 665,000 unique railcars. This metric encompasses all railcars
scanned at locations across the U.S., Canada, and Mexico,
representing approximately 40% of the total freight car population
in North America.
The Company works with freight and passenger
rail in North America and is becoming the industry standard for
detecting and identifying mechanical issues on railcars. The
Company’s major North American railroad clients have multiple
systems with artificial intelligence actively running on their rail
networks.
Duos recently formalized a long-term partnership
with a major Class 1 railroad to proactively develop critical AI
solutions to streamline detection of mechanical railcar defects as
its equipment traverses North America. The recently awarded
long-term contract covers implementation, development and support
services of AI on a recurring revenue basis.
“For the past 18 months we have been laser
focused on developing our in-house AI capabilities, using
professional railroaders and software developers,” said Duos Chief
Executive Officer Chuck Ferry. “The introduction of our
subscription offering which is now in use at major freight and
passenger carriers, will help to monetize the growing amount of
data that we collect on railcars that pass through our systems and
is now starting to deliver results as evidenced by our recent
announcement. The growing number of railcar scans continues to
improve our data base and give increasing accuracy to our
models.”
Duos has been implementing inspection and AI
technologies at railroads for more than 13 years and more recently,
incorporated professional railroader staff into its in-house
development teams.
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 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/6d3138ff-5f10-4786-86be-5e43a5ced351
Contacts
Corporate
Fei Kwong, Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
904-652-1625
fk@duostech.com
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