New Support and AI Agreement Secures $360,000 Annual Recurring Revenue
Mexican Rail Operator Renews Support Contract and Adds Duos AI
New Support and AI Agreement Secures $360,000 Annual Recurring Revenue ·GlobeNewswire Inc.
JACKSONVILLE, Fla., Feb. 22, 2024 (GLOBE NEWSWIRE) -- 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.
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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.
