Duos Technologies Group Announces CFO Transition and Strategic Growth Focus
April 30 2024 - 8:00AM
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, today announced the re-appointment of
Adrian Goldfarb as Chief Financial Officer, effective April 29,
2024, following the departure of Andrew Murphy who has been
recruited by another company to serve as their CFO. Mr.
Murphy served as Duos’ CFO since November 2022 and was instrumental
in the development of the finance team to support senior management
in preparation for an expected growth in business.
"On behalf of the Duos management team and
Board, I extend sincere appreciation to Andrew Murphy for his
outstanding contributions to the Company," said Chuck Ferry, Chief
Executive Officer of Duos. "Andrew's dedication and expertise have
been instrumental in shaping our financial strategy and positioning
Duos for sustained growth. Although I am disappointed that we were
unable to retain him, we wish him all the best in his future
endeavors." In discussing the return of Mr. Goldfarb, Mr. Ferry
said, “Adrian has served as a Strategic Advisor to me and due to
the stage that we are at with an expansion of our business, I
wanted to replace Andrew with someone who has a deep knowledge of
the business and can quickly assume the role so that we can
continue our progress seamlessly.”
Expressing gratitude for his tenure, Murphy
stated, "It has been a privilege to contribute to Duos' operational
development over the past years. I extend my heartfelt appreciation
to Chuck, Adrian, and the entire Board for their unwavering support
and confidence. I am confident that Duos is well-positioned for
continued success under Adrian's leadership."
Adrian Goldfarb, as returning CFO, brings a
wealth of experience and a deep understanding of Duos' operations
and financial landscape. Goldfarb's tenure with Duos dates back
over a decade, during which he has played a pivotal role in shaping
the Company's financial strategies working closely with the
investment community.
"I am honored to re-assume the role of CFO at
Duos," stated Mr. Goldfarb. "Having been part of this remarkable
journey for over a decade, I am excited to leverage my experience
and insights to further drive Duos' financial performance and
support its strategic objectives." In his new capacity, Goldfarb
will lead Duos' financial operations and strategic planning
efforts, focusing on accelerating growth initiatives such as the AI
Rail Data Subscription expansion, Edge Data computing strategy, and
advancements in the power generation and energy sector.
Chuck Ferry also expressed appreciation for
Goldfarb's contributions, stating, "We are grateful for Adrian's
steadfast dedication and invaluable contributions to Duos'
financial success over the years. As he returns to this role, I am
confident that Adrian will continue to play a pivotal role in
driving our growth trajectory and delivering value to our
shareholders."
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 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/5d0a43f7-8305-4326-b16f-5d00628e05f6
Contacts
Corporate
Fei Kwong, Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
904-652-1625
fk@duostech.com
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