Duos Technologies Announces Major Business Expansion
June 20 2024 - 8:00AM
Duos Technologies Group, Inc. (“Duos” or the
“Company”) (Nasdaq: DUOT), held a press conference on June 18th,
highlighting key developments in its business strategy. The event
was attended by local dignitaries, members of the Jacksonville
Chamber of Commerce, and key industry stakeholders. The event was
also streamed live via the Duos YouTube channel.
CEO Chuck Ferry announced that the Company had
signed a strategic partnership with a Class 1 railroad in
preparation for rolling out its subscription based railcar
inspection system. The System has been under development and is
currently in both production and test environments with key
railroad operators. It expects to announce more details in the next
few weeks but Mr. Ferry disclosed that Amtrak is a current user of
the system. Amtrak has engaged Duos to build two sophisticated,
high-speed systems expected to be in production early next year and
was in the process of shipping the first part of those systems
during the event. The system shipped is a specialized Edge data
center to handle the massive amounts of AI and data processing and
is similar to the Edge Data Centers that will be deployed by Duos
new subsidiary. This data center will support the two portals which
are capable of performing mechanical analysis of trains at speeds
up to 125 MPH, and will deliver actionable safety data within 60
seconds, enhancing safety and efficiency in rail operations.
Mr. Ferry also commented on the depth of
experience at Duos including the ability to deploy large,
sophisticated projects including the RIP®s, Edge Data Centers and
the provision of power infrastructure necessary to support such
projects. With these new developments, Duos is now engaged in the
fast-growing areas of AI, data center deployment and power
infrastructure. According to Michael Elias, Senior Equity Research
Analyst at TD Cowen, “AI is driving a re-rating of the data center
demand as the data center leasing seen in the last 12 months is the
equivalent of adding an entire New York City to the US electricity
grid”.
"We are thrilled to announce these
groundbreaking developments that not only reinforce our leadership
in rail safety but also expand our technological reach into new
markets,” said Chuck Ferry, CEO of Duos. “Our partnership with
Amtrak and the deployment of our Edge Data Center represents
significant strides forward, while the formation of Duos Edge AI
marks an exciting new chapter for our company."
Mr. Ferry also announced that Doug Recker, an IT
veteran and former marine, has been appointed as the President of a
new subsidiary, Duos Edge AI Inc., effective July 15, 2024. Mr.
Recker spoke briefly about his views on the large opportunity for
Duos including the provision of Edge Data Centers to remote
districts, including schools and health facilities. This venture
will leverage Duos' AI processing expertise to drive innovation and
efficiency in various sectors. Mr. Recker, with over 30 years of
experience in telecommunications and data centers, will lead the
subsidiary's efforts to deliver high-speed connectivity and compute
power to underserved areas.
"I am excited to join Duos and lead Duos Edge
AI. Our focus on education, healthcare, and rural industries will
help drive innovation and growth, ensuring that these communities
benefit from the same technological advancements as major urban
centers," said Doug Recker, President of Duos Edge AI.
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/58a6ad7d-fe1d-46a3-80c4-19fa1c4beb11
A video accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/4b4a79cb-0739-4046-90df-dc5ede4f3b48
Contacts
Duos Corporate
Fei Kwong, Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
904-652-1625
fk@duostech.com
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