JACKSONVILLE, Fla., March 23, 2023 (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 that analyzes fast moving vehicles, today announced the release of two new passenger railcar artificial intelligence (“AI”) detection models for use with the Company’s Railcar Inspection Portal (“rip®” or “RIP”) solution. The new offerings are the latest additions to a growing catalogue of inspection tools that allow passenger railcar operators to inspect trains at speeds up to 125 miles per hour.
The specific focus of the new models is on the carrier plate and F-Pin securement, both of which are difficult to observe but critical for passenger safety and derailment avoidance. High-speed images monitor and detect missing draft gear carrier plate bolts and cotter keys for the carrier plate and F-Pin, respectively, helping to pre-plan maintenance more economically. These models are the first release of passenger railcar AI detections and are adaptable to other transit car types.
“Our primary focus continues to be on building an industry-leading artificial intelligence company,” said Duos Chief Executive Officer Chuck Ferry. “Our AI team has continued to push the envelope with the quality and quantity of our detection models. Our 100% customer retention rate is a key reflection of the satisfaction that our clients have with our AI offerings. These additional models for passenger transportation are an essential component of our rail business expansion and help increase the overall prospect pool for our new subscription offering.”
Duos publishes a catalogue of AI detection models which can be accessed here.
The Company recently released news of additional business in its passenger segment and expects that this area will become a growing opportunity going forward.
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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 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.
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