JACKSONVILLE, Fla., March 01, 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, issued a statement today highlighting how its Railcar Inspection Portal (“rip®” or “RIP”) can be customized to address specific applications to assist rail operators in enhancing safety on the North American Rail Network.
Safety is the highest priority of the railroad industry. Railcars contain hundreds of parts and critical components that must be inspected frequently to ensure safe and reliable operations. Duos works with its customers to understand their priorities and designs its systems to address key inspection points. There are 13 Duos RIPs currently deployed in North America which can inspect from 25 to over 90 different views depending on how they are configured. The highly customizable nature of the Duos RIP allows rail companies to tailor their operations to mitigate preventable mechanical factor derailments. Further, a RIP can visually detect potential mechanical issues that can lead to the overheating of components in the wheel or brake area of a railcar as is suspected in the recent East Palestine, Ohio derailment. Unlike the older "hot box detector" technology, which is employed as a last resort measure, Duos' RIP provides artificial intelligence-enabled maintenance monitoring to help identify potential failures before they escalate.
The RIP architecture is modular and can be customized to include AI pre-detection capabilities to identify a wide variety of defects. The professionally developed AI detections help streamline inspections to a highly automated process that automatically targets and identifies a wide variety of railcar defects thus providing mechanical inspectors with real-time alerts and notifications ahead of potential wider ranging problems such as derailments. This automation greatly reduces the inspection cycle time by immediately drawing attention to the most critical areas.
Beyond simple imaging, the RIP is a comprehensive inspection solution with a proven record of success in streamlining railcar inspections.
“As an approved vendor for a national passenger rail carrier, we have been receiving increased inquiries from potential customers, shareholders and government officials related to the recent derailment in Ohio,” said Duos Chief Executive Officer Chuck Ferry. “While our systems have successfully prevented potential derailment situations in other scenarios, because the review process remains ongoing we will not speculate on our ability to have prevented, alerted or otherwise made an impact in this unfortunate incident. In the meantime, we support the increased attention now being placed on the need for safer railroading procedures, which can be aided and improved by technology and automation powered by AI.”
Duos recently issued a press release citing how their customers are increasingly implementing targeted AI to enhance their inspections.
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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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