JACKSONVILLE, FL / ACCESSWIRE / September 8, 2020 / Duos Technologies Group, Inc. ("Duos or the "Company") (NASDAQ:DUOT), through its operating subsidiary Duos Technologies, Inc., has been awarded an initial contract by an existing Class 1 railroad customer to substantially expand its current relationship and upgrade its scope of work at an existing Railcar Inspection Portal (rip®) for the purpose of instituting increased automated mechanical inspections.
The total contract is valued at approximately $1.3 million and will be executed over the next few months with completion expected before the end of the year. This contract also includes future payments through 2022 for recurring service, maintenance and spare parts components in addition to the base contract value.
The intent of the upgrade is to create new "perspectives" within the current system to identify specific railcar inspection points which can be monitored and addressed through the use of artificial intelligence (AI) applications being developed by the client and integrated into the Duos centraco® platform. The upgrade will initially be performed at one of the railroad's existing Railcar Inspection Portal (rip®) with the expectation that its application will expand to several other locations in the future based on successful proof-of-concept.
"We appreciate the strong endorsement from an existing customer to expand their relationship with us as their needs and our solutions evolve together," said Scott Carns, Chief Operating Officer for Duos Technologies. "Our growing relationship with the entire railroad industry, from Class 1s and their customers through to transit railroads, and, very soon, short lines, showcases the universally accepted quality of our offerings as well as our commitment to maximizing the efficiency and safety of our current and new customers. In many cases, our solutions are mission-critical, and we value the trust placed in our organization to deliver quality solutions and innovative technologies when it matters most."
Duos CEO Chuck Ferry added: "Although I have only been in place for a few days, I am very impressed with the talent of our software and hardware engineering teams. We are developing innovative and cutting-edge technology solutions that help our customers improve their operations, getting the job done better, faster, and safer. I am looking forward to growing our relationship with this customer and leveraging this initial upgrade into additional system deployments in the future."