This agreement formalizes a long-term partnership between the rail carrier and Duos to proactively co-operate in critical AI solutions to streamline detection of mechanical railcar defects as its equipment traverses
This unique alliance is a major step forward in revolutionizing rail safety practices, emphasizing a commitment to proactive, state-of-the-art technology deployment. Leveraging the power of AI, Duos will work together with the carrier to ensure the highest possible safety standards across its railway network.
“As I discussed in our November conference call, the Company is focused on developing and implementing its best-in-class AI models and making them available to rail companies to help further streamline their operations,” said Duos Chief Executive Officer
Duos has been implementing inspection and AI technologies at Class 1 railroads for more than 13 years based on this approach. This agreement represents the first of a number of anticipated successes in building the Company’s recurring revenue stream.
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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
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Contacts Duos CorporateFei Kwong , Director, Corporate CommunicationsDuos Technologies Group, Inc. (Nasdaq: DUOT) 904-652-1625 fk@duostech.com
Duos Secures $2.4 Million AI Subscription and Services Agreement
Multi-Year Partnership to Use, Maintain, and Further Develop AI-Based Defect Detection Solutions for Streamlined Rail-Transit across North America
2024 GlobeNewswire, Inc., source