The renewal agreement includes an annual subscription for an array of AI algorithms requested by the client who uses the Duos patented Railcar Inspection Portal (RIP®) and AI to quickly and efficiently detect critical issues that could potentially lead to accidents or derailments. As part of the agreement, Duos will provide maintenance and technical services for their existing RIP®, offering comprehensive support that includes field services to address break/fix issues and onsite preventive maintenance checks and services, along with spare parts provision.
"We are honored to continue our long-standing support for this customer. Our patented Railcar Inspection Portal and AI are now being used by four of the large freight rail carriers in
Duos' AI-driven railcar inspection solutions are revolutionizing the rail industry, enabling freight and passenger railroads to quickly and efficiently detect critical equipment defects to ensure compliance with regulatory standards. The expanded partnership with this operator accentuates Duos' position as a trusted partner in the rail industry and highlights the Company's focus on recurring revenue streams and helping the users get the maximum return on their investment.
Duos was recently awarded a Patent for this AI technology underscoring the high performance of Duos’ AI offerings which have been developed using rail industry experts. Critical AI-based defect detections are available to the customer within one (1) minute or less of the consist passing through the inspection portal; providing actionable intelligence for rail operators to make critical business decisions in record time. Duos’ offerings are the North American Class-1 standard for railroads to use where automated inspection is required and are now being offered outside of
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
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
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/302c8f09-dc9a-4c90-a074-09df40683e63
Contacts Duos CorporateFei Kwong , Director, Corporate CommunicationsDuos Technologies Group, Inc. (Nasdaq: DUOT) 904-652-1625 fk@duostech.com
Mexican Rail Operator Renews Support Contract and Adds Duos AI
New Support and AI Agreement Secures $360,000 Annual Recurring Revenue
2024 GlobeNewswire, Inc., source