Duos also has two additional highly advanced RIPs being manufactured, which will be deployed on the high-speed rail network in the Northeast Corridor in the coming months. These advanced RIPs will deploy new machine vision technologies capable of capturing safety data at speeds of up to 125 miles per hour. Duos expects to deploy new wheel and brake inspection technologies with this installation. The Company also recently disclosed that it intends to build and deploy additional systems around the North American rail network which can be accessed via subscription, lowering the barriers to entry for acquiring a RIP system for railroads and railcar owners alike.
Duos’ RIP technology is rapidly becoming the industry standard for detecting and identifying mechanical issues on railcars as operators aim to meet the increasing need for compliance and safety solutions that are efficient, reliable, and cost effective. The Company’s major railroad clients have multiple systems with artificial intelligence (“AI”) actively running on their rail networks. The Company recently released information surrounding its catalog of more than 40 AI detections and some the success stories on avoiding derailment risk with its end-of-car-cushion detection in the field.
“Through our ongoing rail industry involvement, we have been active in identifying the key metrics to support an increased safety focus including our consultation on the proposed Rail Safety Act of 2023,” said Duos CEO
“Our mission is to make this technology available to as many railroad operators, car owners and other related parties through our subscription offerings. This will allow a much lower pricing point for users to gain access to the data without the necessity to invest $10’s of millions of dollars to build and support their own network.”
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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 CorporateFei Kwong , Director, Corporate CommunicationsDuos Technologies Group, Inc. (Nasdaq: DUOT) 904-652-1625 fk@duostech.com Investor RelationsMatt Glover orTom Colton Gateway Investor Relations 949-574-3860 DUOT@gateway-grp.com
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