Benzinga | Jan 27, 2022 08:25AM EST

Duos Technologies Secures $2.7M Contract For Railcar Inspection Portal At The Southwestern U.S. Border

Duos Technologies Group, Inc. ("Duos" or the "Company") (NASDAQ:DUOT) through its operating subsidiary Duos Technologies, Inc., a provider of vision based analytical solutions, has been awarded a contract from an existing Class I rail operator customer to deploy an additional Railcar Inspection Portal (rip(r)) on the U.S. side of the customer's Southwestern border operations.

Utilizing Duos' Expert Artificial Intelligence ("EAI"), this system will perform customary automated inspection and be integrated into U.S. government operations along the border. The Company believes this order is indicative of an increasing trend within the railroad industry to leverage technology-based systems to improve inspection operations and increase train velocity at strategic locations.

The award is initially valued at more than $2.7 million of one-time project and recurring revenues. The recurring revenue portion encompasses annually renewable site maintenance and artificial intelligence services. Duos will also provide its railcar-specific artificial intelligence algorithms and proven AI development processes through its proprietary truevue360 platform, ensuring accurate detection results for both the railroad and government agencies involved with this effort. Installation and development efforts are expected to be completed within calendar year 2022.

Duos CEO Chuck Ferry commented, "As always, we would like to thank our railroad partners for the continued confidence in our technologies and our team. This unique opportunity working cooperatively with our Class 1 partner and the U.S. Government is a great example of how our innovative technologies are leveraged as a force multiplier for both automated inspection of railcars and Homeland Security initiatives. We expect this enhanced inspection process to become the standard at all U.S. border crossings in the future."