JACKSONVILLE, Fla., May 30, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), through its operating subsidiary Duos Technologies, Inc., a provider of Machine Vision and Artificial Intelligence (“AI”) to analyze fast moving freight, passenger and transit trains and trucks, has entered into a three-year agreement with Canadian Pacific Kansas City (CPKC) (NYSE: CP) (TSX: CP) allowing CPKC to use Duos developed Artificial Intelligence Solutions for mechanical inspections and cross-border velocity and efficiency.
The agreement marks a significant milestone for both entities with a multi-year agreement to implement advanced AI-based models in CPKC’s transnational operations.
Leveraging the Duos RIP® and AI technology supports CPKC’s cross-border operations by enhancing train inspection ability. The agreement with Duos also incorporates a three (3) Year Enterprise Subscription and Preventive Maintenance/Repair Service Agreement, setting a new industry standard for comprehensive and long-term collaboration in railway safety initiatives.
“I would like to thank CPKC for their commitment to Duos and their recognition of the Duos Railcar Inspection Portal capabilities to help them with their southern border initiative. All of us know how moving commerce across the border safely and securely is critical to our nation’s economy,” said Duos CEO, Chuck Ferry.
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About Duos Technologies Group, Inc.
Duos Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville, Florida, through its wholly owned subsidiary, Duos Technologies, Inc., designs, develops, deploys, and operates intelligent vision-based technology solutions supporting rail, logistics, intermodal and government customers streamlining operations, improving safety, and reducing costs. The Company provides cutting edge solutions that automate the mechanical and security inspection of fast-moving trains, trucks, and automobiles through a broad range of proprietary hardware, software, information technology and artificial intelligence. For more information, visit www.duostech.com.
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 United States Securities and Exchange Commission. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions, or circumstances on which any such statement is based, except as required by law. All forward-looking statements attributable to Duos Technologies Group, Inc. or a person acting on its behalf are expressly qualified in their entirety by this cautionary language.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/79974435-3df3-4524-82e8-df7f9d7e6bab
Contacts Duos Corporate Fei Kwong, Director, Corporate Communications Duos Technologies Group, Inc. (Nasdaq: DUOT) 904-652-1625 fk@duostech.com
