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Duos Technologies Awarded $2.1M Contract for Artificial Intelligence Integration by Class One Railroad
JACKSONVILLE, FL / ACCESSWIRE / June 4, 2020 / Duos Technologies Group, Inc. ("Duos or the "Company") (NASDAQ:DUOT), through its operating subsidiary Duos
About this update from Duos Technologies Group, Inc.
[{"type":"text","content":"JACKSONVILLE, FL / ACCESSWIRE / June 4, 2020 / Duos Technologies Group, Inc. (\"Duos or the \"Company\") (NASDAQ:DUOT), through its operating subsidiary Duos Technologies, Inc., has been awarded a contract by an existing class one railroad customer to integrate up to one hundred (100) artificial intelligence (\"AI\") use cases into its proprietary centraco® platform for eventual use by the railroad in its automation-focused efforts.The contract is valued at approximately $2.1 million and will be executed in two phases, with half occurring in 2020 and the balance expected to be completed in early 2021. The contract also includes a significant recurring service and maintenance component for the new software being developed.Initially, this integration will occur at one of the railroad's existing Railcar Inspection Portal (rip®) sites with plans to expand to several other locations in the future. The contract will be executed by the Company's subsidiary TrueVue360, Inc. and includes the development of a new Application Programming Interface (API) to allow for seamless third-party integration and the transfer of data into the existing rip® systems.\"We value our relationships with the Class One freight railroads, and this expansion of our relationship with a major customer shows the ongoing value we are able to provide to their inspection and safety efforts,\" said Scott Carns, Chief Operating Officer for Duos Technologies, the Company's operating subsidiary. \"Our team is extremely motivated to expand our technologies across North America, and we believe this new win for our AI business signifies the first of others to come as we continue to expand our offerings and provide a more essential service to our rail customers.\"Duos Chairman and CEO Gianni Arcaini added: \"This award is yet another major milestone in achieving full automation of the rail car mechanical inspection process. We believe this particular software platform expansion is not only adaptable to the rail sector but also to many other industries. As we continue to prove our capabilities in our core market, we will look to expand into these adjacent opportunities as a logical next step.\"Implementation is expected to begin later this summer.About Duos Technologies Group, Inc.Duos Technologies Group, Inc. (NASDAQ:DUOT), based in Jacksonville, Florida, through its wholly...