logo-loader
viewDuos Technologies Group, Inc.

Duos Technologies wins multi-million dollar contract with Canadian National Railway

The technology solutions company is also eyeing a Phase 2 bid to check for mechanical problems via algorithms

Railcars on a track
Shares of the tech company jumped in afternoon trading

Duos Technologies Group (OTCQB:DUOT) shares surged after the technology solutions company announced that it was awarded a multi-million dollar contract with the Canadian National Railway Co (NYSE:CNI).

Using Duos’ proprietary Railcar Inspection Portal technology, the contract includes four complete rail inspections and the use of its thermal undercarriage inspection system.

Shares of the Florida-based company jumped around 20% to US$0.30.

WATCH: Duos Technologies Group expands business to retail space with $2.8 mln deal

“Our Railcar Inspection Portal system substantially improves effectiveness of not only railcar inspections through high resolution 360-degree imaging of the railcar, but also incorporates critical security features,” said COO Noel Heiks. “Monitoring and maintaining the structural health of railcars and its environment is important to ensure secure, safe and efficient railroad operation and is a paramount focus of today’s global rail industry.”

The systems, which will be installed in the Winnipeg, Manitoba area, can withstand extreme cold and train speeds of up to 70mph.

The company will also participate in a Phase 2 bid to expand the projects by adding algorithms to evaluate railcars for mechanical problems.

CEO Gianni Arcaini said in a statement that the company expects to install additional systems throughout Canadian National Railway’s network in the near future.

Quick facts: Duos Technologies Group, Inc.

Price: - -

OTCQX:DUOT
Market: OTCQX
Market Cap: -
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Duos Technologies Group, Inc. named herein, including the promotion by the Company of Duos Technologies Group, Inc. in any Content on the Site,...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Duos Technologies launches dcVue, its new data collection software platform

Duos Technologies Group Inc (OTCQB:DUOT) CFO Adrian Goldfarb and Head of Business Development Geoff Greene tells Proactive Investors the company has announced the launch of dcVue, its new data collection software platform. Based on the analytical tech company’s patented method for...

on 23/6/18

2 min read