Duos Technologies Group Inc (NASDAQ:DUOT), through its operating subsidiary Duos Technologies Inc, said Wednesday it has been awarded a new contract from existing customer CN, a world-class transportation leader and trade-enabler.
The agreement, which is effective immediately, includes complete North American service, support, maintenance and spare components sourcing for the seven Railcar Inspection Portals (RIP) currently in operation at CN. The total contract will be recognized as recurring revenue through 2022.
Under the terms of the agreement, Duos' rip system will identify specific railcar inspection points, which are monitored and addressed, using artificial intelligence (AI) applications being developed by the railroad and integrated into the Duos centraco platform.
The Jacksonville, Florida-based company’s RIP technology consists of a 360-degree modular intelligent visualization system that takes detailed, real-time, full-picture images of railcars traveling at certain speeds.
The panoramic view can detect oil leaks, damaged parts, open doors, and open and missing hatches, alerting inspectors to the issue and showing them the location of the problem. Sophisticated algorithms also identify more complex issues.
"Continued service and maintenance of our systems is critical to our partnership and success with CN as we further develop, deploy and integrate our solutions into their North American operating environment," said Duos CEO Chuck Ferry in a statement.
"This investment will dramatically impact the overall productivity and uptime for the railroad's solutions, and we greatly appreciate our continued relationship and CN's trust in Duos to deliver cutting-edge solutions."
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