Sign up Canada
Proactive Investors - Run By Investors For Investors

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.

View full DUOT profile View Profile

Duos Technologies Group, Inc Timeline

Related Articles

Big Data
January 15 2018
The company is developing a Human Resources analytics product suite using the core technologies from its other applications
1507051266_SEB-slide-for-Proactive.jpg
October 03 2017
A blue-chip client base in Canada and a new JV designed to replicate that success in the US
Trading screen
June 13 2018
Following a root and branch overhaul, the company is setting its sights firmly on a SaaS business model as it reconnects with its technology pedigree
Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use