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Duos Technologies ( NASDAQ: DUOT ) through its operating subsidiary Duos Technologies today announced an expanded business plan to build, own, and operate railcar inspection portals at strategic locations within the North American rail network.
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Following the close of a capital raise currently underway, the company will initiate procurement for equipment & components and commence manufacturing of the first two Duos-owned Subscription RIPs.
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The Subscription RIPs will be 100% owned and operated by Duos supplying near real-time machine vision-based data and artificial intelligence-based detections to railcar owners who subscribe to these enhanced services.
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The company currently has 11 RIPs in operation and expects to have 15 RIPs installed by the end of Q1, 2023 in support of current Class 1 and transit customers and targeting to install up to five additional Subscription RIPs during the second half of FY2023 finishing the year with a total of 20 RIPs in operation.
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Earlier today, the company reaffirmed its annual revenue guidance of $16.5M to $18M.
For further details see:
Duos Technologies announces new and expanded subscription offerings through company-owned inspection portals