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.
“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.