The OTC Markets Group Inc (OTCQX:OTCM) announced Wednesday that Duos Technologies Group Inc (OTCQX:DUOT) has qualified to trade on the OTCQX Best Market, having been upgraded from the OTCQB Venture
The Jacksonville, Florida-based company which serves the $60 billion North American rail market began trading Wednesday morning.
The stock spiked briefly to $0.87 but reverted back to flat at $0.85 on above-average trading volume.
Dous specializes in automated systems with a focus on the protection of critical infrastructure and the automation of complex mechanical inspections of rail assets.
The company says that it avoids a “one size fits all” approach, preferring to individually asses the needs of a system and build a turnkey solution for its customers.
"Congratulations to Duos Technologies Group on upgrading to the OTCQX Best Market," said Jason Paltrowitz, executive vice president of corporate services at the OTC Markets Group. "OTCQX provides innovative and entrepreneurial companies with a transparent, cost-effective market that enables them to build visibility, liquidity and long-term shareholder value."
The OTC Markets Group operates the OTCQX Best Market, the OTCQB Venture Market and the Pink Open Market for 10,000 US and global securities.
"Joining the OTCQX Market is the culmination of years of hard work and dedication from the many loyal and talented employees at Duos, who have collectively built this company into the position of strength we occupy today," said Duos Technologies CEO Gianni Arcaini. "Graduating to the OTCQX platform represents the ultimate level of recognition within the OTC community.”
Arcaini, a 30-year veteran of the tech space, is the brains behind much of the company’s technology with 14 patents or patents pending.
Full steam ahead
Arcaini said that going forward, the company will continue to focus intently on executing its long-term growth strategy.
“We're looking forward to generating even greater interest in our company from the broader investment community," said Arcaini.
Duos offers proprietary technology to both freight and transit railroads including its Railcar Inspection Portal, a 360-degree modular intelligent visualization system.
Simply, the technology takes detailed, real-time, full-picture images of railcars traveling at speeds of up to 120 miles per hour.
Its Linear Panorama Generator “scans” the top, bottom and sides and pieces them together like a puzzle, showing a complete picture of the railcar and producing a very high-definition picture of the entire train from end to end (called a “consist”).
The panoramic view can detect oil leaks, damaged parts, open doors and hatches, alerting inspectors of the issue and showing them the location of the problem. Sophisticated algorithms also identity more complex issues that are difficult to detect by simple visualization, including brake-hose geometry and missing bolts from couplings.
The technology can also spot illegal riders on the side of the train, sharing their location on the train along with an alert.
Providing intelligent solutions
The company specializes in rail-train inspections that rely on Duos’ proprietary Rail Inspection Portal (RIP) technology and all systems are designed to incorporate intelligence, including video analytics, algorithms, and neural networking, to address specific needs. All rail solutions utilize the company’s xtd Extreme True Definition technology which captures over 200 Megapixel images when the train is moving.
Duos said it is advancing its capabilities to help the rail transportation business and expects to release a number of new technologies throughout 2019.
Contact Uttara Choudhury at [email protected]