SOURCE: Duos Technologies Group, Inc.

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August 04, 2016 08:00 ET

Duos Technologies Awarded $1.2 Million Contract From Ferrocarril Mexicano (Ferromex)

High Resolution Train Imaging System for Security and Mechanical Inspection Strategies

JACKSONVILLE, FL--(Marketwired - August 04, 2016) - Duos Technologies Group, Inc. (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, has been awarded a $1.2 Million contract from Ferrocarril Mexicano S.A. de C.V. (Ferromex) for a complete train imaging system. The system will be based on Duos Technologies' proprietary Railcar Inspection Portal technology, the company's latest innovation that combines several proprietary intelligent technologies and sub-systems using analytical algorithms to process and evaluate a broad range of data from multiple sensor technologies. The system will be installed on Ferromex's main line and will operate at train speeds of up to 110 Km/h (70 mph).

"We look to embrace smart technologies with a focus on increasing operating efficiencies, improving our safety record and decreasing dwell times of our rolling stock. We believe that the Duos system will help us improve system-wide security as well as safety and efficiency by taking advantage of preventive maintenance strategies and reducing network costs associated with current inspection processes," stated Hugo Gomez, Chief Operating Officer for Ferromex.

"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," stated Felix Krupczynski, EVP & GM for Duos Technologies. "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."

Gianni Arcaini, Duos Technologies Group's CEO stated, "We are very pleased to forge this partnership with Ferromex, Mexico's largest rail operator. We expect to deploy several additional systems in the near future throughout Mexico. Our library of automated inspection strategies is rapidly expanding, and represents a major growth path for our company in this application space. This advanced technology is a complete solution for transportation applications, which is expanding to also cover transit rail and related infrastructure."

About Ferromex

Ferromex is a private rail consortium that operates the largest railway in Mexico with a combined mileage of over 6000 miles of track covering the major industrial and commercial zones in the country while connecting to the rest of the world through eight seaports and four border crossings.

About Duos Technologies Group Inc.

Duos Technologies Group, Inc. (OTCQB: DUOT), based in Jacksonville, FL, through its wholly owned subsidiary, Duos Technologies Inc., provides intelligent security analytical technology solutions with a strong portfolio of intellectual property. Duos Technologies' core competencies include advanced intelligent technologies that are delivered through its proprietary integrated enterprise command and control platform, centraco™. The Company provides its broad range of technology solutions with an emphasis on mission critical security, inspection and operations within the rail, utilities, petrochemical, healthcare, and hospitality sectors. Duos Technologies Group also offers IT professional services.

For more information, visit: http://www.duostech.com.

Forward Looking Statements

This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections and reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to our ability to continue operating or growing our business by expanding deployments in Mexico and elsewhere, sufficiency of our cash flow to fund further research and development and the growth of our business, ability to raise working capital, ultimate profitability our business environment and industry trends, competitive environment and general changes in economic conditions and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including our Annual Report Form 10-K for the year ended December 31, 2015. Any forward-looking statement made by us herein speaks only as of the date on which it is made. We undertake no obligation to revise or update any forward-looking statement for any reason.

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