SOURCE: Duos Technologies Group, Inc.

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November 03, 2015 08:30 ET

Duos Technologies Settles Outstanding Lawsuit

Settlement Will Result in One-Time Non-Cash $840,000 Gain in Earnings

JACKSONVILLE, FL--(Marketwired - November 03, 2015) - Duos Technologies Group (OTCQB: DUOT), a provider of intelligent security analytical technology solutions, has reached settlement on a long standing lawsuit involving its subsidiary, Duos Technologies, Inc. The settlement, which is premised on Duos' making a one-time payment of $550,000 by February 16, 2016, will also have a significant positive (non-cash) impact on the Company's earnings in 2015.

Adrian Goldfarb, Duos Technologies Group's Chief Financial Officer, stated, "This is a very positive outcome for the Company and is part of ongoing efforts to improve our balance sheet. We believe that this development, combined with recent requests on the part of a number of our debt holders to convert debt to equity, demonstrates confidence that Duos is executing its three year strategic plan for growth and profitability."

Duos Technologies Group's Chief Executive Officer, Gianni Arcaini, who led the settlement negotiations, added, "I am pleased that we could bring this matter to conclusion in a positive way for the Company. This settlement will avoid time consuming and expensive litigation. Given the potential risks and limited upside that could be gained, we view this as a very favorable resolution. Our focus will be to continue making improvements in our balance sheet through reductions in debt and a focus on profitable sales growth."

About Duos Technologies Group Inc.
Duos Technologies Group, Inc. (OTCQB: DUOT), based in Jacksonville, FL, provides intelligent security analytical technology solutions with a strong portfolio of intellectual property. The Company's 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.

For more information, check out: http://www.duostech.com.

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