$2.2 million Funding Secured for Duos Subsidiary
24 7월 2024 - 9:00PM
Duos Technologies Group, Inc. (“Duos” or the
“Company”) (Nasdaq: DUOT), through its operating subsidiary Duos
Edge AI, Inc. (“Duos Edge AI”), a provider of adaptive,
versatile, and streamlined Edge Data Center (“EDC”) solutions
tailored to meet evolving needs in any environment, announced today
that it has secured sufficient funding for the production of its
first three EDCs. Duos Edge AI entered into secured promissory
notes for a total of $2.2 million with two institutional investors
in the Company. The funding will be used for the construction,
deployment and initial operations of EDCs in remote districts,
including for schools, government, and health facilities. The first
EDC is expected to be in full production by late October, with the
second and third units following closely and expected to be in
production by November.
Doug Recker, President of Duos Edge AI, thanked
the investors for their confidence in providing the initial funding
to the new division. "The availability of this funding will allow
us to get to deployment and revenue production as forecasted and
also paves the way for expected fast growth as we pursue the many
opportunities available to us," said Recker.
Chuck Ferry, CEO of Duos, shared his enthusiasm
for the new project. "I am pleased that we continue to have solid
support from our legacy shareholders, both for equity and now
debt," he said. “I believe that this is just the beginning of a new
phase of growth for Duos and I look forward to reporting further
progress at our upcoming shareholders conference call.”
As disclosed in a recent 8-K, the deal is for
$2.2 million in debt, maturing at the end of 2025. The notes carry
an interest charge of 10% per annum and there are no payments in
the interim. Duos Edge AI will reserve funds from revenues
generated on these units for repayment purposes and the Company
will hold any receipts from its ATM (“at the market”) facility to
ensure that notes are repaid on time. Duos will continue to support
operations for Duos Edge AI and is currently reviewing potential
ongoing debt funding proposals from other lenders as the subsidiary
continues to expand.
To learn more about Duos Edge AI, visit:
www.duosedge.aiTo learn more about Duos Technologies, visit
www.duostechnologies.com
About Duos Edge AI, Inc.
Duos Edge AI, Inc. is a subsidiary of Duos
Technologies Group, Inc. (Nasdaq: DUOT). Duos Edge AI's mission is
to bring advanced technology to underserved communities,
particularly in education, healthcare, and rural industries, by
deploying high-powered edge computing solutions that minimize
latency and optimize performance. Duos Edge AI specializes in
high-function Edge Data Center (“EDC”) solutions tailored to meet
evolving needs in any environment. By focusing on providing
scalable IT resources that seamlessly integrate with existing
infrastructure, its solutions expand capabilities at the network
edge, ensuring data uptime onsite services. With the ability to
provide 100 kW+ per cabinet, rapid 90-day deployment, and
continuous 24/7 data services, Duos Edge AI aims to position its
edge data centers within 12 miles of end users or devices,
significantly closer than traditional data centers. This approach
enables timely processing of massive amounts of data for
applications requiring real-time response and supporting current
and future technologies without large capital investments. For more
information, visit www.duosedge.ai.
About Duos Technologies Group,
Inc.Duos Technologies Group, Inc. (Nasdaq: DUOT), based in
Jacksonville, Florida, through its wholly owned subsidiaries, Duos
Technologies, Inc. and Duos Edge AI, Inc. designs, develops,
deploys, and operates intelligent technology solutions for Machine
Vision and Artificial Intelligence (AI) applications including
real-time analysis of fast-moving vehicles and Edge Data Centers.
For more information, visit www.duostech.com and
www.duosedge.ai.
Forward- Looking StatementsThis
news release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
regarding, among other things our plans, strategies and prospects
-- both business and financial. Although we believe that our plans,
intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, we cannot assure you
that we will achieve or realize these plans, intentions or
expectations. Forward-looking statements are inherently subject to
risks, uncertainties and assumptions. Many of the forward-looking
statements contained in this news release may be identified by the
use of forward-looking words such as "believe," "expect,"
"anticipate," "should," "planned," "will," "may," "intend,"
"estimated," and "potential," among others. Important factors that
could cause actual results to differ materially from the
forward-looking statements we make in this news release include
market conditions and those set forth in reports or documents that
we file from time to time with the United States Securities and
Exchange Commission. We do not undertake or accept any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in our
expectations or any change in events, conditions or circumstances
on which any such statement is based, except as required by law.
All forward-looking statements attributable to Duos Technologies
Group, Inc. or a person acting on its behalf are expressly
qualified in their entirety by this cautionary language.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5a933097-1f56-4256-a5d2-ab53af184973
Contacts
Corporate
Fei Kwong
Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
+1.904.652.1625
fk@duostech.com
DUOT@duostech.com
Duos Edge AI
Media Contact
iMiller Public Relations
+1.914.315.6424
pr@imillerpr.com
Duos Technologies (NASDAQ:DUOT)
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