Duos Technologies Appoints Rail Industry Veteran Frank Lonegro to Board of Directors
July 19 2023 - 7:00AM
Duos Technologies Group, Inc. (“Duos” or the
“Company”) (Nasdaq: DUOT), through its operating subsidiary Duos
Technologies, Inc. a provider of vision based analytical technology
solutions, has appointed rail industry veteran Frank Lonegro to its
Board of Directors. With a 30-year professional career spanning
leadership roles in finance, law, technology and operations, Mr.
Lonegro enjoyed a long and distinguished career at CSX Corporation
(Nasdaq: CSX) starting in 2000 as Assistant General Counsel and
serving in various senior executive roles including Chief Financial
Officer from 2015 to 2019. He currently serves as the Chief
Financial Officer for Beacon Roofing Supply (Nasdaq: BECN), a
Fortune 500 distributor of roofing materials and complementary
building products such as siding and waterproofing.
Mr. Lonegro will serve as an independent
Director of Duos, replacing Ed Harris who served on Duos Board
until November 2022. His addition to the Duos Board brings the
board composition back to five total directors, four of whom are
independent. During his tenure at CSX, Mr. Lonegro was a prominent
advocate for rail safety. He led CSX’s Positive Train Control
(“PTC”) initiative from 2008 to 2015, and represented the industry
in several Congressional and regulatory hearings. Mr. Lonegro has a
proven track record of driving shareholder value, spearheading
major initiatives, navigating complex environments and transforming
organizations. His depth of experience will contribute
significantly to the Duos Board.
“I am delighted to welcome Frank to our Board,”
said Chuck Ferry, Duos CEO. “Emerging, high-growth companies are
well served by Board members like Frank, who have the expertise
necessary to mentor senior management and the vast industry
knowledge to help guide and propel our growth in an industry as
important and complex as rail. I look forward to working with Frank
as Duos continues its growth trajectory and benefitting from his
hands-on approach to sharing his deep industry knowledge.”
“On behalf of the entire Duos organization, I would like to
formally welcome Frank to our Board,” said Company Board Chair
Kenneth Ehrman. “Frank brings decades of leadership experience in
key areas of the transportation and industrial sectors, including
rail operations and safety technology, strategic planning, and
financial and regulatory stewardship, all of which are vital to our
future.”
Mr. Lonegro added: “I’ve been very impressed by
the Duos rail inspection portal technology and believe the Company
is addressing a large, unmet need much in the way that PTC did. I
look forward to offering my knowledge, experience and relationships
with freight and passenger rail operators to help make Duos the
leading wayside transportation technology provider.”
To stay up to date on the Company's most recent
developments or to learn more about the Duos story and its
revolutionary technology platforms, be sure to follow here or sign
up for email alerts here. For more information please contact
DUOT@duostech.com or visit the Company's website and social media
channels: Website, LinkedIn, Twitter.
About Duos Technologies Group, Inc.Duos
Technologies Group, Inc. (Nasdaq: DUOT), based in Jacksonville,
Florida, through its wholly owned subsidiary, Duos Technologies,
Inc., designs, develops, deploys and operates intelligent vision
based technology solutions supporting rail, logistics, intermodal
and government customers that streamline operations, improve safety
and reduce costs. The Company provides cutting edge solutions that
automate the mechanical and security inspection of fast-moving
trains, trucks and automobiles through a broad range of proprietary
hardware, software, information technology and artificial
intelligence. For more information, visit www.duostech.com.
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/decaeca5-85ca-40f4-98d9-2218f4861797
Contacts
Corporate
Fei Kwong, Director, Corporate Communications
Duos Technologies Group, Inc. (Nasdaq: DUOT)
904-652-1625
fk@duostech.com
Investor Relations
Matt Glover or Tom Colton
Gateway Investor Relations
949-574-3860
DUOT@gateway-grp.com
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