Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT), through its subsidiary Duos Edge AI, Inc. (“Duos Edge AI”), has announced a significant milestone in the production of its innovative Edge Data Center (EDC) solutions. With secured funding totaling $2.2 million from two institutional investors, Duos Edge AI is poised to commence the construction, deployment, and initial operations of its first three EDCs.
The secured promissory notes, which mature at the end of 2025 and carry an annual interest rate of 10%, will facilitate the production of EDCs tailored to meet the dynamic needs of various environments, including remote districts serving schools, government agencies, and health facilities. The first EDC is anticipated to be fully operational by late October, with the subsequent units expected to follow in November.
Doug Recker, President of Duos Edge AI, expressed gratitude towards the investors for their confidence in the new venture. “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, echoed this optimism, highlighting the ongoing support from legacy shareholders. “I am pleased that we continue to have solid support from our legacy shareholders, both for equity and now debt. 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 filing, Duos Edge AI will allocate revenues generated from these EDC units towards repaying the notes. Additionally, receipts from its ATM (“at the market”) facility will be reserved to ensure timely repayment. The Company is also exploring additional debt funding proposals to support the ongoing expansion of Duos Edge AI.
For more information about Duos Edge AI and its cutting-edge solutions, visit www.duosedge.ai.
To learn more about Duos Technologies Group, visit www.duostechnologies.com.
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