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Jax Daily Record Monday, Aug. 9, 202105:00 AM EST

New headquarters in review for Duos Technologies

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The Jacksonville-based transportation technology company could move from Southpoint to Deerwood Park South.

Jacksonville-based Duos Technologies Inc., which designs technology for transportation operations, appears to be working toward a new headquarters in Deerwood Park South.

The city is reviewing a permit application for Duos Technologies to build-out space on the first and second floors of the former SuperStock building in Deerwood Park South at a cost of $973,229.

Emerald C’s Development Inc. is shown as the contractor for the project to modify 38,748 square feet of space for Duos Technologies at 7660 Centurion Parkway.

Duos Technologies now is based at 6622 Southpoint Drive S., Suite 310, in Fortune Plaza.

Campbell + Van Dusen Design Studio of Orlando is the architect for the new space.

Duos Technologies spokesperson Fei Kwong said by email Aug. 6 the company has no comment.

The 7660 Centurion Parkway structure, built in 1993, comprises about 73,000 square feet of space. Duos will take more than half of that.

The rest of the building is used by Johnson & Johnson Vision, which operates its campus nearby.

Brennan Investment Group, based near Chicago, owns the 7660 Centurion Parkway building. Don Hamilton with Foundry Commercial manages it.

Senior Director Chuck White and Senior Vice President Paul Kelly of Coughlin Advisors represented Duos Technologies in the lease negotiations.

Foundry Principal and Jacksonville Director Brad Chrischilles said by email Aug. 5. that he represents Brennan Investment.

“We are very pleased to have Duos Tech moving into the 7660 Building as their new HQ,” Chrischilles said.

He said Duos Technologies is in for permitting for the two-floor, 40,000-square-foot space on the first and second floors.

Oracle Corp. previously leased the space before moving to Gramercy Woods in 2018.

The rest of the building is used by Johnson & Johnson Vision, which operates its campus nearby.

Duos Technologies is modifying 38,748 square feet of space at 7660 Centurion Parkway, the former SuperStock building.

The structure was built for the SuperStock images company in 1993 and expanded in 1998. The site is about 4.9 acres.

Brennan Investment Group LLC bought it in August 2017 for almost $6.26 million. It had been sold twice before that.

Duos Technologies Group Inc. is listed as DUOT on Nasdaq. 

It says at duostech.com that through its wholly owned subsidiary, Duos Technologies Inc., it designs, develops, deploys and operates intelligent technology solutions supporting rail, logistics, intermodal and government customers that streamline operations, improve safety and reduce costs. 

A June investor presentation shows it has 50 employees.

The company says it provides cutting-edge solutions that automate the mechanical and security inspection of fast-moving trains, trucks and automobiles through a range of proprietary hardware, software, information technology and artificial intelligence.

Its annual Securities and Exchange Commission filing said Information Systems Associates Inc. was incorporated in Florida on May 31, 1994.

The original business operations consisted of consulting services for asset management of large corporate data centers and the development and licensing of IT asset management software. 

The filing said that in late 2014, ISA entered merger negotiations with Duos Technologies Inc., which calls itself duostech.

It said that duostech, incorporated in Florida on Nov. 30, 1990, specialized in the design, development and deployment of technology applications and engineered systems for industries.

On April 1, 2015, duostech became a wholly owned subsidiary of ISA.

ISA then changed its corporate name to Duos Technologies Group Inc. and oversees its wholly owned subsidiary, duostech, a technology integrator, software applications and artificial intelligence company with a portfolio of intellectual property. 

State records show that the company has long leased space in Fortune Plaza.

Gianni Arcaini retired as CEO in September 2020, succeeded by Chuck Ferry, former chief executive officer of Jacksonville-based APR Energy.

Adrian Goldfarb is CFO and Connie Weeks is chief accounting officer.

Duos Technologies Group Inc. raised its profile in February 2020, when its common stock was approved to list on the Nasdaq Capital Market.

Second-quarter earnings for the period ended June 30 will be released Aug. 12.

For the first quarter that ended March 31, Duos reported that revenue increased 117% to $2.15 million.

It reported a net loss of $406,023, improved from a net loss of $2.15 million the year before, primarily attributable to the increase in total revenue as well as an increase in other income during the period related to the forgiveness of the company’s CARES Act PPP loan.

The company said May 13 it expects total revenue of $18 million for the fiscal year that ends Dec. 31, based on contracts in backlog and near-term pending orders. It reported revenue of $8 million in fiscal 2020 with a net loss of $6.7 million

Management said it expects its operations to achieve profitability for 2021 with an improved cash liquidity position by year-end. 

“Although uncertainties continue in the macro economic climate, management believes that 2021 will yield a much stronger financial performance for revenue and attain profitability in the second half of the year,” it said.

 

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