Duos Technologies Group Announces CFO Transition and Strategic Growth Focus

JACKSONVILLE, Fla., April 30, 2024 (GLOBE NEWSWIRE) -- Duos Technologies Group, Inc. (“Duos” or the “Company”) (Nasdaq: DUOT) through its operating subsidiary Duos Technologies, Inc. a provider of Machine Vision and Artificial Intelligence (“AI”) to analyze fast moving freight, passenger and transit trains and trucks, today announced the re-appointment of Adrian Goldfarb as Chief Financial Officer, effective April 29, 2024, following the departure of Andrew Murphy who has been recruited by another company to serve as their CFO.   Mr. Murphy served as Duos’ CFO since November 2022 and was instrumental in the development of the finance team to support senior management in preparation for an expected growth in business.

"On behalf of the Duos management team and Board, I extend sincere appreciation to Andrew Murphy for his outstanding contributions to the Company," said Chuck Ferry, Chief Executive Officer of Duos. "Andrew's dedication and expertise have been instrumental in shaping our financial strategy and positioning Duos for sustained growth. Although I am disappointed that we were unable to retain him, we wish him all the best in his future endeavors." In discussing the return of Mr. Goldfarb, Mr. Ferry said, “Adrian has served as a Strategic Advisor to me and due to the stage that we are at with an expansion of our business, I wanted to replace Andrew with someone who has a deep knowledge of the business and can quickly assume the role so that we can continue our progress seamlessly.”

Expressing gratitude for his tenure, Murphy stated, "It has been a privilege to contribute to Duos' operational development over the past years. I extend my heartfelt appreciation to Chuck, Adrian, and the entire Board for their unwavering support and confidence. I am confident that Duos is well-positioned for continued success under Adrian's leadership."

Adrian Goldfarb, as returning CFO, brings a wealth of experience and a deep understanding of Duos' operations and financial landscape. Goldfarb's tenure with Duos dates back over a decade, during which he has played a pivotal role in shaping the Company's financial strategies working closely with the investment community.

"I am honored to re-assume the role of CFO at Duos," stated Mr. Goldfarb. "Having been part of this remarkable journey for over a decade, I am excited to leverage my experience and insights to further drive Duos' financial performance and support its strategic objectives." In his new capacity, Goldfarb will lead Duos' financial operations and strategic planning efforts, focusing on accelerating growth initiatives such as the AI Rail Data Subscription expansion, Edge Data computing strategy, and advancements in the power generation and energy sector.