Jacksonville-dependent Duos Systems Group Inc. declared Aug. 12 that it signed a lease for a new creating and will move in this fall, but did not specify wherever or how huge.
“We will go in by the stop of Oct,” CEO Chuck Ferry reported in a conference contact with investment analysts.
The corporation claimed in a news release that the constructing is near the company’s present headquarters.
“Terms were structured so that there will be no extra hard cash price via the beginning of 2023,” the launch said.
“The new facility will residence all personnel in one area and has ample room for the Company’s expected expansion around the subsequent 12 months,” it explained.
A June investor presentation reveals Duos has 50 staff.
Duos Systems Team owns Duos Technologies Inc., which styles, deploys and operates technologies that supports rail, logistics, intermodal and federal government prospects “that streamline functions, improve safety and minimize costs.”
Duos Technologies now is based mostly at 6622 Southpoint Drive S., Suite 310, in Fortune Plaza.
The metropolis is reviewing a permit software for Duos Technologies to make-out space on the initially and second flooring at 7660 Centurion Parkway, which is the previous SuperStock creating in Deerwood Park South. The web page is about 4 miles east of the recent office environment.
Emerald C’s Development Inc. is proven as the contractor for the venture to modify 38,748 square feet of room for Duos Technologies at a cost of $973,229.
Duos will choose a lot more than half of the 73,000-square-foot Centurion Parkway composition, built in 1993.
Brennan Financial investment Team, primarily based close to Chicago, owns the creating. 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 mentioned Aug. 5. that he signifies Brennan Investment.
Chrischilles explained Duos Systems is in for permitting for the two-flooring, 40,000-sq.-foot room on the first and next flooring.
Duos spokesperson Fei Kwong mentioned by e-mail Aug. 6 the corporation had no remark about a go
Point out documents display that the enterprise has long leased house in Fortune Plaza.
Duos Systems Group Inc. is shown as DUOT on Nasdaq.
Gianni Arcaini retired as CEO in September 2020, succeeded by Ferry, previous main government officer of Jacksonville-centered APR Power.
On Aug. 12, Duos reported fiscal final results for the 2nd quarter that ended June 30.
It described 2nd-quarter income fell 67% to $649,000 from $1.98 million the calendar year right before. The reduce resulted from a delay in “notices to proceed” for new contracts for the reason that of the pandemic and other financial causes, which includes the chip scarcity.
That led to a $2.95 million internet loss as opposed with a decline of $1.47 million last year.
6-month revenue fell 6% to $2.8 million from $2.97 million ”due to delays in executing new contracts and sure vacation restrictions resulting from macro-financial headwinds.”
The internet decline of $3.36 million compares with a net decline of $3.61 million in the identical period of time past yr. The improvement mainly was attributable to the affect of the Cares Act PPP financial loan forgiveness and the impact of reduce operating expenses.
“Our business is however in the midst of a difficult changeover interval as we make even further investments in both of those infrastructure and support to reinforce our means to fulfill the buy flow we’re anticipating inside the next handful of quarters,” Ferry explained in the release.