All Funds Will Be Used To Quickly Deploy
AssetCareTM Cloud Solutions
- Initially targeting IoT connected assets in Canada but quickly expanding to the
USA
- Targeting building HVAC and wind turbines assets
- Estimated to enable approx. 20,000 new connected
AssetCareTM customers by end of 2019 - all on multi-year
subscription arrangements
VANCOUVER, Oct. 23, 2017 /CNW/ - Universal-mCloud Corp
(TSX-V: MCLD) ("mCloud" or the "Company") has signed a Financing
Agreement with CFG to help facilitate deployment of its AssetCare™
solution to the Canadian market, targeting buildings with critical
HVAC requirements and wind turbines currently producing renewable
energy throughout Canada.
AssetCareTM combines the leading capabilities of
IoT connectivity providers with the deep domain asset expertise of
mCloud in a connected cloud solution with 24/7 vigilance. On a
subscription fee basis, AssetCareTM customers receive
all of the necessary equipment and support services needed to
improve the health and performance of their connected assets. The
subscription fee is a fraction of the resulting financial
benefits.
There are over 1 million connectable energy assets in
Canada that can rapidly adopt
market-ready IoT devices. mCloud's AssetCareTM
solution is an open, cloud-based solution that employs big data,
deep analytics, machine learning, real-time collaboration and
communications, 3D Augmented Reality (AR), and best practice
maintenance to provide all asset stakeholders with total
transparency in the health and performance of their connected
assets - all within mCloud's Asset-Circle-of-CareTM
framework. At its core, AssetCareTM monitors the
performance of HVAC units and wind turbines. Once connected, mCloud
uses its proprietary technologies to improve asset performance
resulting in better energy profiles. The Asset-Circle-of-Care™
extends to support field service actions including real-time video
communication with asset experts and access to complete equipment
documentation. mCloud runs a 24/7 support center for its
AssetCareTM customers. The Agreement with CFG allows
mCloud customers to enroll in AssetCareTM without any
up-front capital expenditure (CapEx) requirements. Customers can
subscribe with mCloud, have a CFG approved service provider
implement the IoT connectivity and begin seeing immediate tangible
benefits from the AssetCareTM solution.
mCloud President and CEO Russel
McMeekin said, "Customers immediately benefit from
AssetCareTM without the lengthy and sometimes cumbersome
CapEx decision process, especially if their assets are not of a
vintage that is already IoT connected. We know that our technology
generates positive cash flows for our customers from day 1.
We are so confident in this that we are offering customers
use of AssetCareTM without any obligation for 90 days –
and at zero cost. We believe this 'play without paying'
option will greatly expand the servable market for mCloud."
Michael S. Maurer, General
Manager of CFG said, "Clients come to us to eliminate the need for
up-front capital expenditure, and to better manage their technology
risk by making the total solution available on an affordable basis
over a multi-year arrangement. We have created a tailor-made
and flexible financing program that will suit mCloud and their
customers superbly, and we look forward to working with Russ and
his team."
About Universal-mCloud Corp
Universal-mCloud Corp
("mCloud") is headquartered in Vancouver,
BC with technology and operations centers in San Francisco, CA and Bristol, PA. mCloud is an IoT connected asset
care cloud solution company utilizing connected IoT devices,
leading deep energy analytics, secure mobile and 3D technologies
that rally all asset stakeholders around an Asset-Circle-of-Care™,
providing complete real‐time and historical data coupled with
guidance and advice based on deep analytics and diagnostics
resulting in optimal performance and care of critical equipment.
It's all about the asset. The powerful and secure AssetCare™
environment is accessible everywhere, 24/7 through standard mobile
devices, ruggedized headsets, and web browsers. For more
information, visit www.mcloudcorp.com.
About Commercial Funding Group (CFG)
With its roots
traced back to 1981, Commercial Funding Group Inc. is a
customer-focused organization geared to meeting the financing needs
of the corporate marketplace. Commercial Funding Group Inc.
provides a wide range of financial services to support customers
throughout Canada and the United
States. CFG is a member of and Canadian Finance and Leasing
Association. For more information, visit
www.commercialfundinggroup.com.
Forward-Looking Information and Statements
This press release contains certain "forward-looking
information" within the meaning of applicable Canadian securities
legislation and may also contain statements that may constitute
"forward-looking statements" within the meaning of the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995. Such forward-looking information and forward-looking
statements are not representative of historical facts or
information or current condition, but instead represent only the
Company's beliefs regarding future events, plans or objectives,
many of which, by their nature, are inherently uncertain and
outside of the Company's control. Generally, such forward-looking
information or forward-looking statements can be identified by the
use of forward-looking terminology such as "plans", "expects" or
"does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or may contain statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "will
continue", "will occur" or "will be achieved". The forward-looking
information contained herein may include, but is not limited to,
information concerning the future business prospects and potential
revenue of the Company.
By identifying such information and statements in this manner,
the Company is alerting the reader that such information and
statements are subject to known and unknown risks, uncertainties
and other factors that may cause the actual results, level of
activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
information and statements.
An investment in securities of the Company is speculative and
subject to a number of risks including, without limitation, the
risks discussed under the heading "Risk Factors" on pages 29 to 46
of the Company's filing statement dated October 5, 2017. Although the Company has
attempted to identify important factors that could cause actual
results to differ materially from those contained in the
forward-looking information and forward-looking statements, there
may be other factors that cause results not to be as anticipated,
estimated or intended.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions. Although the Company believes
that the assumptions and factors used in preparing, and the
expectations contained in, the forward-looking information and
statements are reasonable, undue reliance should not be placed on
such information and statements, and no assurance or guarantee can
be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information and
statements. The forward-looking information and forward-looking
statements contained in this press release are made as of the date
of this press release, and the Company does not undertake to update
any forward-looking information and/or forward-looking statements
that are contained or referenced herein, except in accordance with
applicable securities laws. All subsequent written and oral
forward- looking information and statements attributable to the
Company or persons acting on its behalf is expressly qualified in
its entirety by this notice.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Universal-mCloud Corp