Legacy HVAC, non-digital based building
systems can now upgrade to take full advantage of IoT energy
management system with no upfront capital
investment
Will leverage and work closely with
TELUS as part of previously announced IoT Master Service Agreement
for Smart Buildings
Will target large buildings
with HVAC systems built primarily in the 1990'S with high energy
usage
VANCOUVER, April 10, 2018 /CNW/ - Universal mCloud Corp.
(TSX-V: MCLD) ("mCloud" or the "Company"), a leading provider of
Artificial Intelligence and Analytics (AI&A) and IoT-connected
asset care technology, today announced that it has signed a
partnership with a Silicon Valley-based Cypress Envirosystems Inc.
(Cypress). Cypress' patented, non-invasive
pneumatic-to-digital controller is the only technology available
that effectively upgrades legacy non-digital energy control systems
without significant disruption.
An estimated 70% of North
America facilities are still using legacy pneumatic-based
control systems, which prevents them from effectively using IoT
based smart building solutions. The mCloud-Cypress combined
offering will immediately enable powerful, IoT-cloud based
smart-building monitoring solutions for the large legacy
market.
According to Statistic Canada's Survey of Commercial and
Institutional Energy Use 2014
(http://www.nrcan.gc.ca/node/16731), the highest number of
buildings with the most intense levels of energy use are in the
Hospital, Food & Beverage, Retail and Office Space sectors. By
utilizing Cypress' pneumatic-to-digital technology, mCloud, in
partnership with TELUS, can now provide IoT solutions for buildings
to reduce no less than 10% of annual energy consumption when
optimally connected and AI controlled. This will allow both mCloud
and Cypress to expand the servable market to include the highest
energy intensity buildings in Canada.
"We expect to jointly close contracts with Cypress in
Canada. Cypress has a very
impressive Canadian installed base already with a number of large
universities, schools, government buildings and hospitals," said
Russel McMeekin, President and CEO
of mCloud. "The CEO of Cypress and I have had a very close working
relationship when we were both executives at Honeywell. As
Canadian natives we see this as a very large and quickly scalable
market opportunity."
Cypress Envirosystems is a high profile clean technology company
based in the Silicon Valley that has invented a unique wireless
thermostat that replaces existing pneumatic thermostats in
minutes. This enables real-time Direct Digital Control (DDC)
functionality for lower energy consumption, less maintenance labor,
and more comfort for building occupants.
Legacy, pneumatic thermostats are preventing facility managers
from instituting an energy management system that would enable them
to cut energy costs and benefit from utility company incentives.
"When Cypress' new wireless device is installed, within a mere 15
minutes, a pneumatic, non-digital thermostat becomes a real-time,
IoT thermostat, that is controllable via mCloud's
AssetCare™ system, and is ready to be monitored and
optimized by AI driven algorithms 24/7. For facility managers
this is a dream come true," said Harry
Sim, Cypress CEO. "Replacing pneumatics with a
traditional DDC system involves massive rewiring, months of
disruptive installation and a huge expense. The mCloud-Cypress
combined solution enables immediate energy optimization and savings
without significant upfront capital costs and with virtually no
downtime. We are truly excited about our partnership with
mCloud."
About 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 Cypress Envirosystems
The company's goal is to help existing facilities save energy
and improve productivity. They specialize in technologies which can
be installed with a minimum of disruption and expense. Their
products, such as the Wireless Pneumatic Thermostat, Wireless Gauge
Reader or Wireless Steam Trap Monitor, require minutes to install,
cost a fraction of traditional solutions, and typically pay back
within three years. For more information, visit
www.cypressenvirosystems.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 Company's ability to save customer
budget costs, the ability to roll out the damage assessment
technology in a timely manner, the ability to expand the asset base
of the Company, the future business prospects and the 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