- Pivots the Agnity Addition and New Team to Launch Europe Market
Expansion
- Expands Silicon Valley Team to Leverage Extensive Technology,
Customer and Financial Relationships
VANCOUVER, Jan. 10, 2019 /CNW/ - Universal mCloud Corp.
(TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading
provider of Artificial Intelligence and Analytics solutions for
IoT-connected asset care technology, today announces strategic
developments related to the approaching close of the Company's
Agnity Global ("Agnity") transaction.
As previously announced on June 21,
2018, mCloud signed a binding agreement to purchase 100% of
Flow Capital's (TSX-V: FW) Royalty Agreement with Agnity, an
industry leader in LTE/4G/5G mobile application communication
server technology. The consolidation of businesses provides a
foundation for mCloud's AssetCare Mobile solution's expansion into
Europe's telecom space. The
implementation of Agnity's middleware software allows communication
services to work across mobile technologies and enables mCloud's
AssetCare platform to serve numerous Telecommunication
Partners.
As mCloud nears the closing of this agreement, it has taken the
key steps to ensure a successful transition and best position the
Company for growth. Effective immediately, Sunir Kapoor, former Chairman of Agnity, will be
joining the mCloud team as the Company's non-executive Strategic
and Integration Advisor to the CEO.
"I am pleased to be working with mCloud's distinguished senior
leadership team and several of the management team again," said
Sunir Kapoor. "The team has a strong
track record of executing its stated strategy and I look forward to
supporting mCloud through Agnity's integration and the Company's
planned expansion generally, and particularly into the European
market."
Kapoor is a prominent Silicon Valley executive with over 30
years of international experience in the technology sector, both in
Europe as well as the US.
Currently, he serves as a Board member for Banco Bilbao Vizcaya
Argentaria S.A. ("BBVA") (NYSE: BBVA (ADR); MAD: BBVA),
a leading global bank and advises several other technology
companies in Silicon Valley and Europe. He is also an Operating Partner at
Atlantic Bridge Capital, a platform for cross-border technology
funds. Kapoor formerly served as a senior executive at
Oracle, Director of Worldwide Business Strategy at Microsoft and
held the title of Chief Executive Officer at UBmatrix/Edgar On-line, the inventor of XBRL, and
E-Stamp, a pioneer of internet payment systems.
As mCloud's business, geographies and operations continue to
expand, the Company will evolve in a way that enables senior
leadership to expertly manage growth. Effective immediately,
Doug Garnhart will be joining
mCloud's management team as Chief Financial Officer. Darren Anderson will continue to work on
acquisition integration and other transition items. Anderson was
instrumental in supporting mCloud through its recent acquisitions
and providing detailed due diligence, final agreement completion
and regulatory submissions.
Over the past quarter, the Company has completed a rigorous
evaluation of candidates for the position of Chief Financial
Officer. Doug Garnhart was selected
for his extensive leadership experience and unparalleled knowledge.
Garnhart is a seasoned Silicon Valley financial executive, with
expertise in 3D and Telecom businesses, a strong background working
with companies in the Chinese market and the experience to support
mCloud as it works towards co-listing on the NASDAQ.
Garnhart has served as Director of Finance at AT&T, VP
Finance at Bersin Deloitte and Chief Financial Officer for multiple
technology companies including, Right Hemisphere (acquired by SAP),
INOVx Solutions, and Energy Knowledge, Inc (EKI) (acquired by
Yokogawa). While at INOVx and EKI, Garnhart worked closely
with mCloud senior leadership.
"We have a world class senior leadership team, consisting of
global technology experts with extensive Silicon Valley and global
customer experience," said Russel
McMeekin, President and CEO of mCloud. "Sunir's deep
connections in the technology community, his ongoing work in
Europe and his experience
investing in the increasingly global technology sector, uniquely
positions him to help us execute our growth initiatives."
"We further strengthen our team with the addition of
Doug Garnhart," added McMeekin. "He
brings unparalleled experience working in Silicon Valley's
financial and technology space and has served as CFO for software
ventures with strong similarities to CSA. As we near the end of our
audit requirements and move closer to closing the CSA acquisition,
Doug will play a lead role in bringing CSA onboard."
About Universal mCloud Corp.
Universal mCloud is headquartered in Vancouver, BC with technology and operations
centres in San Francisco, CA and
Bristol, PA. mCloud is an
Artificial Intelligence and Analytics, IoT connected asset care
cloud solution company utilizing connected IoT devices, AI, 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.
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
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1995. Such forward-looking information and forward-looking
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many of which, by their nature, are inherently uncertain and
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An investment in securities of the Company is speculative and
subject to several risks as 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
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be given that such forward-looking information and statements will
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differ materially from those anticipated in such information and
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any forward-looking information and/or forward-looking statements
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SOURCE Universal-mCloud Corp