- Universal mCloud and Fulcrum Automation Technologies
("Fulcrum") sign a three year renewable global service agreement
targeted at US$15M
- mCloud will deliver its core AssetCareTM platform
-- AI, Cloud, 3D, and Mobile capabilities -- to Fulcrum's Oil &
Gas customers globally
- Fulcrum to use AssetCare to expand its developing network of
well-established service providers focusing on global, blue-chip
oil, gas and refining companies
- AssetCare will be a decisive technology differentiator for
Fulcrum and its customers
VANCOUVER, Feb. 27, 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 announced the signing of
a three year renewable license and distribution agreement (the
"Agreement") with Fulcrum Automation Technologies Ltd ("Fulcrum")
to deploy mCloud's AssetCare offering in the oil, gas, and refining
industries, targeted at US$15M in
AssetCare subscriptions.
Under the Agreement, Fulcrum will retain global exclusivity for
AssetCare in the oil, gas, and refining industry. Exclusivity
is contingent on Fulcrum providing US$5M or more in AssetCare subscriptions every 12
months.
"We created AssetCare with the objective to serve a diverse
portfolio of critical assets," stated Russ
McMeekin, President & CEO of mCloud. "The application of
AssetCare in the oil, gas and refining markets presents a strong
opportunity for mCloud to broaden its reach, achieve higher margins
and address the industry's need for deep energy analytics. mCloud
will leverage its Founders' decades of experience working with many
of the global Fortune 50 companies in the market and will greatly
benefit from Fulcrum's strong presence in the industry."
"Russ and I have defined the initial technology applications,
customers and assets we will be focusing on. We will begin to scale
very quickly and work towards exceeding the minimum annual
subscription targets." said Shane
Maine, Chairman of Fulcrum.
mCloud and Fulcrum have identified select customers for early
application of mCloud's AssetCare solutions. To serve these
customers, mCloud expects to expand its technology and business
development teams to include professionals with oil, gas, and
refining expertise who can lead deliveries in the Middle East and North America.
About Universal mCloud Corp.
Universal mCloud is headquartered in Vancouver, BC with technology and operations
centers 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.
About Fulcrum Automation Technologies, Ltd
Fulcrum Automation Technologies is creating the world's premier
control systems integrator, offering integration project services,
subscription-based data analysis and SaaS platforms to clients in
the oil & gas and petrochemicals industries. Through the use of
Artificial Intelligence, Industrial IoT and cloud computing,
Fulcrum Automation Technologies will provide predictive analysis,
real-time data and top-decile reporting to optimize asset
performance.
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
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many of which, by their nature, are inherently uncertain and
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or may contain statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "will
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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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such information and statements, and no assurance or guarantee can
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differ materially from those anticipated in such information and
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SOURCE Universal-mCloud Corp