VANCOUVER, June 10, 2019 /CNW/ - Universal mCloud
Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, artificial intelligence ("AI") and
analytics, today announced that it has received conditional
approval from the TSX Venture Exchange ("TSXV") for the previously
announced acquisition of Fulcrum Automation Technologies
("Fulcrum") and Autopro Automation ("Autopro").
As announced in the Company's press release dated April 24, 2019, the acquisition of Fulcrum and
Autopro expands the footprint for mCloud's AssetCare™ platform by
adding numerous major oil and gas customers along with
industry-specific expertise that will drive the delivery of
integrated AI-based oil and gas solutions combining AI, 3D, and
mobile cloud computing technologies. It is expected that the
synergies will enhance mCloud's ability to grow revenues in the oil
and gas sector globally.
"The closing of the Autopro acquisition will let us combine the
technology talent we have at mCloud with the leading industry
talent provided by Autopro to form a major digital asset management
provider within the oil and gas market," said Russ McMeekin, President and CEO of mCloud.
"Looking ahead into the second half of fiscal 2019, this
acquisition will change our revenue outlook for the year and
position us to accelerate the process of establishing a listing on
the NASDAQ, which we have already commenced."
The acquisition will be structured such that Fulcrum will
initially acquire 100% of the issued and outstanding shares of
Autopro for cash and common shares of Fulcrum (the "Autopro
Acquisition"). Immediately thereafter, mCloud will acquire 100% of
the issued and outstanding shares of Fulcrum. As a result of this
transaction, the Company expects to add to its total combined
revenues C$35 million in revenue and
C$5.5 million in EBITDA on a trailing
twelve-month basis.
mCloud, Fulcrum, and Autopro expect to execute the final
definitive agreements shortly and complete closing conditions
before the end of June 2019.
About Universal mCloud Corp.
Universal mCloud is creating a more efficient future with the
use of AI and analytics, curbing energy waste, maximizing energy
production, and getting the most out of critical energy
infrastructure. Headquartered in Vancouver, Canada, with technology and
operations centers in San Francisco,
CA, and Bristol, PA, mCloud
takes advantage of IoT sensors to bring data from connected assets
into the cloud, applying AI and analytics to maximize their health
and performance. Today, mCloud offers complete asset management
solutions to three distinct segments: smart buildings, wind energy,
and oil and gas. With over 100 blue chip customers and more than
28,000 assets connected in thousands of locations worldwide, mCloud
is changing the way energy assets are managed. 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
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,
the proposed completion of the acquisition referenced herein and
the expected financial performance 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 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
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.