VANCOUVER, July 11, 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 the completion of its acquisition of
Fulcrum Automation Technologies ("Fulcrum") and subsequently,
Autopro Automation Consultants ("Autopro").
"We are excited to welcome the Autopro team to the mCloud family
as we take AssetCare™ to oil and gas customers all over the world,"
said Russ McMeekin, mCloud President
and CEO. "With Autopro's deep domain expertise and reach in
industrial process automation, our integrated portfolio of IoT, AI,
3D, and mobile capabilities will let us connect field assets at
every stage of production and refinement."
"The entire Autopro team is looking forward to this next chapter
in the history of our company," said Mike
Lane, CEO of Autopro Automation. "Our customers are
constantly seeking to improve their business by implementing next
generation technology solutions. mCloud's portfolio of cutting-edge
AI service offerings, together with Autopro's deep experience and
expertise in industrial process industries, will allow us to help
customers achieve an even greater advantage in today's competitive
market."
With the acquisition of Autopro, mCloud will benefit from an
exceptional team that will accelerate the Company's development of
AI-powered asset management solutions for oil and gas applications
along with a strong customer base positioned to adopt mCloud's
AssetCare platform. As previously announced on April 24, 2019, Autopro is also expected to bring
C$35 million in revenue and
C$5.5 million in EBITDA to mCloud on
a trailing twelve-month basis.
The transaction remains subject to the final approval of the TSX
Venture Exchange (the "TSXV"). mCloud received conditional approval
for the transaction from the TSXV on June
10, 2019.
In addition, the Company has entered into a consulting agreement
with Fulcrum International Holdings Limited (the
"Consultant"), pursuant to which the Consultant will provide
ongoing corporate consulting and advisory services to the Company
(but not any investor relations services of any kind) as and when
requested by the Company. In consideration for the provision of
such services, and subject to the approval of the TSXV, the Company
intends to issue to the Consultant common shares of the Company
(the "Compensation Shares") at a price per share equal to the
greater of (i) $0.35, or (ii) the
closing price of the common shares of the Company on the TSXV on
the trading day immediately prior to the date of issuance of the
applicable Compensation Shares. For greater certainty, in
accordance with the policies of the TSXV, the price per share for
all Compensation Shares will be determined after the date(s) on
which the applicable services have been fully performed by the
Consultant.
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. Through mCloud's AI-powered AssetCare™ platform,
mCloud offers complete asset management solutions to three distinct
segments: smart buildings, wind energy, and oil and gas. IoT
sensors bring data from connected assets into the cloud, where AI
and analytics are applied to maximize their performance.
Headquartered in Vancouver,
Canada, the mCloud family includes an ecosystem of operating
subsidiaries that delivers high-performance IoT, AI, 3D, and mobile
capabilities to customers, all integrated into AssetCare. 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.
About Autopro Automation Consultants Ltd.
Autopro Automation Consultants Ltd., an mCloud company, is a
professional engineering and integration firm that specializes in
the design and implementation of high-value industrial automation
solutions. As one of the largest vendor-independent integration
companies in North America, they
provide a single source of expertise in all technologies that
encompass industrial automation. Autopro was established in 1990
and has eight locations across Western
Canada. For more information, visit Autopro's website at
autopro.ca.
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".
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.