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VANCOUVER, Aug. 8, 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, is pleased to announce it has entered into a credit
facility with Integrated Private Debt Fund VI LP in the amount of
C$13,000,000 (the "Loan"). Proceeds
of the Loan will be used to fund the repayment of certain
outstanding notes of the Company related to its recent acquisition
of Autopro Automation Consultants Inc. ("Autopro"), which was
previously announced on July 11,
2019, and for working capital purposes. The Loan has a term
of seven years at an interest rate of 6.85% per annum. mCloud will
make blended monthly payments of principal, based on a twelve year
amortization schedule, and interest. The Loan is secured against
the assets of Autopro and certain other assets of mCloud.
In addition, the Company intends to settle a debt owed to GBCC
Corporation, (the "Creditor"), mCloud's advisor on Chinese market
expansion opportunities with major building and wind turbine
operations, in the amount of C$60,000
through the issuance of common shares of the Company (the "Debt
Settlement") at a price per share determined by the board of
directors of the Company, subject to compliance with the policies
of the TSX Venture Exchange.
The issuance of the common shares to the Creditor is subject to
the approval of the TSX Venture Exchange. All securities issued
will be subject to a four-month hold period under applicable
securities laws.
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.
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.