VANCOUVER, Nov. 7, 2019 /CNW/ - mCloud Technologies
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 is in the process of
establishing a new regional office in Bahrain to bring its AssetCare™️ offering to
customers across the Middle East.
Through AssetCare and a multitude of already established business
relationships, the Company expects to rapidly attract both new
customers and multi-line revenues across all segments of mCloud's
business.
"We anticipate the creation of meaningful revenues in the
Middle East in the second half of
2020," said Costantino Lanza,
mCloud's Chief Growth Officer. "Businesses, such as Saudi Aramco
with their recent announcement of a new Chief Digital Officer, are
investing heavily in digital transformation and the use of new
technologies to generate efficiencies, making AssetCare an ideal
platform for all the energy infrastructure in the region."
"The mCloud team already has very strong relationships with many
years of experience delivering asset management capabilities in the
Middle East, along with a deep
understanding of how to do business in the region," Lanza
added.
Known for its business-friendly environment, Bahrain is centrally located within the
oil-rich Gulf region and provides easy access to key customers in
Saudi Arabia, the UAE,
Kuwait, and Oman, among others.
The Company plans to offer the full array of AssetCare
capabilities throughout the Middle
East. Process industry customers in the region, including
oil and gas and petrochemical businesses such as Saudi Aramco and
SABIC, are already in discussions to evaluate mCloud's Smart
Process solutions, including the AssetCare 3D Digital Twin
capabilities recently announced in October.
In addition to these process industry solutions, the Company
sees opportunities to bring its energy-saving solutions for HVAC
assets to buildings in the hot climate across the Arabian Gulf as
the region tackles rising energy costs and the demand for energy
conservation capabilities continues to grow.
About mCloud Technologies Corp.
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
facilities, power generation, and process industries including 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 with offices in twelve locations worldwide, the
mCloud family includes an ecosystem of operating subsidiaries that
deliver high-performance IoT, AI, 3D, and mobile capabilities to
customers, all integrated into AssetCare. With over 100 blue-chip
customers and more than 35,000 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 future business prospects of the Company and the potential
revenue of the Company in the Middle
East.
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 mCloud Technologies Corp.