VANCOUVER, Dec. 2, 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, announced today that it intends to complete a
consolidation of its issued and outstanding common shares
("Common Shares") on the basis of 1 new Common Share for
every 10 Common Shares presently issued and outstanding. Completion
of the consolidation remains subject to the approval of the TSX
Venture Exchange (the "TSXV").
"With our recent record financial results, the accretive
acquisition of Autopro, and the successful execution of our
expansion strategy, we have timed the share consolidation to
continue to raise investor interest in mCloud," said Russ McMeekin, mCloud President and CEO.
"In addition, we are in the process of filing a Form F-1
Registration Statement with the SEC, which will enable us to apply
to be listed on the NASDAQ," McMeekin continued. "We also intend to
apply to the Toronto Stock Exchange to uplist from the TSXV,
subject to meeting certain conditions."
Upon receipt of TSXV approval of the consolidation, mCloud will
provide additional details regarding a new CUSIP number for its
Common Shares to distinguish between the pre- and post-consolidated
Common Shares. mCloud's name and trading symbol will remain
unchanged. Following the completion of the Common Share
consolidation, the Company will have approximately 15,754,920
Common Shares issued and outstanding.
Upon completion of the consolidation, letters of transmittal
describing the details of the share consolidation and the process
by which shareholders obtain actual share certificates representing
the consolidated Common Shares will be mailed to mCloud's
registered shareholders. Registered shareholders will also be able
to obtain copies of the letter of transmittal by contacting their
brokers or other intermediary, or mCloud's transfer agent, AST
Trust Company.
Shareholders who hold their shares through their broker or other
intermediary and do not have actual share certificates registered
in their name will not be required to complete and return a letter
of transmittal. Any pre-consolidation Common Shares owned by such
shareholders will automatically be adjusted as a result of the
share consolidation to reflect the applicable number of
post-consolidation Common Shares owned by them and no further
action is required to be taken by such shareholders. If, as a
result of the consolidation, a shareholder becomes entitled to a
fractional share, such fractions will be rounded to the nearest
whole Common Share.
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". Forward-looking
information contained in this press release includes information
relating to the proposed consolidation.
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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE mCloud Technologies Corp.