Year-over-year connected assets grew to 146%
compared to 2018,
including the conversion of more than C$8
million in legacy oil and gas
project services into AssetCare multi-year recurring
revenues
VANCOUVER, March 24, 2020 /CNW/ - mCloud Technologies
Corp. (TSX-V: MCLD, MCLD.DB) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, artificial intelligence ("AI"), and
analytics, today announced it connected over 41,000 assets to its
AssetCare platform at the close of 2019, confirming the Company
surpassed its 2019 strategic objective of connecting at least
40,000 assets in buildings, wind turbines, and oil and gas
facilities by year-end. With 28,000 connected assets at year-end
2018, mCloud grew its total connected asset count to 146%
year-over-year including C$8 million
in AssetCare subscriptions based on remote asset connectivity
within oil and gas.
"We had complete confidence we would achieve the asset growth
target we had set for ourselves in 2019," said Russ McMeekin, mCloud President and CEO. "We saw
solid growth through the continued success we have had in getting
thousands of new buildings connected in our Smart Facilities
business throughout 2019, along with several deals to connect wind
farms in Smart Energy, and the start of our plan to convert our
portfolio of oil and gas customers to AssetCare in Smart Process
through re-alignment of our marketing and business development
efforts from custom projects to AssetCare subscriptions."
"As a result, we saw our Western
Canada oil and gas customers in Smart Process move their
near-term legacy project services budgets toward the implementation
of AssetCare subscriptions," McMeekin continued. "In response to
the recent severe depression in oil prices, we expect our oil and
gas customers to expedite their digital transformation efforts with
us as they drive increased urgency in responding to a new normal of
being continuously cost efficient and enabling remote work through
AssetCare's mobile capabilities."
"At this time, despite the impact COVID-19 has had on businesses
everywhere, we remain confident we will continue to see at least
70,000 connected assets at year-end in part because we are uniquely
placed to make businesses digitally resilient and remotely
connected at all times, allowing them to keep track of critical
assets even in environments such as the one we face today,"
McMeekin added. "While we expect to see lower demand for our
technical project services in segments such as oil and gas, we
believe these should be offset through the activity we are seeing
in connecting buildings, remote wind farms, and the rapid uptick in
demand we are seeing for remote connected workers."
"The majority of our business is expected to move to AssetCare
engagements driven by a commercially viable Results-as-a-Service
model, which will provide us with a growing base of recurring
revenues going forward," McMeekin concluded.
Connected assets include HVAC units, lighting, and refrigeration
units in buildings, wind turbines, and process endpoints such as
controllers, compressors, and valves at oil and gas facilities. As
announced on January 27, 2020, mCloud
raised C$13.3 million for working
capital and general corporate activities.
Based on greenhouse gas equivalency calculations provided by the
US Environmental Protection Agency, the Company estimates its
portfolio of connected assets helped reduce the annual carbon
footprint of its customers by 80,000 tons in 2019, or the same
amount of greenhouse gases that would be emitted by nearly 17,000
conventional passenger vehicles driven for one year.
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 41,000 assets connected in thousands of
locations worldwide, mCloud is changing the way energy assets are
managed.
mCloud's common shares trade on the TSX Venture Exchange under
the symbol MCLD and on the OTCQB under the symbol MCLDF. mCloud's
convertible debentures trade on the TSX Venture Exchange under the
symbol MCLD.DB. 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 harbour
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 in this press release includes the Company's
expectations around connected asset count, revenue guidance, and
the proportion of business from AssetCare recurring revenues.
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" in the Company's annual information form dated
October 31, 2019. 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.
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.