mCloud leverages kanepi acquisition and
targets an initial 10,000 connectable heat exchanger assets in key
markets for oil and gas
VANCOUVER, Aug. 25, 2020 /CNW/ - mCloud Technologies
Corp. (TSXV: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, and artificial intelligence ("AI"),
today announced that the Company had commenced connection of its
first oil and gas facility in Western
Canada for heat exchanger optimization. This announcement
follows the Company's press release on June
25, 2020 it would be acquiring kanepi Group Pty Ltd.
("kanepi") and applying its technologies to grow mCloud's footprint
in oil and gas.
Heat exchangers require costly maintenance, often tens of
thousands of dollars per year for each unit. They are pervasive,
underserved industrial assets, usually found in the dozens per site
at power stations, petrochemical plants, petroleum refineries,
mineral processing plants, pulp and paper mills, and natural gas
processing plants. The Company can generate monthly recurring
revenues for every connected heat exchanger over ten times that of
a connected HVAC unit in a commercial building.
mCloud's AssetCare solution enables facility operators to
maintain assets based on actual operating conditions rather than a
fixed schedule, optimizing exchanger throughput and reducing
maintenance and downtime costs by up to 50%. In Western Canada alone, the Company's existing
oil and gas customers operate hundreds of facilities with 15 or
more heat exchangers per site, making up an immediately addressable
local market of over 10,000 connectable heat exchangers.
"Bolstered by our recent acquisition of kanepi, we are pleased
to see the rapid adoption of AssetCare for heat exchanger
optimization by our oil and gas customers," said Russ McMeekin, mCloud President and CEO. "As the
only viable cloud- and AI-based heat exchanger optimization
solution on the market today, we expect to connect at least 1,000
heat exchangers as part of our roadmap to 70,000 connected assets
by the end of this year with a plan to become the industry standard
in 2021."
mCloud is hosting its annual mCloud Connect user conference next
month as a free online event from September
21 to 23, 2020, bringing together industry leaders to
discuss the future of connected asset management and the role of
IoT, AI, and the cloud in digital transformation. Interested
attendees are invited to visit www.mcloudcorp.com/mcloud-connect to
register.
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 in five distinct segments: commercial
buildings, renewable energy, healthcare, heavy industry, and
connected workers. 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 51,000 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 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 information related to the
timeline for completion of the Company's first heat exchanger
implementation and market uptake of this AssetCare solution.
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.