Expects final close by early Q4 2020 while
rapid customer adoption and AssetCare™ integration of kanepi
technology continues
VANCOUVER, BC, Sept. 8, 2020 /CNW/ - mCloud Technologies
Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, and artificial intelligence ("AI"),
today announced it had received approval from the Australian
Foreign Investment Review Board ("FIRB") to proceed with the
acquisition of kanepi Group Pty Ltd ("kanepi"), an information,
visualization, and analytics software technology company
headquartered in Perth, Australia,
with a development center in Singapore. The Company originally announced
the acquisition of kanepi on June 25,
2020.
FIRB approval for the kanepi transaction is mandatory before
final close. Due to the impact of COVID-19, the FIRB announced in
March 2020 that foreign investment
review would be temporarily required for transactions of any
amount.
"The customer response to bringing kanepi capabilities into
AssetCare has been tremendous," said Costantino Lanza, mCloud Chief Growth and
Revenue Officer. "We have seen the swift uptake of joint solutions
among our key customers, and as oil and gas businesses return to
more normal operations, we expect to see even more adoption from
new and existing customers in centers such as the Middle East."
"Our ability to field new solutions to optimize untapped assets
such as heat exchangers along with new access to southern
hemisphere opportunities in oil and gas, offshore FPSOs, LNG, and
mining facilities have only been possible because of our efforts to
bring kanepi to AssetCare," Lanza added.
As previously announced, the Company expects this acquisition to
add C$2.4 million in annual recurring
AssetCare revenues on a go-forward basis based on kanepi's recent
financial performance and current contract velocity. mCloud is now
in the process of completing closing tasks with kanepi. The
transaction remains subject to the final approval of the TSX
Venture Exchange ("TSX-V").
The Company expects to receive final approvals and completion of
the transaction by the end of September or early in Q4
2020.
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 kanepi transaction, customer growth,
and expected AssetCare revenues from kanepi.
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.