- Signs MOU with Invest Alberta Corporation, an Alberta crown corporation with a mandate to
engage the world and attract investment to the province
- Plans to relocate global headquarters to Calgary, Alberta
- Enables further adoption of Company's AI-powered ESG
solutions with key customers and local industry
VANCOUVER, BC, Feb. 2, 2021 /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 it signed a Memorandum of Understanding ("MOU")
with Invest Alberta Corporation ("IAC"), an Alberta crown corporation with a mandate to
engage the world and attract investment to the province. The MOU
includes plans to relocate the Company's global corporate
headquarters to Calgary.
The move enables mCloud to leverage its technology to help
Canadian and global energy companies reduce carbon emissions and
take action on Environmental, Social, and Governance ("ESG")
issues. Through the Company's engagement with the numerous industry
leaders taking bold action on ESG in the province and abroad,
mCloud's presence in Alberta will
serve to strengthen the Province of Alberta's position as a global leader in
environmental technology and sustainable energy solutions.
The Company expects the move will accelerate the development and
adoption of its offerings through increased engagement with key
customers and local industry in Alberta, positioning mCloud to be the leading
provider of technology driving digital ESG initiatives provincially
and globally.
As a result of establishing its new headquarters in Calgary, mCloud expects to expand local
hiring, continue its major investments in people and IoT, AI, and
cloud technology to drive the decarbonization of global industry,
and connect with local institutions interested in developing new
technological innovations.
IAC will collaborate with mCloud to facilitate the relocation,
grow and expand mCloud's business through new connections with
domestic and international representatives from its extensive
global network in the industries mCloud serves, and provide ongoing
support for the Company's business development activities in ESG
and other advanced technology solutions.
"I personally very much look forward to relocating our
headquarters to Calgary and
working closely with IAC, our customers, and our teams in
Alberta," said Russ McMeekin, mCloud President and CEO. "With
the support of IAC, we will be able to open doors to new strategic
relationships with key oil and gas companies across Alberta and help these and many other
businesses, locally and globally, improve their ESG standing."
"It gives us great pleasure to welcome mCloud's President and
CEO Russ and their global headquarters to Calgary this month," said David Knight Legg, Invest Alberta Corporation
CEO. "IAC looks forward to assisting mCloud in accessing our global
networks and leveraging Alberta's
strengths in ESG and technology. We're confident mCloud will
benefit from Canada's youngest,
highest-educated talent, the lowest corporate and payroll taxes and
the great lifestyle that our province has to offer."
Through the Company's AssetCare™️ platform, mCloud fields a
portfolio of innovative AI-powered solutions capable of improving
the sustainability of energy intensive assets, such as the process
control systems, heat exchangers, compressors, and well-heads found
at oil and gas facilities by taking actions that directly reduce
their carbon footprint. Advanced mobile and 3D capabilities further
enable virtual walkthroughs and inspections of facilities,
empowering teams to work on critical operations without the need to
travel onsite.
mCloud recently began fielding a new connected solution in
collaboration with select customers enabling the early detection of
fugitive emissions, one of the leading sources of greenhouse gas
emissions from upstream, midstream, and downstream operations. With
this solution, the Company expects to be able to reduce the time to
detect and curb the sources of harmful emissions from the industry
average of two months to less than a day, curtailing the industrial
emissions from leaking equipment and pipelines. The Company has
plans for a global roll-out of this solution later this 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 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 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
55,000 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.
About Invest Alberta Corporation
The Invest Alberta Corporation is dedicated to investment
attraction, with a mandate to engage the world and provide high-end
tailored support to companies, investors, and major new projects.
Alberta, Canada has the lowest
corporate payroll and sales taxes; the youngest, highly educated
workforce, and the most livable and affordable cities. Invest
Alberta is dedicated to investment
attraction, working closely with the Government of Alberta and partners across the province.
Invest Alberta works to break down
barriers and cut red tape so investors and businesses can start up,
scale up, and succeed without limits.
Invest Alberta is committed to
providing support in six key sectors: energy, agribusiness,
infrastructure and tourism, financial and business services,
aviation and transportation logistics, and technology, media and
telecommunications. With a goal of continuous improvement, Invest
Alberta provides support on: policy issues, regulation, ESG,
incentives, cost structures, and talent. Invest Alberta works to provide a competitive
advantage that delivers a best-in-class investor experience. For
more information visit investalberta.ca.
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 a
move of the Company's corporate headquarters, acceleration and
impact of technology development and adoption, people and
technology plans, and the expected timetable for a global roll-out
of a fugitive emissions 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.