- Added 4,692 connected assets in Q4 2020, up 37 percent from
Q3 2020
- 45 percent year-over-year increase in connected assets under
management compared to year-end 2019
- Strong progress in buildings, oil and gas, and connected
workers expected to drive continued growth in 2021
- Closed US$0.400 million fourth
tranche of convertible equity debenture, supporting near-term
objective of connecting 70,000 assets
VANCOUVER, BC, Feb. 3, 2021 /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 added 4,692 connected assets to its
AssetCare™️ portfolio and grown its total asset count to 59,462 in
the fourth quarter ended December 31,
2020 ("Q4 2020"), a 45 percent year-over-year increase in
connected assets under management since year-end 2019.
Compared to the third quarter ended September 30, 2020 ("Q3 2020"), the Company grew
its connected asset count by 37 percent almost double the
number connected in the second quarter ended June 30, 2020 ("Q2 2020").
"The quarterly growth in connected assets we experienced in Q4
2020 is a strong signal mCloud came out of 2020 with excellent
momentum to build on in 2021," said Russ
McMeekin, mCloud President and CEO. "In the markets where we
do business, companies are eager for solutions that enable remote
work, create new cost efficiencies, and reduce carbon footprint –
all key benefits provided directly by AssetCare."
As announced on January 4, 2021,
mCloud signed an AssetCare contract connecting a large commercial
property in British Columbia,
Canada, to its indoor air quality solution, including a
six-zone hospital-grade air purification capability. Connection of
this building is underway, with completion expected by the end of
February. mCloud sees major growth in its Connected Buildings
segment through the strong interest and engagement in indoor air
quality solutions it is experiencing with government, education,
and healthcare organizations all across Canada.
In oil and gas, mCloud announced this week it had partnered with
Invest Alberta Corporation ("IAC") to relocate the Company's
headquarters to Calgary and engage
with IAC's network to decarbonize the industry with the Company's
AssetCare solutions. mCloud is making Environmental, Social, and
Governance ("ESG") central to its business development efforts this
year as businesses in high-risk sectors including oil and gas and
mining urgently look to take action on ESG issues.
In mCloud's wind energy segment, the Company has seen continued
growth in its digital blade inspection solution and expects to
augment its current capabilities with the launch of a new
performance analytics offering later this year. Business
development efforts in China and
Inner Mongolia continue to drive success in this segment
— along with the Company's announcement in December that it
had secured a strategic wind contract with a major wind energy
provider in Europe.
The Company's 3D and advanced visualization offering also
continues to draw new customers. In January, customers new to
mCloud include an AssetCare engagement with a US government
facility to leverage AssetCare's 3D laser scanning capabilities to
provide accurate, as-built representations for virtual
inspections.
AssetCare Mobile for connected workers recently saw the release
of new capabilities, including operator rounds, paperless digital
workflows, and expanded access to support any mobile device
extending mCloud's ability to reach field teams at heavy industry
facilities. AssetCare Mobile is now deployed to dozens of
facilities in North America, the
EU, and Asia-Pacific.
mCloud Closes Fourth Tranche of Convertible Equity
Debenture
mCloud also announced today it had closed the fourth tranche of
its private placement offering, originally announced on
December 7, 2020 (the
"Offering") of convertible unsecured subordinated debentures
(the "Debentures") at a price of US$100 per Debenture for gross proceeds of
US$0.400 million. The Company has
raised an aggregate of US$6.583
million pursuant to the Offering. At its discretion, the
Company expects to complete one or more additional tranches of the
Offering.
In connection with the completion of the fourth tranche of the
Offering, the Company has agreed to compensate American Trust
Investment Services, Inc. ("American Trust") for its services
introducing certain purchasers in the Offering to the Company.
American Trust received: i) an aggregate of US$34,000 as cash compensation; ii)
11,594 broker warrants, each exercisable for a common share of
the Company (a "Common Share") at a price of US$2.07 per Common Share.
The Debentures will bear interest from each applicable issuance
date at 8 percent per annum, calculated and paid quarterly on
the last day of March, June, September and December of each year.
Interest will be paid in Common Shares or cash at the election of
the Company. The first interest payment will be made on
March 31, 2021 and will consist of
interest accrued from and including the closing of each tranche of
the Offering (each, a "Closing Date") to March 31, 2021. The Debentures will mature on the
date that is 36 months following the Closing Date (the "Maturity
Date").
The principal amount of the Debentures will be convertible into
Common Shares (each, a "Debenture Share") at the option of
the holder at any time prior to the close of business on the last
business day immediately preceding the Maturity Date. The
conversion price per Debenture Share is 110 percent of the
lower of i) the volume weighted average trading price of the Common
Shares on the TSX Venture Exchange for the five trading days
preceding the Closing Date and ii) the closing price of the Common
Shares on the TSX Venture Exchange on the day prior to the Closing
Date, subject to adjustment in certain events (the "Conversion
Price"). The Conversion Price of the Debentures issued under
the fourth tranche of the Offering is US$2.07 per Debenture Share.
The principal amount of Debentures outstanding will be repayable
in Common Shares or cash at the election of the Company on the
Maturity Date.
The net proceeds from the Offering will be used for working
capital purposes. All securities issued under the Offering will be
subject to a statutory four month hold period. The Offering is
subject to the final approval of the TSX Venture Exchange.
This news release does not constitute an offer to sell, or a
solicitation of an offer to buy, any securities in the United States. The securities issued under
the Offering have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws, and may not be
offered or sold within the United
States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws, or an
exemption from such registration is available.
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 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 59,000
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
Offering, the closing of additional tranches under the Offering,
the completion of connecting a commercial building in British Columbia, and expected business
development progress across the Company's AssetCare solution
segments.
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.