VANCOUVER, BC, May 17, 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, artificial intelligence ("AI") and
analytics, is pleased to announce it has executed a commitment
letter with ATB Financial ("ATB") for a $5
million secured operating line (the "ATB Facility").
Proceeds of the ATB Facility will be used to repay amounts owed by
the Company to HSBC Bank Canada and for general working capital
purposes.
The ATB Facility is a demand operating line bearing interest at
a floating rate equal to the prime rate per annum established by
ATB from time to time for commercial loans denominated in Canadian
dollars made by ATB in Canada,
plus an applicable margin rate based on the senior debt to EBITDA
ratio of the Company at the time of determination. Repayments under
the ATB Facility will be made on a monthly interest-only basis
until demand. The ATB Facility is secured against certain assets of
the Company and its principal subsidiaries.
"Closing this new credit facility with ATB demonstrates the
confidence lenders and large shareholders have in mCloud's current
and long-term outlook as we leverage the relationships we are
cultivating in the province of Alberta," said Russ
McMeekin, mCloud President and CEO. "As pandemic
restrictions ease this summer, we plan on coupling the ATB Facility
with Canadian-based export initiatives expected to help us rapidly
grow our footprint internationally in target markets including the
Middle East and Southeast Asia."
The Company noted since signing a Memorandum of Understanding
with Invest Alberta Corporation in February, it had made
substantial progress in advancing its Environmental, Social, and
Governance ("ESG") agenda, specifically highlighting ongoing
success in driving the early adoption of its new AssetCare™
AI-powered fugitive gas emission and leak detection solution in
cooperation with private companies and provincial agencies
deploying new technologies to decarbonize and reduce CO2e emissions
across the province.
"The changes we have made to our capital structure, coupled with
the demand we are seeing for AssetCare solutions that help our
customers in Canada and around the
world act on ESG issues, positions mCloud very well to sustain the
Company's long-term growth and maximize shareholder value,"
McMeekin added.
Completion of the ATB Facility is subject to satisfaction of
customary closing conditions and receipt of all applicable
consents.
About mCloud Technologies Corp.
mCloud is unlocking the untapped potential of energy intensive
assets with 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 for 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" and "forward-looking statements" within the meaning of
applicable securities laws. 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 includes, but is not
limited to, information related to the proposed completion of the
ATB Facility and the use of the available funds thereunder by the
Company.
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 a number of risks including, without limitation, the
risks discussed under the heading "Risk Factors" in the Company's
annual information form dated April 12,
2021. 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. A
number of risks, uncertainties and other factors could cause actual
results to differ materially from the results discussed in the
forward-looking information contained herein.
In connection with the forward-looking information and
forward-looking statements contained in this press release, the
Company has made certain assumptions, including, but not limited to
the following: the Company will remain in compliance with
regulatory requirements; the Company will have sufficient working
capital and will, if necessary, be able to secure additional
funding necessary for the continued operation and development of
its business; key personnel will continue their employment with the
Company and the Company will be able to obtain and retain
additional qualified personnel, as needed, in a timely and cost
efficient manner; and general economic conditions and global
events, including the impact of COVID-19.
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. 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.