Pace of customer onboarding expected to
accelerate in the US and Canada as
access to customer sites improves with easing of pandemic
restrictions
CALGARY, AB, May 18, 2021 /CNW/ - mCloud Technologies
Corp. (TSXV: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of asset management solutions
combining IoT, cloud computing, artificial intelligence ("AI") and
analytics, today announced it had completed connecting its first
AssetCare™ buildings customers associated with three utility
program partnerships the Company originally announced on
April 21, 2021. Among these customers
are two prominent car dealership properties in the state of
New York. A next round of
buildings, including new restaurants, manufacturing, and retail
spaces are expected to follow shortly in the days ahead, a signal
that restrictions may be beginning to see relief in certain
regions.
Customers who are part of these utility programs benefit from
the AssetCare HVAC and IAQ solution to drive energy efficiency
improvements of up to 25% alongside continuous visibility and
active management of a building's ventilation system. Air
purification technologies connected to AssetCare ensure indoor
building air is always healthy and safe for occupants.
Through these utility programs, customers pay mCloud for
AssetCare on a regular subscription basis. As energy savings
targeted by the utility are achieved through AssetCare, incentives
that are shared between the customer and mCloud are directly
received from the utility.
AssetCare enables the utilities to continuously track these
energy savings while allowing customers to see their energy
efficiency, health, and safety on any device and at any time of the
day.
"As our access to customer sites in the US and Canada improves in the weeks ahead, we are
looking forward to onboarding new and future customers with the
support of our utility partners," said Dr. Patrick O'Neill, mCloud's President for
Connected Buildings. "Our AssetCare for HVAC and IAQ solutions are
relevant now more than ever with the US Center for Disease Control
and the World Health Organization having recently updated their
guidance around the airborne transmission of viruses indoors."
Businesses interested in learning more about mCloud's HVAC and
IAQ solutions are invited to visit
https://www.mcloudcorp.com/HVAC-and-indoor-air-quality to learn
more.
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 acceleration of onboarding
new AssetCare customers.
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.