- Partnership brings AssetCare to the largest oil and gas,
refining, and petrochemical operators alongside retail and mega
building complexes in Saudi
Arabia
- Paves the way for AssetCare to support the digitalization
and ESG objectives of Saudi Vision 2030, the Kingdom of Saudi Arabia's national economic
action plan
CALGARY, AB, July 13, 2021 /CNW/ - mCloud Technologies
Corp. (TSXV: MCLD) (OTCQB: MCLDF) ("mCloud" or the
"Company"), a leading provider of AI-powered asset management and
Environmental, Social, and Governance ("ESG") solutions today
announced the signing of a Memorandum of Understanding ("MOU") with
URBSOFT, a strategic provider of advanced ground and aerial
inspection technology solutions supporting the Saudi Vision 2030
initiative in the Kingdom of Saudi
Arabia and its transformative industrial and urban
programs.
The MOU partners mCloud with URBSOFT to jointly take the full
portfolio of AssetCare solutions to market in Saudi Arabia. Together, mCloud and URBSOFT
will combine and deliver industrial visual inspection solutions
using the Company's 3D capabilities and URBSOFT's advanced GIS and
GPS technologies to major oil and gas, petrochemical, and process
industry sites. Both companies will also drive the adoption of
AssetCare smart building solutions in tandem with URBSOFT's urban
technology portfolio across numerous prominent Saudi building
initiatives and the Kingdom's retail sector.
mCloud expects this partnership to fuel major growth for its
regional business in the Middle
East, with URBSOFT well-positioned to lead regional sales,
broker strategic relationships, and implement AssetCare across the
Kingdom. URBSOFT is principal advisor to the Saudi Government for
Saudi Vision 2030, a national economic action plan including major
multi-billion dollar investments in the adoption of new
technologies for industrial development, logistics, and smart city
transformation.
In this role, URBSOFT and its leadership maintain pivotal ties
to the largest oil and gas, petrochemical, and building developers
and operators in Saudi Arabia.
Through URBSOFT and Saudi Vision 2030, the Kingdom is positioned to
lead the adoption of ESG and digitalization solutions in these
sectors.
Russ McMeekin, mCloud President
and CEO said: "During my recent trip to the Kingdom of Saudi Arabia, I was amazed by the
degree to which digital technologies have been integrated into
every aspect of life in the Kingdom. While there, I had the
opportunity to meet many industry leaders eager to accelerate the
digital transformation and decarbonization of their businesses. I
also met with numerous building operators seeking the best
technologies to reduce their carbon footprint and improve indoor
air quality. Our partnership with URBSOFT makes AssetCare the
Kingdom's ESG technology solution of choice. Put simply, mCloud is
now open for business in Saudi
Arabia."
"In partnership with mCloud, URBSOFT has already begun to
introduce mCloud and AssetCare to notable industrial players
including Saudi Aramco, SABIC, and Sipchem," said Dr. Ahmed Alkadi, URBSOFT CEO. "We believe mCloud's
technology will play a key role for the Kingdom in achieving its
goal of reducing GHG emissions and energy consumption in the Saudi
petrochemical industry and around the world."
"We are also engaging our urban technology network, which
includes the King Abdullah Financial District, NEOM, the Red Sea
Project, AMAALA, and more to create an ecosystem where AssetCare
can play a role in helping urban innovations flourish," Dr. Alkadi
added.
For more information on Saudi Vision 2030, visit
https://www.vision2030.gov.sa.
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 61,000
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 URBSOFT
Established in 2014, URBSOFT is a fast-growing company that
offers innovative urban technologies and services grounded in
design thinking, digital product innovation, customer experience
management, and digital transformation. No matter the industry,
device, objective, or technology platform, we are driven to improve
the human relationship with technology by designing and building
meaningful connections between companies and their customers. For
more information, visit www.urbsoft.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
joint sales, marketing, and delivery of AssetCare solutions with
URBSOFT in Saudi Arabia.
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.