- Enables mCloud to immediately take several new Saudi
customers live with AssetCare
- Ensures readiness for scale in compliance with Saudi legal
requirements by geo-locating AssetCare data in the Kingdom
SAN FRANCISCO, Dec. 15, 2021 /CNW/ - mCloud Technologies
Corp. (Nasdaq: MCLD) (TSXV: MCLD) ("mCloud" or the "Company"),
a leading provider of AI-powered asset management and
Environmental, Social, and Governance ("ESG") solutions today
announced it has signed an agreement with Virtual Vision ("V2"), a
local provider of cloud computing services within Saudi Arabia, to host the Company's AssetCare
solutions on the V2 Public Cloud for use in the Kingdom. The
agreement was signed on December 14,
2021 and enables mCloud to complete the onboarding of
several new Saudi customers and immediately take these customers
live with AssetCare.
The agreement with V2 also ensures mCloud is ready for scalable
deployment within Saudi Arabia and
in a manner compliant with Saudi legal requirements by geo-locating
AssetCare data within the Kingdom.
The Company previously announced on October 8 it had received a license to conduct
business activities from the Ministry of Investment of Saudi Arabia ("MISA"), the first foreign
company to offer cloud-based asset management solutions to receive
such an approval. mCloud subsequently announced on November 9 it had equipped the first two of over
100 restaurants owned and operated by the AFCO Restaurant Group in
the Kingdom.
"As we build our footprint in Saudi
Arabia, it is imperative we have a capable, secure, and
scalable cloud partner in the Kingdom of
Saudi Arabia," said Costantino
Lanza, mCloud co-founder and Chief Growth and Revenue
Officer. "The speed at which we are able to deploy our first
solutions is indicative of the high-performance environment that V2
maintains for its customers."
"V2 hosts and partners with customers key to mCloud's plans in
Saudi Arabia," Lanza added. "With
AssetCare now hosted in the cloud with V2, we are setup to take our
business to scale by offering a robust, highly secure, and
compliant environment for Saudi customers."
"We at V2 are looking forward to mCloud's ability to drive
results in the health and performance of assets for companies in
Saudi Arabia," said Hazem Sandouka, V2 Chief Operating Officer. "The
ability to provide results driven by savings and productivity gains
is going to assist organizations in Saudi
Arabia to meet their future ambitions."
In collaboration with local partners such as V2, mCloud has
brought the full suite of AssetCare solutions to Saudi Arabia, including ESG tracking and
reporting capabilities via AssetCare Enterprise, HVAC and indoor
air quality solutions via Connected Buildings, connected worker
solutions through AssetCare Mobile, and the Company's 3D Digital
Twin offering, all of which are seeing customer adoption in support
of the ESG objectives of Saudi Vision 2030. The Company expects to
add numerous buildings and oil and gas assets to its AssetCare
portfolio by mid-2022.
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.
With a worldwide presence and offices in San Francisco, Vancouver, Calgary, London, Perth, Singapore, and Beijing, 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 63,000 assets connected in thousands of locations worldwide,
mCloud is changing the way energy assets are managed.
mCloud's common shares trade in the
United States on the Nasdaq and in Canada on the TSX Venture Exchange under the
symbol MCLD. mCloud's convertible debentures trade on the TSX
Venture Exchange under the symbol MCLD.DB. For more
information, visit www.mcloudcorp.com.
About Virtual Vision
Virtual Vision (V2) is the Saudi premier provider of Cloud
Technology and System Integration Services. Through our knowledge,
expertise and focus on our customer's experience, we have built
partnerships based on trust to deliver better services and
innovative IT solutions. Together, with our team of Cloud
implementation specialists and system integrators we have
successfully implemented and supported enterprise-grade solutions
to help our clients drive business growth and revenues. Our
customers and partners include CloudSigma, Hewlett Packard
Enterprise, Microsoft, and Saudi Aramco.
With a Cloud Tier-3 Data Center in Riyadh, we offer our customers a combination
of raw underlying computing power with an approach and tools that
channel computing power most effectively. Visit v2.com.sa to learn
more.
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 and forward-looking statements contained herein may
include statements regarding the addition of new buildings and
connected assets to its AssetCare portfolio by 2022.
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.A more complete discussion of the risks
and uncertainties facing the Company appears in the prospectus
supplement, the base shelf prospectus and the registration
statement and in the Company's Annual Information Form and other
continuous disclosure filings, which are available on SEDAR at
www.sedar.com and EDGAR at www.sec.gov. 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.
View original
content:https://www.prnewswire.com/news-releases/mcloud-signs-cloud-agreement-with-virtual-vision-to-host-assetcare-customers-in-saudi-arabia-301444667.html
SOURCE mCloud Technologies Corp.