- Digital Hub to include team of ESG and digital
transformation experts based in Saudi
Arabia who will leverage recently announced cloud
partnership with Virtual Vision to deploy ESG applications
in-Kingdom
- Plan includes joint development of new innovative AI-powered
technologies focused on decarbonization and waste reduction
targeting complex energy-intensive assets
SAN
FRANCISCO, Jan. 25, 2022 /PRNewswire/ - 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 had signed a Memorandum of Understanding ("MOU") with
Aramco. The MOU sees mCloud joining forces with Aramco to explore
the co-development of a digital technology hub for delivering ESG
solutions in the Kingdom of Saudi
Arabia.
This hub would enable both parties to jointly develop new
AI-powered innovations to facilitate the carbon reduction of
complex energy-intensive assets throughout the Kingdom and abroad.
Additionally, mCloud plans to develop a center of excellence that
will serve as a home base for a dedicated team of ESG and digital
transformation experts based in Saudi
Arabia.
Following mCloud's December 2021
cloud agreement with Saudi-based Virtual Vision ("V2"), this center
of excellence would leverage V2's high performance infrastructure
to deliver next-generation ESG-focused applications powered by
mCloud's AssetCare™ platform. Targeted application areas include 3D
digital twins, AI solutions for asset performance management,
visual inspection to drive asset reliability and asset integrity,
fugitive gas and leak detection, mobile connected work, and digital
facility management.
"This MOU with Aramco is the largest, most ambitious agreement
signed by mCloud to-date and is the basis for tremendous growth and
innovation," said Russ McMeekin,
mCloud President and CEO. "As the world's largest integrated energy
and chemicals company, Aramco is driving the digitalization of oil
and gas and the adoption of advanced technologies to decarbonize
and drive positive ESG outcomes."
"The collaboration between mCloud and Aramco has remarkable
strategic and operational significance to mCloud's growth, and I
intend to have a regular minimum quarterly presence in the
Kingdom of Saudi Arabia to support
the success of this initiative for many years to come," McMeekin
added.
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.
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
planned co-development of ESG applications and an mCloud center of
excellence in collaboration with Aramco.
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.
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SOURCE mCloud Technologies Corp.