Universal mCloud Adds Strength to Senior Management Team
24 Jan, 2018, 18:02 ET
Hires Senior Executive to Accelerate Connected Assets Growth Focused on:
Expanding into Greater China which Represents the World's Largest Regulated Global Wind Energy Market
Blockchain Technology to Enhance the Energy Data Architecture for Highly Regulated Utility Markets
VANCOUVER, Jan. 24, 2018 /CNW/ - Universal mCloud Corp. (TSX-V: MCLD) ("mCloud" or the "Company"), a leading provider of Artificial Intelligence ("AI"), Augmented Reality ("AR") and IoT-Connected Asset-Care technology solutions, today announced that it has hired Yan Zhao as President, Greater China to lead both the Company's strategic initiatives in China, as well as oversee the rollout of the Company's blockchain technology designed to enhance energy data architecture in highly regulated utility markets. Given his experience and deep knowledge of both the utilities space and global financial markets, Mr. Zhao ("Yan") will provide much needed guidance in defining how blockchain technology will be incorporated in to mCloud's AssetCare™ platform at the energy metering data level where critical data is exchanged within the defined market.
mCloud President, Russ McMeekin says, "We are very pleased to have Yan join our team to lead us into China, the world's largest wind energy market, and to deploy blockchain technology within our AssetCare™ environment, initially for wind energy, where critical data of real time energy production requires the highest standards of data integrity." According to the Global Wind Energy Council (GWEC), China continues to lead the market for wind energy . With wind capacity of 168.7 GW at the end of 2016, China held a market share in new deployments of over 42 percent. China's commitment to renewables, with a focus on wind, is showing no signs slowing down with a goal of having 20 percent of its energy needs being met with clean energy by 2030 and pledging to invest US$367 billion in renewables by 2020. Sector consultants, Wood Mackenzie further predicts that China will average over 25 GW of new wind capacity annually for the next decade (Source: Global Wind Energy Council (Source: http://gwec.net/a-revealing-look-at-winds-big-markets-and-emerging-challenges/). "We've recently announced a number of game changing acquisitions that greatly enhance our core AssetCare™ Wind technology for ultra-precise wind turbine analytics. Embedding blockchain functionality combined with Yan's leadership and deep sector expertise represents the next logical step in our plans," continued Mr. McMeekin.
Mr. Zhao is a former CFO and Director of TSXV-listed Changfeng Energy Inc. Prior to joining Changfeng, Mr. Zhao was the Manager, Financial Reporting, of KEYreit, a TSX listed real-estate investment trust ("REIT"). Prior to his employment at KEYreit, Mr. Zhao spent seven years in industry and with accounting firms where he held various senior positions. Mr. Zhao began his career with PricewaterhouseCoopers and received his designation as a Chartered Professional Accountant from the Ontario Institute of Chartered Accountants in 2009. He also holds a Masters of Business Administration from McMaster University and he has extensive energy utility and Chinese energy policy experience.
According to Mr. Zhao, "I have been evaluating mCloud's technology position since late 2017. I have the benefit of numerous connections in the Chinese utility market and have conducted several customer needs assessments and market assessments with a very specific focus on wind energy. Wind energy, IoT, AI and blockchain are strategic initiatives for China right now. In fact, several of these initiatives are part of the Chinese Government's 13 Year Plans and Policies. The feedback on mCloud's market readiness is excellent and I am very excited to be joining the mCloud team. I believe now is the perfect time to begin executing on these initiatives within the Chinese marketplace."
About Universal-mCloud Corp.
Universal mCloud Corp. ("mCloud") is headquartered in Vancouver, BC with technology and operations centers in San Francisco, CA and Bristol, PA. mCloud is an IoT connected asset care cloud solution company utilizing connected IoT devices, leading deep energy analytics, secure mobile and 3D technologies that rally all asset stakeholders around an Asset-Circle-of-Care™, providing complete real‐time and historical data coupled with guidance and advice based on deep analytics and diagnostics resulting in optimal performance and care of critical equipment. It's all about the asset. The powerful and secure AssetCare™ environment is accessible everywhere, 24/7 through standard mobile devices, ruggedized headsets, and web browsers. For more information, visit www.mCloudCorp.com.
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 Universal-mCloud Corp
For further information: please contact Justin Canivet, NATIONAL | Equicom, T: 416-586-1942, [email protected]; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500
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