- Pivots the Agnity Addition and New Team to Launch Europe Market Expansion
- Expands Silicon Valley Team to Leverage Extensive Technology, Customer and Financial Relationships
VANCOUVER, Jan. 10, 2019 /CNW/ - Universal mCloud Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading provider of Artificial Intelligence and Analytics solutions for IoT-connected asset care technology, today announces strategic developments related to the approaching close of the Company's Agnity Global ("Agnity") transaction.
As previously announced on June 21, 2018, mCloud signed a binding agreement to purchase 100% of Flow Capital's (TSX-V: FW) Royalty Agreement with Agnity, an industry leader in LTE/4G/5G mobile application communication server technology. The consolidation of businesses provides a foundation for mCloud's AssetCare Mobile solution's expansion into Europe's telecom space. The implementation of Agnity's middleware software allows communication services to work across mobile technologies and enables mCloud's AssetCare platform to serve numerous Telecommunication Partners.
As mCloud nears the closing of this agreement, it has taken the key steps to ensure a successful transition and best position the Company for growth. Effective immediately, Sunir Kapoor, former Chairman of Agnity, will be joining the mCloud team as the Company's non-executive Strategic and Integration Advisor to the CEO.
"I am pleased to be working with mCloud's distinguished senior leadership team and several of the management team again," said Sunir Kapoor. "The team has a strong track record of executing its stated strategy and I look forward to supporting mCloud through Agnity's integration and the Company's planned expansion generally, and particularly into the European market."
Kapoor is a prominent Silicon Valley executive with over 30 years of international experience in the technology sector, both in Europe as well as the US. Currently, he serves as a Board member for Banco Bilbao Vizcaya Argentaria S.A. ("BBVA") (NYSE: BBVA (ADR); MAD: BBVA), a leading global bank and advises several other technology companies in Silicon Valley and Europe. He is also an Operating Partner at Atlantic Bridge Capital, a platform for cross-border technology funds. Kapoor formerly served as a senior executive at Oracle, Director of Worldwide Business Strategy at Microsoft and held the title of Chief Executive Officer at UBmatrix/Edgar On-line, the inventor of XBRL, and E-Stamp, a pioneer of internet payment systems.
As mCloud's business, geographies and operations continue to expand, the Company will evolve in a way that enables senior leadership to expertly manage growth. Effective immediately, Doug Garnhart will be joining mCloud's management team as Chief Financial Officer. Darren Anderson will continue to work on acquisition integration and other transition items. Anderson was instrumental in supporting mCloud through its recent acquisitions and providing detailed due diligence, final agreement completion and regulatory submissions.
Over the past quarter, the Company has completed a rigorous evaluation of candidates for the position of Chief Financial Officer. Doug Garnhart was selected for his extensive leadership experience and unparalleled knowledge. Garnhart is a seasoned Silicon Valley financial executive, with expertise in 3D and Telecom businesses, a strong background working with companies in the Chinese market and the experience to support mCloud as it works towards co-listing on the NASDAQ.
Garnhart has served as Director of Finance at AT&T, VP Finance at Bersin Deloitte and Chief Financial Officer for multiple technology companies including, Right Hemisphere (acquired by SAP), INOVx Solutions, and Energy Knowledge, Inc (EKI) (acquired by Yokogawa). While at INOVx and EKI, Garnhart worked closely with mCloud senior leadership.
"We have a world class senior leadership team, consisting of global technology experts with extensive Silicon Valley and global customer experience," said Russel McMeekin, President and CEO of mCloud. "Sunir's deep connections in the technology community, his ongoing work in Europe and his experience investing in the increasingly global technology sector, uniquely positions him to help us execute our growth initiatives."
"We further strengthen our team with the addition of Doug Garnhart," added McMeekin. "He brings unparalleled experience working in Silicon Valley's financial and technology space and has served as CFO for software ventures with strong similarities to CSA. As we near the end of our audit requirements and move closer to closing the CSA acquisition, Doug will play a lead role in bringing CSA onboard."
About Universal mCloud Corp.
Universal mCloud is headquartered in Vancouver, BC with technology and operations centres in San Francisco, CA and Bristol, PA. mCloud is an Artificial Intelligence and Analytics, IoT connected asset care cloud solution company utilizing connected IoT devices, AI, 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.
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".
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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.
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SOURCE Universal-mCloud Corp
For further information: Madelin Daviau, NATIONAL | Equicom, T: 416-848-9833, [email protected]; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500