- Universal mCloud and Fulcrum Automation Technologies ("Fulcrum") sign a three year renewable global service agreement targeted at US$15M
- mCloud will deliver its core AssetCareTM platform -- AI, Cloud, 3D, and Mobile capabilities -- to Fulcrum's Oil & Gas customers globally
- Fulcrum to use AssetCare to expand its developing network of well-established service providers focusing on global, blue-chip oil, gas and refining companies
- AssetCare will be a decisive technology differentiator for Fulcrum and its customers
VANCOUVER, Feb. 27, 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 announced the signing of a three year renewable license and distribution agreement (the "Agreement") with Fulcrum Automation Technologies Ltd ("Fulcrum") to deploy mCloud's AssetCare offering in the oil, gas, and refining industries, targeted at US$15M in AssetCare subscriptions.
Under the Agreement, Fulcrum will retain global exclusivity for AssetCare in the oil, gas, and refining industry. Exclusivity is contingent on Fulcrum providing US$5M or more in AssetCare subscriptions every 12 months.
"We created AssetCare with the objective to serve a diverse portfolio of critical assets," stated Russ McMeekin, President & CEO of mCloud. "The application of AssetCare in the oil, gas and refining markets presents a strong opportunity for mCloud to broaden its reach, achieve higher margins and address the industry's need for deep energy analytics. mCloud will leverage its Founders' decades of experience working with many of the global Fortune 50 companies in the market and will greatly benefit from Fulcrum's strong presence in the industry."
"Russ and I have defined the initial technology applications, customers and assets we will be focusing on. We will begin to scale very quickly and work towards exceeding the minimum annual subscription targets." said Shane Maine, Chairman of Fulcrum.
mCloud and Fulcrum have identified select customers for early application of mCloud's AssetCare solutions. To serve these customers, mCloud expects to expand its technology and business development teams to include professionals with oil, gas, and refining expertise who can lead deliveries in the Middle East and North America.
About Universal mCloud Corp.
Universal mCloud is headquartered in Vancouver, BC with technology and operations centers 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.
About Fulcrum Automation Technologies, Ltd
Fulcrum Automation Technologies is creating the world's premier control systems integrator, offering integration project services, subscription-based data analysis and SaaS platforms to clients in the oil & gas and petrochemicals industries. Through the use of Artificial Intelligence, Industrial IoT and cloud computing, Fulcrum Automation Technologies will provide predictive analysis, real-time data and top-decile reporting to optimize asset performance.
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".
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.
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 Universal-mCloud Corp
For further information: Madelin Daviau, NATIONAL Capital Markets, T: 416-848-9833, [email protected]; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500