VANCOUVER, Aug. 9, 2018 /CNW/ - Universal mCloud Corp (TSXV: MCLD) (OTCQB: MCLDF) (Cusip 91373W107) ("mCloud" or the "Company"), a leading provider of Artificial Intelligence and Analytics ("AI&A") and IoT-connected asset care technology solutions, is pleased to announce that its OTCQB listed common shares are now eligible for electronic clearing and settlement through the Depository Trust Company in the United States.
DTC eligibility with The Depository Trust Company, the largest securities depository in the world, will allow for more efficient and economic trading of the Company's common shares on the OTCQB and increase its visibility and accessibility with U.S. investors.
The Company's common shares will continue to trade on the Toronto Venture Exchange under the symbol "MCLD".
"Our DTC eligibility will provide U.S. investors with the ability to efficiently trade mCloud's common shares," said Russ McMeekin, President and Chief Executive Officer of mCloud. "As mCloud's shares become more broadly accessible, I would like to reiterate the opportunity ahead. mCloud is a pure play AI and Analytics Cloud company competing in the Global AI and Machine Learning Market, which according to the International Data Corporation's Worldwide Semiannual Artificial Intelligence Systems Spending Guide, is expected to grow to $57.6 Billion by 2021."
The Company would also like to provide an update on several key corporate initiatives, building on the update previously provided on May 01, 2018 which covered the first six months since its public initiation on October 13, 2017. Notable updates since early May 2018 include:
- Commenced signing commercial arrangements in China both in Smart Buildings and Smart Wind
- Added an additional major multi branch Corporate Banking Customer with onboarding to begin later this summer
- Completed numerous Wind Turbine Blade Scans proving foundation to its AI Damage Assessment Analytics
- Signed an agreement that will provide mCloud over 150,000 wind turbine blade images which is expected to lead into multi-year commercial arrangements later in 2018 with strong carry-over into 2019
- Announced on June 21, 2018, the acquisition of 100% of Flow Capital's Royalty Agreement with Agnity Global, and will be releasing its first fully functioning AssetCare Mobile on the RealWear and Agnity Platform later this summer
- Continued to attract and add industry leading talent to its team, including the recent appointment of Dave Weinerth as President of mCloud Smart Buildings, as announced on June 4, 2018
Commenting on the progress, Mr. McMeekin stated, "We are pleased with the progress we have made over the last three months. We are particularly excited about some of our recent developments in China, where we have received positive feedback on our AI/Cloud technology with remote mobile applications."
About Universal mCloud Corp.
Universal mCloud Corp. 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.
The TSX Venture Exchange has in no way passed upon the merits of the Transaction. Neither the 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 | Equicom, T: 416-848-9833, [email protected]; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500