VANCOUVER, July 22, 2019 /CNW/ - Universal mCloud Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence ("AI") and analytics, today announced its first deliveries of AssetCare™️ solutions to Oil & Gas customers on the back of recently completing its acquisition of Autopro Automation Consultants ("Autopro") on July 11, 2019.
"The early customer response we have received around AssetCare for Smart Oil & Gas has been tremendous," said Dr. Barry Po, mCloud's Chief Product Officer. "As part of our efforts to bring the mCloud and Autopro teams together, the plans for rolling out AssetCare to customers have been in the works since the acquisition was originally announced. The fact we are seeing immediate traction with customers is a clear signal that AssetCare is in the right place at the right time in the oil and gas industry."
The first mCloud application for Smart Oil and Gas is a remote management capability based on technology originally developed at Autopro for client support services. Now part of mCloud's AssetCare platform, mCloud and Autopro recently onboarded this capability at six oil and gas facilities in Alberta, Canada using the AssetCare Software-as-a-Service ("SaaS") model with annual contracted recurring revenues totalling C$1 million across these facilities.
In addition to the six facilities just connected, mCloud has access to a target market, which according to data from the Canadia n Energy Research Institute, consists of more than 700 midstream oil and gas facilities across Alberta and northern British Columbia that are positioned to benefit from these remote management capabilities. As the Company expands its operations internationally, mCloud expects to reach over 14,000 similar facilities in oil and gas centres worldwide.
Remote management via AssetCare connects assets at upstream, midstream, and downstream oil and gas facilities, providing field operators with predictive maintenance capabilities that enable operators to get ahead of potential issues before they become serious, maximizing asset uptime and availability. AssetCare also enables access to analytics in a single view that link facility data with control system data, empowering asset managers to remotely diagnose and take corrective action without needing to be onsite.
The Company has numerous other AssetCare applications for Smart Oil and Gas in the works, and these will be unveiled later this year.
About Universal mCloud Corp.
Universal mCloud is creating a more efficient future with the use of 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 to three distinct segments: smart buildings, wind energy, and oil and gas. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance. Headquartered in Vancouver, Canada, the mCloud family includes an ecosystem of operating subsidiaries that delivers high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. With over 100 blue-chip customers and more than 28,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed. 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: Craig MacPhail, NATIONAL Capital Markets, T: 416-586-1938, [email protected]; Chantal Schutz, Chief Financial Officer, Universal mCloud Corp., T: 604-669-9973