VANCOUVER, July 11, 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 the completion of its acquisition of Fulcrum Automation Technologies ("Fulcrum") and subsequently, Autopro Automation Consultants ("Autopro").
"We are excited to welcome the Autopro team to the mCloud family as we take AssetCare™ to oil and gas customers all over the world," said Russ McMeekin, mCloud President and CEO. "With Autopro's deep domain expertise and reach in industrial process automation, our integrated portfolio of IoT, AI, 3D, and mobile capabilities will let us connect field assets at every stage of production and refinement."
"The entire Autopro team is looking forward to this next chapter in the history of our company," said Mike Lane, CEO of Autopro Automation. "Our customers are constantly seeking to improve their business by implementing next generation technology solutions. mCloud's portfolio of cutting-edge AI service offerings, together with Autopro's deep experience and expertise in industrial process industries, will allow us to help customers achieve an even greater advantage in today's competitive market."
With the acquisition of Autopro, mCloud will benefit from an exceptional team that will accelerate the Company's development of AI-powered asset management solutions for oil and gas applications along with a strong customer base positioned to adopt mCloud's AssetCare platform. As previously announced on April 24, 2019, Autopro is also expected to bring C$35 million in revenue and C$5.5 million in EBITDA to mCloud on a trailing twelve-month basis.
The transaction remains subject to the final approval of the TSX Venture Exchange (the "TSXV"). mCloud received conditional approval for the transaction from the TSXV on June 10, 2019.
In addition, the Company has entered into a consulting agreement with Fulcrum International Holdings Limited (the "Consultant"), pursuant to which the Consultant will provide ongoing corporate consulting and advisory services to the Company (but not any investor relations services of any kind) as and when requested by the Company. In consideration for the provision of such services, and subject to the approval of the TSXV, the Company intends to issue to the Consultant common shares of the Company (the "Compensation Shares") at a price per share equal to the greater of (i) $0.35, or (ii) the closing price of the common shares of the Company on the TSXV on the trading day immediately prior to the date of issuance of the applicable Compensation Shares. For greater certainty, in accordance with the policies of the TSXV, the price per share for all Compensation Shares will be determined after the date(s) on which the applicable services have been fully performed by the Consultant.
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.
About Autopro Automation Consultants Ltd.
Autopro Automation Consultants Ltd., an mCloud company, is a professional engineering and integration firm that specializes in the design and implementation of high-value industrial automation solutions. As one of the largest vendor-independent integration companies in North America, they provide a single source of expertise in all technologies that encompass industrial automation. Autopro was established in 1990 and has eight locations across Western Canada. For more information, visit Autopro's website at autopro.ca.
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.
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.
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: Craig MacPhail, NATIONAL Capital Markets, T: 416-586-1938, [email protected]; Chantal Schutz, Chief Financial Officer, Universal mCloud Corp., T: 604-669-9973