- mCloud establishes AssetCare™ connectivity to Heiwado Shopping Center in China, the first in a journey to connect over 1,000 malls with partner SCN
- In parallel, mCloud's Wind team is moving forward on two wind projects using AssetCare analytics in continental Europe and China
- Newly-announced partnership with Fulcrum Automation Technologies is set to target an initial 200 oil and gas assets in North America and the Middle East
VANCOUVER, April 10, 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 provided an update on the progress being made across all of its business segments, highlighting numerous advances in executing its business plan around the world:
Smart Buildings: First shopping center connected to AssetCare in expansion effort to over 1,000 malls across China
Within mCloud's Smart Buildings segment, the Company announced that AssetCare connectivity has been established for the Heiwado Shopping Center in Changsha, Hunan Province, China. This marks a major milestone in the implementation of a nine-year shopping center contract originally announced on January 2019 with partner SCN Ltd. ("SCN").
With mCloud's AssetCare solution, the Company will begin continuous management of the store's HVAC systems using AI and analytics – delivering ongoing energy savings, curbing the costly 41% of energy currently used by Heiwado at this mall for heating and cooling.
The Heiwado Shopping Center represents the first in an expansion effort with SCN to take AssetCare to over 1,000 shopping centers across Greater China, representing a portfolio of over 40,000 connectable assets.
Wind: mCloud moving forward with delivering AssetCare analytics for two wind projects this month
On the back of mCloud's recently announced strategic collaboration with Britwind, an affiliate of UK's Ecotricity, in March 2019, mCloud's Wind team is applying AssetCare analytics to improve wind turbine availability and extend the health of wind turbines associated with two wind projects, one based in continental Europe and another based in China.
In addition to the over 1,000 Endurance E-series wind turbines positioned for upgrades between mCloud and Britwind, these projects represent additional opportunities for mCloud to access a further 90,000 wind turbines as connected assets.
Oil and Gas: mCloud and Fulcrum Automation Technologies plan initial roll-out targeting 200 assets across North America and the Middle East
Related to the Company's February 2019 announcement of a US$15M global service agreement with Fulcrum Automation Technologies ("Fulcrum"), mCloud and Fulcrum are jointly working on a plan to target at least 200 oil and gas assets as part of a greater strategy to access thousands of field assets in North America and the Middle East.
Using the Company's AssetCare platform, mCloud and Fulcrum will apply AI and analytics to a variety of maintenance and inspection applications that support these assets, from monitoring fugitive emissions to assisting field workers in field repair and overhaul activities.
"Getting AssetCare connected to a multitude of assets across all segments of our business is a remarkable start to 2019," said Russ McMeekin, mCloud's President and CEO. "We look forward to making even more progress over the course of this year as we incorporate more into AssetCare."
As announced on March 28, 2019, mCloud will hold an earnings call to discuss 2018 performance and provide forward-looking insight on April 24, 2019. Conference details will be provided at a later date.
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. Headquartered in Vancouver, Canada, with technology and operations centers in San Francisco, CA and Bristol, PA, mCloud takes advantage of IoT sensors to bring data from connected assets into the cloud, applying AI and analytics to maximize their health and performance. Today, mCloud offers complete asset management solutions to four distinct segments: smart buildings, wind energy, utilities, and oil and gas. 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]; Russ McMeekin, Chief Executive Officer, Universal mCloud Corp., T: 415-635-3500