All Funds Will Be Used To Quickly Deploy AssetCareTM Cloud Solutions
- Initially targeting IoT connected assets in Canada but quickly expanding to the USA
- Targeting building HVAC and wind turbines assets
- Estimated to enable approx. 20,000 new connected AssetCareTM customers by end of 2019 - all on multi-year subscription arrangements
VANCOUVER, Oct. 23, 2017 /CNW/ - Universal-mCloud Corp (TSX-V: MCLD) ("mCloud" or the "Company") has signed a Financing Agreement with CFG to help facilitate deployment of its AssetCare™ solution to the Canadian market, targeting buildings with critical HVAC requirements and wind turbines currently producing renewable energy throughout Canada. AssetCareTM combines the leading capabilities of IoT connectivity providers with the deep domain asset expertise of mCloud in a connected cloud solution with 24/7 vigilance. On a subscription fee basis, AssetCareTM customers receive all of the necessary equipment and support services needed to improve the health and performance of their connected assets. The subscription fee is a fraction of the resulting financial benefits.
There are over 1 million connectable energy assets in Canada that can rapidly adopt market-ready IoT devices. mCloud's AssetCareTM solution is an open, cloud-based solution that employs big data, deep analytics, machine learning, real-time collaboration and communications, 3D Augmented Reality (AR), and best practice maintenance to provide all asset stakeholders with total transparency in the health and performance of their connected assets - all within mCloud's Asset-Circle-of-CareTM framework. At its core, AssetCareTM monitors the performance of HVAC units and wind turbines. Once connected, mCloud uses its proprietary technologies to improve asset performance resulting in better energy profiles. The Asset-Circle-of-Care™ extends to support field service actions including real-time video communication with asset experts and access to complete equipment documentation. mCloud runs a 24/7 support center for its AssetCareTM customers. The Agreement with CFG allows mCloud customers to enroll in AssetCareTM without any up-front capital expenditure (CapEx) requirements. Customers can subscribe with mCloud, have a CFG approved service provider implement the IoT connectivity and begin seeing immediate tangible benefits from the AssetCareTM solution.
mCloud President and CEO Russel McMeekin said, "Customers immediately benefit from AssetCareTM without the lengthy and sometimes cumbersome CapEx decision process, especially if their assets are not of a vintage that is already IoT connected. We know that our technology generates positive cash flows for our customers from day 1. We are so confident in this that we are offering customers use of AssetCareTM without any obligation for 90 days – and at zero cost. We believe this 'play without paying' option will greatly expand the servable market for mCloud."
Michael S. Maurer, General Manager of CFG said, "Clients come to us to eliminate the need for up-front capital expenditure, and to better manage their technology risk by making the total solution available on an affordable basis over a multi-year arrangement. We have created a tailor-made and flexible financing program that will suit mCloud and their customers superbly, and we look forward to working with Russ and his team."
About Universal-mCloud Corp
Universal-mCloud Corp ("mCloud") 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.
About Commercial Funding Group (CFG)
With its roots traced back to 1981, Commercial Funding Group Inc. is a customer-focused organization geared to meeting the financing needs of the corporate marketplace. Commercial Funding Group Inc. provides a wide range of financial services to support customers throughout Canada and the United States. CFG is a member of and Canadian Finance and Leasing Association. For more information, visit www.commercialfundinggroup.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". The forward-looking information contained herein may include, but is not limited to, information concerning the future business prospects and potential revenue of the Company.
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SOURCE Universal-mCloud Corp
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