mCloud Technologies Corp. announced that it has entered into a technology continuation agreement with Agnity Global Inc. (the "Technology Continuation Agreement" and "Agnity" respectively), enabling mCloud to build on the success of its existing relationship with Agnity. The Technology Continuation Agreement will replace the royalty agreement between mCloud and Agnity originally announced on June 21, 2018.

Under the terms of the Technology Continuation Agreement, Agnity will pay mCloud a one-time payment of approximately USD 6.0 million. The new structure allows the parties to continue delivering and supporting Agnity's technology and builds on mCloud's existing license and continued use of Agnity technology across all of the Company's AssetCare™ offerings going forward. Agnity provides mCloud with access to secure, HIPAA-compliant communications technology used in the Company's AssetCare Mobile solution for remote collaboration with workers in the field.

Agnity's technology is used by major telecommunication providers and enables mCloud's native compatibility with these providers to reach connected workers across numerous industries around the world.