MCLOUD TECHNOLOGIES

MCLD
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mCloud Technologies : Achieves Milestone with Over C$10 Million in Oil and Gas Total Contract Value

11/10/2020 | 07:01am
  • AssetCare™️ solutions for oil and gas providing solid momentum heading into 2021
  • Also announces plans to launch new AssetCare solution to curb fugitive gas emissions

VANCOUVER, BC, Nov. 10, 2020 /CNW/ - mCloud Technologies Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ("mCloud"   or the "Company"), a leading provider of asset management solutions combining IoT, cloud computing, and artificial intelligence ("AI"), today announced it had reached a major milestone in its delivery of solutions to the oil and gas sector, having booked over C$10 million in total contract value ("TCV") since entering the industry segment one year ago. The Company's portfolio of AssetCare solutions is providing solid momentum heading into 2021.

Today, mCloud deploys cloud-based AssetCare solutions to improve the cost efficiency and performance of process industry infrastructure at oil and gas centers around the world. Oil and gas facilities benefit from AI-powered solutions that optimize critical assets, including process control systems, heat exchangers, and connected workers in the field utilizing mobile head-mounted displays and 3D digital twins.

"Our team helps companies generate direct, measurable results that showcase new cost efficiencies, productivity, and Environmental, Social and Governance ("ESG") leadership across organizations," said Russ McMeekin, mCloud's President and CEO. "The demand for AssetCare solutions in oil and gas continues to grow at a rapid pace, and we look forward to furthering the progress we have made in 2020."

mCloud plans to deliver an industry-first AssetCare solution for fugitive emissions management to early adopters by the end of this year. This solution combines state-of-the-art industrial IoT sensors with cloud-based AI to mitigate industrial gas emissions, reinforcing the Company's position as an ESG enabler for the industry and showcasing the power of deploying advanced technology to bolster productivity and drive positive ESG outcomes.

About mCloud Technologies Corp.

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 in five distinct segments: commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.

Headquartered in Vancouver, Canada with offices in twelve locations worldwide, the mCloud family includes an ecosystem of operating subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. With over 100 blue-chip customers and more than 54,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed.

mCloud's common shares trade on the TSX Venture Exchange under the symbol MCLD and on the OTCQB under the symbol MCLDF. mCloud's convertible debentures trade on the TSX Venture Exchange under the symbol MCLD.DB. 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". The forward-looking information contained herein may include information related to upcoming plans to deliver fugitive emission capabilities.

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 mCloud Technologies Corp.

© Canada Newswire, source Canada Newswire English

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