mCloud Technologies Corp. (“mCloud” or the “Company”), a provider of asset management solutions combining IoT, cloud computing, and artificial intelligence (AI), announced it signed its first 10 AssetCare contracts with building operators based in New York. These contracts kick off a new commercial building campaign for the Company, aimed at businesses operating portfolios of small- and medium-sized buildings in New York and California.
The first customers from this campaign include globally recognized restaurants, automotive dealers, fitness centers, and other customers who each operate multiple locations in New York and California. The campaign is based on exclusive partnerships mCloud has secured with local service providers in these two states to jointly market and offer its solutions using IoT and AI to drive improvements in indoor air quality and energy efficiency.
“This set of 10 AssetCare subscription contracts is expected to be the first of many for mCloud in 2021,” said Dr. Patrick O’Neill, mCloud’s President for North America. “Businesses across New York and California are struggling to find an easy-to-implement solution to help them be compliant with new health regulations and reassure their customers and employees their buildings are safe—both are now required to get these thousands of businesses back to work.”
“mCloud’s AI-enabled Connected Buildings offering is the easiest solution for these operators, period,” O’Neill added. “The unique and compelling economics offered by AssetCare and our partnership with local providers allow us to offer an unbeatable solution to these businesses who now have no choice but to adapt.”
AssetCare delivers direct, measurable business results through the cloud under a recurring subscription model the Company calls “Results-as-a-Service.”
Through the use of smart thermostats and indoor air quality sensors connected to AssetCare, mCloud monitors and manages indoor air quality and temperature levels, to deliver a safe and comfortable environment for your customers and employees while minimizing energy usage. The company also keeps an eye on the health and performance of HVAC systems, identifying and alerting users to potential problems before they become costly issues.
mCloud retrofits businesses with LED lights and smart switches, and monitors overall kWh usage to eliminate unnecessary waste.
AssetCare constantly monitors occupancy and footfall counts to provide a clear picture of how customers move through a space, allowing users to ensure physical distancing guidelines are met and maximize revenue per square foot. Customized alerts will also keep users aware of when doors are open or closed.
AssetCare monitors control systems, control buildings, and communications infrastructure assets, providing visibility into their performance, and alerting users to any changes in behavior that require mitigation. The asset management platform also monitors the utilization and performance of heat exchangers, giving instant insight to the amount of fouling, the time remaining to necessary cleaning and the overall efficiencies of your exchanger.
AssetCare provides workers in the field with instant, hands-free access to documentation and expert assistance on demand, allowing teams to operate at the highest level of safety and efficiency. The asset management platform remotely connects workers in the field directly to experts in real time, and allows them to “see what I see” through an enterprise grade, secure communications link and provides guidance and advice. Reliable operation in noisy environments is supported by an intrinsically safe, voice activated head-mounted tablet (HMT) that can be personalized to each user.
The asset management platform has a monthly subscription fee:
- mCloud ships the HMTs to you pre-configured on AssetCare, you connect to your network.
- mCloud trains your teams in the proper use of the HMTs, including how to access facility data via AssetCare.
- Your field personnel have instant access to remote experts, documentation, and facility information, where and when they need it.
- mCloud LiveOps team is available 24/7 to provide support and assistance as needed.
Because mCloud combines IoT, AI, and the cloud to drive continuous improvements 24/7, the Company is able to serve small- and medium-size commercial building operators where standard building control solutions are cost-prohibitive. mCloud uses AI to provide 24/7 managed Live Operations (LiveOps) with every AssetCare asset management subscription, continuously monitoring and optimizing the ventilation and air purification systems of every connected building to ensure newly defined CDC and ASHRAE standards are met in the most cost-efficient manner possible.
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 the expected results of a new multi-site commercial building campaign in 2021.
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.
