VANCOUVER, July 18, 2019 – 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 announced its first deliveries of AssetCare™️ solutions to Oil & Gas customers on the back of recently completing its acquisition of Autopro Automation Consultants (“Autopro”) on July 11, 2019.
“The early customer response we have received around AssetCare for Smart Oil & Gas has been tremendous,” said Dr. Barry Po, mCloud’s Chief Product Officer. “As part of our efforts to bring the mCloud and Autopro teams together, the plans for rolling out AssetCare to customers have been in the works since the acquisition was originally announced. The fact we are seeing immediate traction with customers is a clear signal that AssetCare is in the right place at the right time in the oil and gas industry.”
The first mCloud application for Smart Oil and Gas is a remote management capability based on technology originally developed at Autopro for client support services. Now part of mCloud’s AssetCare platform, mCloud and Autopro recently onboarded this capability at six oil and gas facilities in Alberta, Canada using the AssetCare Software-as-a-Service (“SaaS”) model with annual contracted recurring revenues totalling C$1 million across these facilities.
In addition to the six facilities just connected, mCloud has access to a target market of more than 700 midstream oil and gas facilities across Alberta and northern British Columbia that are positioned to benefit from these remote management capabilities. As the Company expands its operations internationally, mCloud expects to reach over 14,000 similar facilities in oil and gas centres worldwide.
Remote management via AssetCare connects assets at upstream, midstream, and downstream oil and gas facilities, providing field operators with predictive maintenance capabilities that enable operators to get ahead of potential issues before they become serious, maximizing asset uptime and availability. AssetCare also enables access to analytics in a single view that link facility data with control system data, empowering asset managers to remotely diagnose and take corrective action without needing to be onsite.
The Company has numerous other AssetCare applications for Smart Oil and Gas in the works and these will be unveiled later this year.
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. Through mCloud’s AI-powered AssetCare™ platform, mCloud offers complete asset management solutions to three distinct segments: smart buildings, wind energy, and oil and gas. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance. Headquartered in Vancouver, Canada, the mCloud family includes an ecosystem of operating subsidiaries that delivers high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. 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.
SOURCE Universal mCloud Corp.
For further information:
Craig MacPhail, NATIONAL Capital Markets, T: 416-586-1938, email@example.com; Chantal Schutz, Chief Financial Officer, Universal mCloud Corp., T: 604-669-9973
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