Universal mCloud and Fulcrum Automation Technologies Sign Global Licensing Agreement for AssetCare in Oil & Gas Targeted at US$15M

  • Universal mCloud and Fulcrum Automation Technologies (“Fulcrum”) sign a three year renewable global service agreement targeted at US$15M
  • mCloud will deliver its core AssetCareTM platform — AI, Cloud, 3D, and Mobile capabilities — to Fulcrum’s Oil & Gas customers globally
  • Fulcrum to use AssetCare to expand its developing network of well-established service providers focusing on global, blue-chip oil, gas and refining companies
  • AssetCare will be a decisive technology differentiator for Fulcrum and its customers

VANCOUVERFeb. 27, 2019 /CNW/ – Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF) (“mCloud” or the “Company”), a leading provider of Artificial Intelligence and Analytics solutions for IoT-connected asset care technology, today announced the signing of a three year renewable license and distribution agreement (the “Agreement”) with Fulcrum Automation Technologies Ltd (“Fulcrum”) to deploy mCloud’s AssetCare offering in the oil, gas, and refining industries, targeted at US$15M in AssetCare subscriptions.

Under the Agreement, Fulcrum will retain global exclusivity for AssetCare in the oil, gas, and refining industry. Exclusivity is  contingent on Fulcrum providing US$5M or more in AssetCare subscriptions every 12 months.

“We created AssetCare with the objective to serve a diverse portfolio of critical assets,” stated Russ McMeekin, President & CEO of mCloud. “The application of AssetCare in the oil, gas and refining markets presents a strong opportunity for mCloud to broaden its reach, achieve higher margins and address the industry’s need for deep energy analytics. mCloud will leverage its Founders’ decades of experience working with many of the global Fortune 50 companies in the market and will greatly benefit from Fulcrum’s strong presence in the industry.”

“Russ and I have defined the initial technology applications, customers and assets we will be focusing on. We will begin to scale very quickly and work towards exceeding the minimum annual subscription targets.”

said Shane Maine, Chairman of Fulcrum.

mCloud and Fulcrum have identified select customers for early application of mCloud’s AssetCare solutions. To serve these customers, mCloud expects to expand its technology and business development teams to include professionals with oil, gas, and refining expertise who can lead deliveries in the Middle East and North America.

About Universal mCloud Corp.

Universal mCloud Corp. (TSXV:MCLD) (OTCQB:MCLDF) is headquartered in Vancouver, BC with technology and operations centers in San Francisco, CA and Bristol, PA. mCloud is an Artificial Intelligence and Analytics, IoT connected asset care cloud solution company utilizing connected IoT devices, AI, 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 Fulcrum Automation Technologies, Ltd

Fulcrum Automation Technologies is creating the world’s premier control systems integrator, offering integration project services, subscription-based data analysis and SaaS platforms to clients in the oil & gas and petrochemicals industries. Through the use of Artificial Intelligence, Industrial IoT and cloud computing, Fulcrum Automation Technologies will provide predictive analysis, real-time data and top-decile reporting to optimize asset performance.

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”.

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.

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 Universal-mCloud Corp

Please See Disclaimer

 

 


Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on my research and understanding of the sector.

2) The Article was issued on behalf of a third party, Universal mCloud Corp. by their agency of record, Native Ads Inc. Market Jar Media Inc. has or expects to receive the following amounts from Native Ads Inc. in the CAD amount of one hundred twenty five thousand, eight hundred eighty five dollars for 19 campaign days (13 business days).

3) Statements and opinions expressed are the opinions of the author and not Market Jar Media Inc., its directors or officers. The author is wholly responsible for the validity of the statements. The author was not paid by Market Jar Media Inc. for this Article. Market Jar Media Inc. was not paid by the author to publish or syndicate this Article. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. Market Jar Media Inc. requires contributing authors to disclose any shareholdings in, or economic relationships with, companies that they write about. Market Jar Media Inc. relies upon the authors to accurately provide this information and Market Jar Media Inc. has no means of verifying its accuracy.

4) The Article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Market Jar Media Inc.'s terms of use and full legal disclaimer as set forth here. This Article is not a solicitation for investment. Market Jar Media Inc. does not render general or specific investment advice and the information on Microsmallcap.com should not be considered a recommendation to buy or sell any security. Market Jar Media Inc. does not endorse or recommend the business, products, services or securities of any company mentioned on Microsmallcap.com.

5) Except for stock options issued to Market Jar Media Inc., Market Jar Media Inc. and its respective directors, officers and employees hold no shares for any company mentioned in the Article.