Expect to apply AI to wind turbine blade inspection with drones and 3D laser scanners in Q2 2018
Carries over existing contracts into 2018 valued at $700K CAD
Will target the over 70% of wind turbines currently off warranty worldwide
Solutions will maximize ROI through AI and analytics backed by in-house wind turbine technology expertise
VANCOUVER, March 8, 2018 /CNW/ - Universal mCloud Corp. (TSX-V:
MCLD) ("mCloud" or the "Company"), a leading provider of IoT-connected asset care technology solutions, today announced the
closing of its Share Purchase Agreement ("SPA") for 100% of NGRAIN (Canada) Corporation
("NGRAIN"). NGRAIN brings revolutionary Artificial Intelligence ("AI") and 3D/Augmented Reality technology to mCloud's AssetCare™
Cloud Solution. This transaction adds 10 patents in applied 3D technology to mCloud's product portfolio, supplementing mCloud's
existing patents in HVAC diagnostic technology.
NGRAIN's AI and 3D technology, which currently serves numerous aerospace and military applications demanding high precision
and reliability, will now enable mCloud to offer these same military-grade capabilities to maximize the performance of critical
energy assets. Lockheed Martin is just one company among many that currently benefits from NGRAIN's technology. NGRAIN supplies
the Battle Damage Assessment and Repair capabilities used by Lockheed Martin for maintenance, sustainment, and readiness of their
F-35 and F-22 stealth fighters deployed worldwide.
mCloud plans to go live in Q2 2018 with NGRAIN's AI-powered damage assessment technology, deploying drones to conduct
high-resolution aerial surveys of wind turbines and will use NGRAIN's sophisticated computer vision capabilities to
semi-autonomously inspect turbine blades for damage, correlate blade condition with turbine energy output and provide guidance on
all required repairs. With the ability to assess entire wind farms at scale, and at a fraction of the cost of traditional
inspections, mCloud expects these capabilities will dramatically influence the economics of owning and operating wind assets
around the world.
"According to research studies, turbine blade damage can result in annual energy production losses of up to 25%," said
Russel McMeekin, President and CEO of mCloud. "We will be the industry's only provider of an
AI-powered Digital Blade Inspection capability, setting new standards both in terms of how the industry will conduct inspections
going forward and how asset owners will ultimately profit from the optimized performance of their assets. As we head into the
second half of 2018 and lead up to 2019, NGRAIN's AI technology, combined with our in-house wind expertise, will allow us to
further optimize customer's asset care budgets."
"Feedback from wind technology providers, suppliers, service organizations, and other key stakeholders has been
overwhelmingly positive. AI-powered inspections are an incredible market opportunity as the vast majority of turbine assets today
operate with no scalable strategy to maximize their energy output, and ultimately their ROI," continued McMeekin. "We expect this
to enhance our ability to scale in North America and Europe and
accelerate our entry into new markets such as China. Since acquiring the joint technology rights
of Norwin wind turbine technology and adding Ole Sangill and Yan Zhao to mCloud's team for our
China expansion strategy, these global market opportunities have become increasingly
compelling."
Dr. Barry Po, NGRAIN's Senior Director, Product and Business Development added, "We have been
working closely with the mCloud team since announcing this transaction earlier this year. We have made great progress in defining
and getting ready for a very aggressive roll-out of our AI-powered damage assessment capabilities as part of the
AssetCareTM Wind solution."
The NGRAIN acquisition will contribute to mCloud's culture of continuous innovation. It is expected that NGRAIN's AI and 3D
technology will expand beyond wind turbine inspection to other asset classes that make up the rapidly-growing mCloud portfolio of
assets under management, which currently stands at well over 10,000 connected assets worldwide. Plans are already underway to
bring new capabilities and services to the ever-increasing number of connected assets. For wind turbines, this includes
AI-backed certification. In addition to its use with wind assets, NGRAIN's capabilities will also enhance how mCloud
intelligently manages the energy consumption of smart buildings as well as the performance of distributed electrical
transformers.
About Universal mCloud Corp.
mCloud is headquartered in Vancouver, BC with technology and operations centers in
San Francisco, CA and Bristol, PA. mCloud is an IoT connected
asset care cloud solution company utilizing connected IoT devices, leading 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 NGRAIN
NGRAIN brings artificial intelligence to damage assessment, serving customers in insurance, aerospace, and defense.
Since 2000, the company has helped organizations transform their maintenance and inspection practices through the use of AI and
3D. With proprietary technology developed in-house, NGRAIN helps organizations settle insurance claims faster, get every
inspection right the first time, and create opportunities to serve customers better. The company is headquartered in Vancouver, Canada with satellite offices in Ottawa, Canada and Des Moines, USA.
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, but is not
limited to, information concerning the Company's ability to save customer budget costs, the ability to roll out the damage
assessment technology in a timely manner, the ability to expand the asset base of the Company, the future business prospects and
the potential revenue of the Company.
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 a number of risks including, without limitation, the
risks 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 Universal-mCloud Corp
View original content: http://www.newswire.ca/en/releases/archive/March2018/08/c1167.html