- mCloud to connect oil and gas field workers using its AssetCare™ platform via head-worn, hands-free smart glasses
- Enterprise applications aim to improve the productivity and efficiency of over 1.4 million field workers operating over
500,000 assets in oil and gas across North America
- Through a recently announced partnership with Fulcrum Automation Technologies, mCloud will target initial roll-outs at oil
and gas refineries in Alberta
VANCOUVER, April 4, 2019 /CNW/ - 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 unveiled plans to connect oil and gas field workers with
real-time access to digital work assistance capabilities using the Company's AssetCare platform delivered via head-worn,
hands-free smart glasses.
Originally developed to support field workers and maintainers in mCloud's Smart Buildings and Wind segments, the Company
expects to deliver similar capabilities within its recently announced entry into Oil and Gas through its newly-signed three-year
global licensing agreement for AssetCare solutions with Fulcrum Automation Technologies ("Fulcrum"). In the oil and gas industry,
mCloud estimates there are over 1.4 million field workers operating over 500,000 assets across North
America whose roles would benefit from the enhanced productivity and efficiency that would come with hands-free access to
AssetCare in the field.
As delivered on smart glasses, mCloud's AssetCare platform enables workers in the field to get access to the right information
at the right time combining the features of an AI-powered digital assistant with advanced 3D and mixed reality. Real-time digital
work instructions enable workers to get guidance and verification as they work through complex procedures, ensuring they get jobs
done right the first time. Smart work order management capabilities ensure workers focus on those field assets in most urgent
need of attention.
In addition, remote assistance, provided through mCloud's strategic arrangement with Agnity Global, enables workers in the
field to virtually collaborate with experts in the corporate back-office through a secure, enterprise-grade video and audio
link.
The Company's roll-out of these capabilities includes hardware partners such as RealWear, who supply mCloud with access to its
HMT-1 industrial head-worn display.
"Our ability to deliver AssetCare on hands-free smart glasses lets us dramatically improve the productivity and efficiency of
field workers everywhere," said Dr. Barry Po, mCloud's Chief Product Officer. "All across the oil
and gas value chain, there are opportunities for us to enhance the way decisions are made in the field."
In the near term, mCloud's partnership with Fulcrum has already begun to show signs of progress as both companies work
together to target oil and gas refineries across the province of Alberta, Canada with these
mobile capabilities. Further expansion to other oil and gas areas across North America are in
the works and will be announced later.
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. Headquartered in Vancouver,
Canada, with technology and operations centers in San Francisco, CA and Bristol, PA, mCloud takes advantage of IoT sensors to bring data from connected assets into the cloud,
applying AI and analytics to maximize their health and performance. Today, mCloud offers complete asset management solutions to
four distinct segments: smart buildings, wind energy, utilities, and oil and gas. 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.
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.
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 Universal-mCloud Corp
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