VANCOUVER - mCloud Technologies Corp. (TSX-V: MCLD) (OTCQB: MCLDF) ('mCloud' or the 'Company'), a leading provider of asset management solutions combining IoT, cloud computing, and artificial intelligence ('AI'), today announced it had received approval from the Australian Foreign Investment Review Board ('FIRB') to proceed with the acquisition of kanepi Group Pty Ltd ('kanepi'), an information, visualization, and analytics software technology company headquartered in Perth, Australia, with a development center in Singapore.
The Company originally announced the acquisition of kanepi on June 25, 2020.
FIRB approval for the kanepi transaction is mandatory before final close. Due to the impact of COVID-19, the FIRB announced in March 2020 that foreign investment review would be temporarily required for transactions of any amount. 'The customer response to bringing kanepi capabilities into AssetCare has been tremendous,' said Costantino Lanza, mCloud Chief Growth and Revenue Officer. 'We have seen the swift uptake of joint solutions among our key customers, and as oil and gas businesses return to more normal operations, we expect to see even more adoption from new and existing customers in centers such as the Middle East.' 'Our ability to field new solutions to optimize untapped assets such as heat exchangers along with new access to southern hemisphere opportunities in oil and gas, offshore FPSOs, LNG, and mining facilities have only been possible because of our efforts to bring kanepi to AssetCare,' Lanza added.
As previously announced, the Company expects this acquisition to add C$2.4 million in annual recurring AssetCare revenues on a go-forward basis based on kanepi's recent financial performance and current contract velocity. mCloud is now in the process of completing closing tasks with kanepi. The transaction remains subject to the final approval of the TSX Venture Exchange ('TSX-V'). The Company expects to receive final approvals and completion of the transaction by the end of September or early in Q4 2020.
About mCloud Technologies Corp.
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 in five distinct segments: commercial buildings, renewable energy, healthcare, heavy industry, and connected workers. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance.
Headquartered in Vancouver, Canada with offices in twelve locations worldwide, the mCloud family includes an ecosystem of operating subsidiaries that deliver high-performance IoT, AI, 3D, and mobile capabilities to customers, all integrated into AssetCare. With over 100 blue-chip customers and more than 51,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed. mCloud's common shares trade on the TSX Venture Exchange under the symbol MCLD and on the OTCQB under the symbol MCLDF. mCloud's convertible debentures trade on the TSX Venture Exchange under the symbol MCLD.DB.
Contact:
Wayne Andrews
Tel: 727-268-0113
Email: wayne.andrews@mcloudcorp.com
MCLOUD TECHNOLOGIES CORP. 
