VANCOUVER, April 23, 2020 /CNW/ - mCloud
Technologies Corp. (TSX-V: MCLD, MCLD.DB) (OTCQB: MCLDF)
("mCloud" or the "Company"), a leading provider of asset management
solutions combining IoT, cloud computing, artificial intelligence
("AI"), and analytics, today announced it is relying on an
exemption adopted by the British Columbia Securities Commission
("BCSC") and provided in BC Instrument 51-515 Temporary
Exemption from Certain Corporate Finance Requirements ("Blanket
Exemption Order") for the purpose of extending the time required to
comply with filing requirements resulting from the challenges posed
by the COVID-19 pandemic.
mCloud will (i) delay the filing of its annual financial
statements and related management discussion and analysis for the
year ended December 31, 2019
(collectively the "Required Annual Filings"), and (ii) rely on the
extension provided by the Blanket Exemption Order to comply with
the delivery requirements of applicable securities laws relating to
the Required Annual Filings.
In accordance with the Blanket Exemption Order, the Company's
management and other insiders are subject to a trading black-out
policy that reflects the principles in section 9 of National Policy
11-207 Failure-to-File Cease Trade Orders and Revocations in
Multiple Jurisdictions until the Required Annual Filings are
filed on SEDAR.
The Company expects to complete the Required Annual Filings by
May 11, 2020.
Beyond any announcements already previously disclosed by the
Company in news releases, including the information herein, the
Company confirms there are no other material business developments
since March 19, 2020, the date of
mCloud's restated and amended financial statements for the
third quarter ended September 30,
2019.
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 to three distinct segments: smart
facilities, power generation, and process industries including 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 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 41,000 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. 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 harbour
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 in this press release includes when the
Company expects to complete its Required Annual Filings.
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" in the Company's annual information form dated
October 31, 2019. 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE Universal-mCloud Corp