This announcement follows the Company's press release on
Heat exchangers require costly maintenance, often tens of thousands of dollars per year for each unit. They are pervasive, underserved industrial assets, usually found in the dozens per site at power stations, petrochemical plants, petroleum refineries, mineral processing plants, pulp and paper mills, and natural gas processing plants. The Company can generate monthly recurring revenues for every connected heat exchanger over ten times that of a connected HVAC unit in a commercial building. mCloud's AssetCare solution enables facility operators to maintain assets based on actual operating conditions rather than a fixed schedule, optimizing exchanger throughput and reducing maintenance and downtime costs by up to 50%. In
'Bolstered by our recent acquisition of kanepi, we are pleased to see the rapid adoption of AssetCare for heat exchanger optimization by our oil and gas customers,' said
About
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
Contact:
Tel: 416-586-1938
Email: cmacphail@national.ca
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
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 information related to the timeline for completion of the Company's first heat exchanger implementation and market uptake of this AssetCare solution.
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
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