Saturday, September 23, 2023

mCloud Gives Corporate Update

By ET Bureau - June 01, 2023 2 Mins Read

mCloud Gives Corporate Update

mCloud Technologies Corp. a provider of cloud technology solutions optimizing the performance, reliability and sustainability of energy-intensive assets today provided an update on the status of the filing of its annual financial statements, accompanying management’s discussion and analysis, related CEO and CFO certifications and annual information form for the financial year ended December 31, 2022 (collectively, the “Annual Filings”).

As previously announced, the Company was granted a Management Cease Trade Order by the British Columbia Securities Commission (the “BCSC”), which expired on May 30, 2023, Although the Company is continuing to work diligently and expeditiously to complete and file the Annual Filings as soon as possible, the Company anticipates that the BCSC will issue a failure to file cease trade order against the Company (“FTFCTO”). An FTFCTO, if issued, will order that trading in the securities of the Company on the TSX Venture Exchange by any person, whether direct or indirect, will cease.

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The Company continues to work diligently toward the completion and filing of the Annual Filings, with the intention of completing the Annual Filings as soon as possible. The FTFCTO will remain in effect until the receipt by the BCSC of all filings the Company is required to make under British Columbia securities law, including the Annual Filings.

The Company also wishes to provide an update on the transaction being pursued by the Company with a strategic partner, which was originally announced on May 23, 2023. Although there can be no assurances that a transaction will be completed, the Company has been diligently working on supporting this process and expects to provide further updates as and when available.

The Company also provided an update on its AssetCare implementations with customers, highlighting mCloud’s continued delivery of AssetCare solutions to customers globally, with the Company having achieved a recent technical milestone in the implementation of AssetCare capabilities in Saudi Arabia. The Company noted these customer implementations represent significant progress in the adoption of AssetCare-powered Net Zero applications on Google Cloud.

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