Universal mCloud Signs Final Binding Definitive Agreement to Acquire Fulcrum Automation Technologies and Autopro Automation

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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 announced that the final binding definitive agreement to acquire Fulcrum Automation Technologies (“Fulcrum”) and Autopro Automation Consultants (“Autopro”) has been fully executed by all parties.

“With the signing of this definitive agreement, we look forward to bringing the talent at Autopro together with the talent at mCloud,” said Russ McMeekin, mCloud President and CEO. “Autopro’s extensive expertise in industrial process automation along with the many strong customer relationships they maintain within oil and gas create the opportunity to take AI-powered asset management across the industry.”

As announced on April 24, 2019, upon completion of the transaction, mCloud will own 100% of Fulcrum and, indirectly, Autopro. The total consideration value, subject to adjustments, will be satisfied by the payment of C$18 million in cash at closing plus the issuance of 60 million mCloud common shares to the shareholders of Fulcrum and Autopro. The Company has received a term sheet from a senior lender with respect to a term facility to facilitate the cash payment at closing and expects to close the funding concurrent with closing of the transaction.  Based on a closing share price of C$0.37 on June 11, 2019 the total transaction value is C$40.2 million.

The Company has waived all outstanding closing conditions and, as previously announced, expects to complete the transaction before the end of June 2019.

 

SOURCE Universal mCloud Corp.