mCloud Provides Update on Filing of Financial Statements

Rhea-AI Summary

mCloud Technologies Corp. (NASDAQ: MCLD) has announced an update regarding the filing of its annual financial statements for the year ending December 31, 2022. The Company is actively working to finalize and submit the Annual Filings as soon as possible. Previously, mCloud was issued a Management Cease Trade Order by the British Columbia Securities Commission. The Company assures that there are no insolvency proceedings ongoing and that all material information is disclosed. To comply with regulations, mCloud will issue bi-weekly reports as part of the Alternative Information Guidelines until the Annual Filings are complete, which will be available on SEDAR. mCloud specializes in cloud technology solutions aimed at enhancing sustainability and performance in energy-intensive sectors.

Positive

• The Company is actively working to file annual financial statements, indicating ongoing operational efforts.
• No insolvency proceedings against the Company, maintaining investor confidence.
• The Company will provide bi-weekly updates, ensuring transparency with shareholders.

Negative

• Management Cease Trade Order issued, which could raise concerns about regulatory compliance.
• Delayed filing of annual financial statements may lead to uncertainty among investors.

SAN FRANCISCO, April 14, 2023 /PRNewswire/ - mCloud Technologies Corp. (NASDAQ: MCLD) (TSXV: MCLD) ("mCloud" or the "Company") a provider of cloud technology solutions optimizing the performance, reliability and sustainability of energy-intensive assets, is providing 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"). The Company is continuing to work diligently and expeditiously to complete and file the Annual Filings as soon as possible. As previously announced, the Company has been granted a Management Cease Trade Order by the British Columbia Securities Commission.

The Company intends to follow the provisions of the Alternative Information Guidelines set out in National Policy 12-203 for so long as the Annual Filings are outstanding, including the issuance of bi-weekly default status reports in the form of news releases similar to this release, all of which will be filed on SEDAR. The Company confirms that there are no insolvency proceedings against it as of the date of this press release. The Company also confirms that there is no other material information concerning the affairs of the Company that has not been generally disclosed as of the date of this press release.

About mCloud Technologies Corp.

mCloud is unlocking the untapped potential of energy-intensive assets with cloud-based solutions that curb energy waste, maximize energy production, eliminate harmful emissions, and get the most out of critical energy infrastructure. Through mCloud's portfolio of AssetCare® solutions, mCloud enables asset owners and operators in energy- and asset-intensive industries such as oil and gas, wind, and commercial facilities to use cloud-based digital twins, AI, and analytics to optimize asset performance, reliability, and sustainability. mCloud has a worldwide presence with offices in North America, Europe, the Middle East, and Asia-Pacific. mCloud's common shares trade in the United States on Nasdaq and in Canada on the TSX Venture Exchange under the symbol MCLD. Visit mcloudcorp.com to learn more.

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 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 herein includes information concerning the filing of the 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.

A more complete discussion of the risks and uncertainties facing the Company appears in the Company's Annual Information Form and other continuous disclosure filings, which are available on SEDAR at www.sedar.com and EDGAR at www.sec.gov. 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, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to the Company or persons acting on its behalf is expressly qualified in its entirety by this notice.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE mCloud Technologies Corp.

FAQ

What is mCloud Technologies Corp's stock symbol?

The stock symbol for mCloud Technologies Corp is MCLD.

What recent update did mCloud Technologies Corp release?

mCloud Technologies Corp provided an update on the status of its annual financial statement filings for the year ended December 31, 2022.

What is the significance of the Management Cease Trade Order for MCLD?

The Management Cease Trade Order indicates regulatory issues that may hinder the trading of mCloud's securities.

When is mCloud expected to file its annual financial statements?

mCloud Technologies Corp is working diligently to complete and file its annual financial statements as soon as possible, but no specific date has been provided.

How can investors track mCloud's progress on its financial filings?

Investors can track mCloud's progress through bi-weekly default status reports that will be released on SEDAR.