mCloud Highlights Accelerated Activity in Alberta

• New AssetCare™️ contracts at six oil and gas facilities in Alberta since February announcement
• Plans first major ESG rollout of AssetCare fugitive gas emission detection solution in Alberta mid-Q2 2021
• Continues to close growth capital through convertible equity debenture

CALGARY, AB, March 2, 2021 /CNW/ - mCloud Technologies Corp. (TSXV: MCLD) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence ("AI") and analytics, today provided an update on progress made since announcing a partnership with Invest Alberta Corporation ("IAC") on February 2, 2021. mCloud announced it had signed new AssetCare contracts at six oil and gas facilities in Alberta, including the adoption of mobile connected worker and connected asset solutions by multiple oil and gas companies in the province.

The Company also announced plans to deliver the first major customer rollout of its new AssetCare fugitive gas emission and leak detection solution in the province during the second quarter ending June 30, 2021 ("Q2 2021"). This solution is one of the Company's key Environmental, Social, and Governance ("ESG") applications that will drive major carbon emission reductions for AssetCare customers in Alberta and abroad.

Outside of its activities in Alberta, mCloud indicated it is seeing continued success internationally with the recent addition of AssetCare contracts at 12 new locations around the world, including sites in Asia-Pacific and Greater China, with plans to have these solutions delivered in the coming weeks. Among these solutions are connected oil and gas applications derived from mCloud's acquisition of kanepi Group Pty Ltd ("kanepi") in late 2020 and now the foundation of the Company's AssetCare Enterprise offering for strategic customer rollouts of mCloud technology.

"We are adding new connected assets and workers to our AssetCare portfolio every day," said Russ McMeekin, mCloud President and CEO. "As we see businesses finding their path past the current global pandemic, we are on track to achieving our near-term objective of having 70,000 connected assets under management."

mCloud Closes Fifth Tranche of Convertible Equity Debenture

The Company also announced today it had closed February subscribers in the fifth tranche of its private placement offering, originally announced on December 7, 2020 (the "Offering") of convertible unsecured subordinated debentures (the "Debentures") at a price of US$100 per Debenture for gross proceeds of US$0.450 million. The Company has raised an aggregate of US$7.033 million pursuant to the Offering. At its discretion, the Company expects to complete one or more additional tranches of the Offering.

In connection with the completion of the fifth tranche of the Offering, the Company has agreed to compensate American Trust Investment Services, Inc. ("American Trust") for its services introducing certain purchasers in the Offering to the Company. American Trust received: i) an aggregate of US$38,250 as cash compensation; ii) 27,000 broker warrants, each exercisable for a common share of the Company (a "Common Share") at a price of US$2.20 per Common Share. The Company also wishes to update the Broker Warrants payable to American Trust in the previous tranches of the Offering in accordance with the mutually revised agreement. In the first, second, third and fourth tranches of the Offering, the Company issued 3,000 Broker Warrants with a an exercise price of US$1.48 per Common Share, 112,200 Broker Warrants with an exercise price of US$1.52 per Common Share, 76,200 Broker Warrants with an exercise price of US$1.85 per Common Share, and 24,000 Broker Warrants with an exercise price of $2.07 per Common Share, respectively.

About the Debentures

The Debentures will bear interest from each applicable issuance date at 8% per annum, calculated and paid quarterly on the last day of March, June, September and December of each year. Interest will be paid in Common Shares or cash at the election of the Company. The first interest payment will be made on March 31, 2021 and will consist of interest accrued from and including the closing of each tranche of the Offering (each, a "Closing Date") to March 31, 2021. The Debentures will mature on the date that is 36 months following the Closing Date (the "Maturity Date").

The principal amount of the Debentures will be convertible into Common Shares (each, a "Debenture Share") at the option of the holder at any time prior to the close of business on the last business day immediately preceding the Maturity Date. The conversion price per Debenture Share is 110% of the lower of i) the volume weighted average trading price of the Common Shares on the TSX Venture Exchange for the five trading days preceding the Closing Date and ii) the closing price of the Common Shares on the TSX Venture Exchange on the day prior to the Closing Date, subject to adjustment in certain events (the "Conversion Price"). The Conversion Price of the Debentures issued under the fifth tranche of the Offering is US$2.22 per Debenture Share.

The principal amount of Debentures outstanding will be repayable in Common Shares or cash at the election of the Company on the Maturity Date.

The net proceeds from the Offering will be used for working capital purposes. All securities issued under the Offering will be subject to a statutory four month hold period. The Offering is subject to the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities issued under the Offering have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws, and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.

About mCloud Technologies Corp.

mCloud is unlocking the untapped potential of energy intensive assets with 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 for 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 Calgary, Canada with offices 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 59,000 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 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 may include information related to the Offering, the closing of additional tranches under the Offering, plans for a major rollout of a new fugitive gas emissions solution, and the timeline for completing the addition of new connected assets globally.

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 October 5, 2017. 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.

SOURCE mCloud Technologies Corp.

Wayne Andrews, RCA Financial Partners Inc., T: 727-268-0113, [email protected]; Barry Po, Chief Marketing Officer, mCloud Technologies Corp., T: 866-420-1781