Universal mCloud Announces Name Change to mCloud Technologies

VANCOUVER, Oct. 28, 2019 /CNW/ - mCloud Technologies 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, is pleased to announce that it has changed its name from "Universal mCloud Corp." to "mCloud Technologies Corp." (the "Name Change"). The Company will continue trading on the TSX Venture Exchange under the same ticker symbol "MCLD".

Following the Name Change, the CUSIP number assigned to the Company's common shares is 582270104 (ISIN CA5822701044), the CUSIP number assigned to the Company's warrants expiring on December 6, 2020 is 582270112 (ISIN CA5822701127) and the CUSIP number assigned to the Company's warrants expiring on March 19, 2021 is 582270120 (ISIN CA5822701200). Common shares and warrants of the Company will be automatically adjusted as a result of the Name Change and no further action is required to be taken by the holders thereof. There is no change in the capitalization structure of the Company.

Completion of the Name Change is subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange.

About mCloud Technologies Corp.

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 to three distinct segments: smart facilities, power generation, and process industries including oil and gas. IoT sensors bring data from connected assets into the cloud, where AI and analytics are applied to maximize their performance. Headquartered in Vancouver, Canada with offices in locations worldwide including Calgary, San Francisco, and Beijing, 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 35,000 assets connected in thousands of locations worldwide, mCloud is changing the way energy assets are managed. For more information, visit www.mcloudcorp.com.

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.

Craig MacPhail, NATIONAL Capital Markets, T: 416-586-1938, [email protected]; Russ McMeekin, Chief Executive Officer, mCloud Technologies Corp., T: 415-635-3500