mCloud Technologies Corp. (TSX-V: MCLD, MCLD.DB) (OTCQB: MCLDF) ("mCloud" or the "Company"), a leading provider of asset management solutions combining IoT, cloud computing, artificial intelligence ("AI") and analytics, announced it has closed its previously announced acquisition of Construction Systems Associates, Inc. ("CSA"), an Atlanta-based 3D technology company, effective January 24, 2020. 

Through the added capabilities provided by CSA, the Company also announced today that it plans to complete its first 3D Digital Twin engagements with customers in three regions before the end of Q2 2020.

"The demand for our 3D Digital Twin capabilities has been strong and swift," said Costantino Lanza, mCloud's Chief Growth and Revenue Officer. "We expect the acquisition of CSA will expedite the upcoming delivery of new 3D capabilities to customers in North America, the Middle East, and Southeast Asia throughout 2020 and beyond."

"This acquisition further positions mCloud to become one of the largest providers of 3D asset management capabilities in the nuclear power industry in North America," added Lanza. "The combination of CSA's robust 3D capabilities and our AssetCare platform enables us to deliver powerful 3D Digital Twins to our process industry customers at oil and gas, petrochemical, LNG, and pipeline facilities worldwide."

In accordance with the terms and conditions of the transaction, the consideration payable to the vendors for the acquisition of all outstanding stock of CSA was US$500,000 in cash and 380,210 common shares of the Company, which were issued upon closing. Additional cash payments of up to US$1,250,000 and up to US$500,000 worth of common shares of the Company may be made, upon certain earnout conditions being met.

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