Universal mCloud Signs Binding LOI to Acquire Ascent AeroSystems

Universal mCloud Corp. announced that it signed a binding letter of intent (“LOI”) to acquire Ascent AeroSystems on September 24, 2018.

Ascent’s leading UAV offering will enable mCloud to provide its complete cloud-based AssetCare solutions to customers with critical assets, such as wind turbines, HVAC units, and electrical transformers, in remote or inaccessible locations.  Ascent’s technology will enable AI-powered visual inspections on connected assets, allowing for real-time monitoring of their physical condition at a fraction of the cost of traditional inspections.  Additionally, stackable forward-looking infrared and ultrasound sensors extend the data capture, providing Asset owners with better knowledge and documentation of their assets under care, minimizing unplanned downtime and preserving asset value.

Ascent’s UAV’s are designed and manufactured in the USA, and the company’s existing customers include Tier One and Tier Two aerospace and defense prime contractors, government agencies and commercial operators.

The acquisition is valued at approximately $6.55M USD, comprised of $4.8M USD in shares plus $500K USD in cash on closing.  An additional $1M USD in shares, and $250K USD in cash is contingent on the achievement of future results.  It is not expected that any single stockholder of Ascent will own more than 5% of the outstanding shares of mCloud upon completion of the transaction.