An anonymous director reports

MCLOUD PROVIDES UPDATE FROM SPECIAL COMMITTEE EXPLORING STRATEGIC ALTERNATIVES

mCloud Technologies Corp. has provided an update on the company's exploration of currently active strategic alternatives. On March 29, 2023, mCloud announced it had formed a special committee comprising independent members of mCloud's board of directors for the purposes of exploring strategic alternatives to maximize shareholder value, including retaining ATB Capital Markets Inc. and Maxim Group LLC as financial advisers.

Since this announcement, the special committee has worked diligently with the support of ATB and Maxim to evaluate a variety of options. Over the past several weeks, the special committee has narrowed its efforts toward a transaction that would result in the acquisition of the company by a strategic partner. The company is continuing to pursue this potential transaction but is currently unable to provide any further guidance on the nature or timing of the proposed transaction. There can be no assurances that the transaction will be completed or that any successful transaction will result from the strategic process.

mCloud noted today the company's continued progress in integrating Google Cloud technologies, including Google Earth Engine, Blockchain Node Engine and more, across its AssetCare portfolio of solutions, which have driven key discussions around strategic alternatives. These technologies contribute strongly to the company's differentiation and continue to create strategic avenues for mCloud to deliver sustainability applications to energy-intensive enterprise customers worldwide.

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-intensive and asset-intensive industries such as oil and gas, wind, and commercial facilities to use cloud-based digital twins, AI (artificial intelligence) 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 the Nasdaq Stock Market and in Canada on the TSX Venture Exchange under the symbol MCLD.

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