An anonymous director reports

MCLOUD PROVIDES CORPORATE UPDATE

mCloud Technologies Corp. today provided an update on the status of the filing of its annual financial statements, accompanying management's discussion and analysis, related CEO (chief executive officer) and CFO (chief financial officer) certifications and annual information form for the financial year ended Dec. 31, 2022.

As previously announced, the company was granted a management cease trade order by the British Columbia Securities Commission (the BCSC), which expired on May 30, 2023. Although the company is continuing to work diligently and expeditiously to complete and file the annual filings as soon as possible, the company anticipates that the BCSC will issue a failure to file cease trade order against the company (FTFCTO). An FTFCTO, if issued, will order that trading in the securities of the company on the TSX Venture Exchange by any person, whether direct or indirect, will cease.

The company continues to work diligently toward the completion and filing of the annual filings, with the intention of completing the annual filings as soon as possible. The FTFCTO will remain in effect until the receipt by the BCSC of all filings the company is required to make under British Columbia securities law, including the annual filings.

The company also wishes to provide an update on the transaction being pursued by the company with a strategic partner, which was originally announced on May 23, 2023. Although there can be no assurances that a transaction will be completed, the company has been diligently working on supporting this process and expects to provide further updates as and when available.

The company also provided an update on its AssetCare implementations with customers, highlighting mCloud's continued delivery of AssetCare solutions to customers globally, with the company having achieved a recent technical milestone in the implementation of AssetCare capabilities in Saudi Arabia. The company noted these customer implementations represent significant progress in the adoption of AssetCare-powered Net Zero applications on Google Cloud.

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

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