Mcloud special committee approves new corporate structure to maximize value from exploration of strategic alternatives

Approval enables process to pursue a transaction structure involving the sale of certain mcloud and assetcare assets resulting in the separation of mcloud's business in two standalone parts: one part to focus on assetcare and a second to independently focus on ngrain-related business an asset sale under this transaction structure would include the divestment of assets, certain legal entities, and global strategic agreements associated with assetcare-related business for embedded ai-powered sustainability applications, with cash proceeds being used for payment of current mcloud obligations such an asset sale would also leave the wholly owned subsidiary ngrain and its highly regulated defense business with the current public company transaction structure aimed at maximizing shareholder value and expediting the company's strategic process san francisco , aug. 21, 2023 /prnewswire/ - mcloud technologies corp. (nasdaq: mcld) (tsxv: mcld) ("mcloud" or the "company") a provider of cloud technology solutions optimizing the performance, reliability and sustainability of energy-intensive assets today announced the company's special committee, composed of independent members of mcloud's board of directors (the "special committee"), in consultation with financial advisor atb capital markets inc. ("atb"), approved the process of pursuing the separation of the company with the intention of maximizing value and facilitating progress on the company's exploration of strategic alternatives, originally announced on march 29, 2023 (the company's "strategic process"). this approval from the special committee enables the pursuit of a potential transaction involving the sale of mcloud's broader industrial and commercial business, including assets, certain legal entities, and global strategic agreements attributable to assetcare for embedded ai-powered sustainability applications while keeping all business activities subject to military, defense, and aerospace regulations in mcloud under its wholly owned subsidiary, ngrain (canada) corporation ("ngrain").
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