Launches it's IoT PoolSafe Connected Device as a Service (CDaaS); Leverages mCloud's AssetCare Secure Cloud for Device Connection
Toronto, Ontario--(Newsfile Corp. - May 17, 2018) - Pool Safe Inc. (TSXV: POOL) ("Pool Safe" or the "Company") is pleased to announce that it has signed a financing agreement with Commercial Funding Group ("CFG") which will enable the Company to build, deliver and install its Internet of Things ("IoT") Connected PoolSafe product with revenue share partners around the world.
David Berger, CEO of Pool Safe said, "With the CFG funding modelled and now in place, the door to the Company's growth has swung wide open." He continued, "the working capital limitations surrounding up-front capital expenditures related to a significantly increasing order build-up are no longer a restriction on the company's exciting revenue share partnerships, world-wide growth and client diversification."
"Pool Safe is working with us to solve their need for up-front capital expenditure, and to better manage their technology risk by making the total solution available on an affordable basis over a multi-year arrangement," said Shankar Narayanan, VP Finance of CFG. "We have created a tailor-made and flexible financing program that will suit IoT and Software as a Service ("SaaS") based companies.
In conjunction with this financing agreement, Universal mCloud ("mCloud"), as a strategic partner to Pool Safe, will implement an AssetCareTM program to ensure the PoolSafe's are regularly monitored and that the Company's customers receive all the necessary service support and reporting solutions. The Agreement with CFG allows Pool Safe to leverage the joint synergies of mCloud's AssetCareTM and CFG's financing capabilities to implement Pool Safe's IoT solutions as a CDaaS.
"Pool Safe will immediately benefit from the highly secure connection with a smart location by leveraging AssetCareTM Cloud. Although not an energy device, PoolSafe devices represent a mission critical connected IoT asset within a resort location," said mCloud President and CEO Russel McMeekin. "Connected secure IoT devices is where our expertise lies, and we look forward to having Pool Safe leverage."
Pool Safe has spent the last few quarters developing new hardware and software technology which enables two-way communication between the PoolSafe, its data base gateway and the Cloud. As an IoT enabled appliance, the PoolSafe can collect usage information and deposit it into an archive in the Cloud, for later mining and monetization. For the Company's portfolio of current and future revenue share partnerships, the PoolSafe's food and beverage long range, low power, wireless connectivity technology ("LoRa") facilitates a wider service coverage area. Unlike WiFi, which has a 100-foot range, the LoRa technology has a range of up to 1.2 kilometres, is embedded with the PoolSafe solutions, and does not require the property to add or make changes to their current infrastructure.
About Commercial Funding Group (CFG)
With its roots traced back to 1981, Commercial Funding Group Inc. is a customer-focused organization
geared to meeting the financing needs of the corporate marketplace. Commercial Funding Group Inc.
provides a wide range of financial services to support customers throughout Canada and the United
States. CFG is a member of and Canadian Finance and Leasing Association. For more information, visit
About Universal-mCloud Corp
Universal-mCloud Corp ("mCloud") is headquartered in Vancouver, BC with technology and operations
centers in San Francisco, CA and Bristol, PA. mCloud is an IoT connected asset care cloud solution
company utilizing connected IoT devices, leading deep energy analytics, secure mobile and 3D
technologies that rally all asset stakeholders around an Asset-Circle-of-Care, providing complete real
time and historical data coupled with guidance and advice based on deep analytics and diagnostics resulting in optimal performance and care of critical equipment. It's all about the asset. The powerful and secure AssetCare environment is accessible everywhere, 24/7 through standard mobile devices, ruggedized headsets, and web browsers. For more information, visit www.mcloudcorp.com.
About Pool Safe Inc.
Pool Safe Inc. designs, develops and distributes a product known as the "PoolSafe", which functions as a multi-purpose personal poolside attendant. The PoolSafe is designed to provide safety, convenience and peace of mind for hotels, resorts, waterparks and cruise ship guests. Functions include: lockable safe, solar-powered charger for USB compatible electronic devices including phones and tablets in addition to a server call-button, a beverage cooler and holders. Conveniently located alongside pool or beach lounge chairs, PoolSafe is a unique way of providing vacationers with a comforting sense of security for their belongings, while they enjoy their vacation. For more information please visit www.poolsafeinc.com.
Pool Safe Inc. is a fully reporting publicly traded company which is listed on the TSX Venture Exchange under the symbol POOL.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.
Pool Safe Inc.
Chief Operating Officer