It's truly unbelievable what he has done here. For a long time, despite MANY clues that this guy could not be trusted, I just couldn't believe that he could be lying about certain things. Like in Nov '21 during the CC when he claimed to have close to 90K assets under "signed contract". I would tell myself, he couldn't possibly lie about SIGNED CONTRACTS. I remember thinking during the 2022 Q1 Conf call, when he finally lifted his "pandemic restrictions" excuse, that he has nowhere left to hide. They HAVE to start implementing that backlog now, right? What could he possibly blame things on now that he can no longer blame everything on the pandemic! Well, he simply stopped reporting asset connection numbers by Q3 and by Q4 stopped reporting EVERYTHING. There are so many other complete BS statements that he made that I've considered writing an entire expose of the whole ordeal and try to get it published on a Financial site. He deserves to be exposed for what he did to investors, and the CFO too. She went right along with all of it.
I don't know how to explain the Aramco "deal" and the Mercedes one as well. The Aramco MOU was actually publicized on the Aramco website and Toto Wolff, the head of the Mercedes F1 team, actually participated in a video promoting AssetCare at their facilities. How do you have business relationships with the biggest company in the world and one of the most powerful brands in the world, and shortly after become exposed as a completely failed company. Remember that Carbon Royalty farce of an agreement, where they were going to implement their tech at all those car dealerships and had all those LOI's lined up, and CR was going to loan them the money to finance it all? They got the $15M, but what did they do with it? Did they ever go live with a single dealership?
It's all just a colossal failure that I believe needs to be thoroughly investigated. I've personally been in contact with a class-action lawyer in Alberta, but it's unlikely that course of action will work, given the insolvency of the company. What will there be left for shareholders to recover, not to mention the law firm's required compensation. If anyone else has had conversations with lawyers or the SEC regarding the execs at mCloud, I'd be interested in hearing about it.
(you can DM me on Twitter @dvp25 if you want to discuss privately)
