Universal mCloud Reports Strong Q2 Results for 2018

Russ McMeekin, a graduate of Sault College of Applied Arts and Technology and Stanford University, has led operations at Universal mCloud Corp. in San Francisco, California, as chief executive officer since 2016. Under the direction of Russ McMeekin, Universal mCloud has enjoyed considerable growth.

This past summer, the company reported a number of strong second-quarter results. Speaking to Proactive Investors in Vancouver, Canada, Mr. McMeekin and chief accounting officer Darren Anderson highlighted a 26 percent increase in consolidated revenues, from $2.4 million in Q1 2018 to $3 million in Q2. The organization also continued to enjoy healthy gross margins of 64 percent, thanks largely to a strategic model that emphasizes the acquisition of innovative, high-margin companies in the technology sector.

Following the success of Q2, the Universal mCloud team is strongly committed to continued growth, particularly in international markets. In past years, the company has expanded throughout the United States and into Canada; more recently, the international focus has transitioned to China and other Asian markets.

Universal mCloud Begins the Process of Nasdaq Co-Listing

Based in Vancouver, British Columbia, Russ McMeekin leads Universal mCloud Corp. as CEO and provides the organic and acquisition growth-focused company with strategic direction. Having completed its last oversubscribed private placement tranche, Russ McMeekin’s company recently generated $4.5 million in fresh capital for working capital and new acquisitions . 

Universal mCloud subsequently initiated a process designed to lead to its stocks being co-listed on the NASDAQ Capital Market. With this process having commenced, it is expected to continue through early 2019. The aim is to provide future and existing shareholders with expanded portfolio access to the Nasdaq stock platform. 

In order to facilitate the co-listing process, the Universal mCloud board has created a special committee that will pair experienced capital markets professionals with company management and outside advisers. The complex process of co-listing involves multi-jurisdictional regulations spanning the Securities Exchange Commission/Nasdaq with the Toronto Stock Exchange. In order to complete the process, Universal mCloud must transform a number of internal processes, as well as the governance structure.