For immediate release - ASX announcement
BuildingIQ (ASX: BIQ) — Claim by mCloud Technologies
20 Oct 2020
Complaint by mCloud Technologies
Sydney (ASX announcement 20 Oct 2020), BuildingIQ (ASX: BIQ) advises that it has become aware that mCloud Technologies Corp. (mcloud) has filed a complaint against BuildingIQ in the United States Superior Court of the State of Delaware. The complaint alleges claims for breach of contract, fraud and misrepresentation, each arising out of the Expression of Interest dated February 9, 2020 between mCloud and BuildingIQ. mCloud is seeking liquidated damages in the amount of A$500,000, compensatory damages and interest and costs.
The Company believes the claims are without merit and intends to vigorously defend all claims asserted.
Authorisation: This announcement was authorised by the Board of BuildingIQ, Inc.
For further information contact:
Communicaterelate - Investor Relations
Ph.: +61 414 861 629
BuildingIQ (ASX: BIQ) helps building owners and operators worldwide lower energy use, increase building operations efficiency and enhance tenant comfort. The Company’s 5i cloud-based platform and Managed Services deliver on the promise of Internet of Things (IoT) for buildings. Approximately 139M square feet of building space is currently under management with BuildingIQ. www.buildingIQ.com
Foreign Ownership Restrictions
BuildingIQ’s CHESS Depositary Interests (CDIs) are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers or sales which are made outside the US. Accordingly, the CDIs have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. The holders of BuildingIQ’s CDIs are unable to sell the CDIs into the US or to a US person unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a ‘FOR US’ designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.