PALO ALTO, Ca, July 24, 2024 – Cloudastructure, Inc. (“we,” “us,” “our,” “Cloudastructure” or the “Company”), a cloud-based video surveillance platform with artificial intelligence (“AI”) and computer vision analytics, announced today that founder Rick Bentley will be transitioning from his role as Chief Executive Officer and a member of the Company’s board of directors (the “Board”) to the role of Founder. Fellow Board member and industry veteran James McCormick will be taking over the reins as CEO, as well as continuing to serve on the Board.

Mr. Bentley and Mr. McCormick first worked together at General Magic in the 1990’s. Most recently, Mr. McCormick was the President and COO of LTA Research and Exploration LLC, with previous roles as CFO of Global Equipment Services and President and CEO of Shorai Inc. We believe McCormick’s notable history offers Cloudastructure the potential for a smooth transition from startup to a large successful company.

The handover will take place with immediate effect.

Holding the title of Founder, Bentley remains the first named inventor on all of the Company’s pending patents, expert in our AI/machine learning (“ML”) technology, product and how the technology can best be used to serve our customers’ needs. When asked about the transition, he commented, “With last year’s SEC action, my presence as a director or officer limited some of the Company’s options.  I hold the Company’s needs above my own and will continue to do everything I can to maximize its chances of overwhelming success.”  Although Mr. Bentley will no longer be in charge of any of the Company’s business units, divisions or policy making functions, he says “I’ll still be here helping in any way I can.”

Mr. Bentley said “I started Cloudastructure over 20 years ago now, it’s time to bring in someone else to take it to the next level.  I’ve known James for decades and trust him explicitly.”

“I am honored to join Cloudastructure as its next Chief Executive Officer,” said Mr. McCormick.  “In my previous experience as a member of the Board, I developed a deep understanding of the Company’s product offerings, sales traction and product development roadmap.  I believe the Company has a tremendous opportunity to continue to grow its customer base and to expand the leadership position it enjoys with its remote guarding offerings.  I look forward to working with our sales, engineering and installation teams to enhance value to our customers and building on the legacy of innovation Cloudastructure has demonstrated in the past.”

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Cautionary Note Regarding Forward-Looking Statements

Certain statements in this press release may be considered forward-looking, such as statements containing estimates, projections and other forward-looking information. Forward-looking statements are typically identified by words and phrases such as “anticipate,” “estimate,” “believe,” “continue,” “could,” “intend,” “may,” “plan,” “potential,” “predict,” “seek,” “should,” “will,” “would,” “expect,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “effort,” “target” or the negative of such words and other comparable terminology. However, the absence of these words does not mean that a statement is not forward-looking. Any forward-looking statements expressing an expectation or belief as to future events is expressed in good faith and believed to be reasonable at the time such forward-looking statement is made. However, these statements are not guarantees of future events and involve risks, uncertainties and other factors beyond our control. Therefore, we caution you against relying on any of these forward-looking statements. Actual outcomes and results may differ materially from what is expressed in any forward-looking statement. Except as required by applicable law, including U.S. federal securities laws, we do not intend to update any of the forward-looking statements to conform them to actual results or revised expectations.

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Investor Relations and Media Contact:

Kathleen Hannon
Sr. Communications Director
Cloudastructure, Inc.
530 Lytton Ave. 2nd Floor
Palo Alto, California 94301
Kathleen@cloudastructure.com.
(704) 574-3732 

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