Get a free quote now.
EDMONTON, AB / December 14, 2020 / OneSoft Solutions Inc. (TSX-V:OSS)(OTCQB:OSSIF) (the "Company" or "OneSoft") is pleased to announce that Consumers Energy, a Michigan-based public utility provider, has entered into a multi-year agreement with the Company's wholly owned subsidiary, OneBridge Solutions Inc. ("OneBridge") to adopt Cognitive Integrity ManagementTM ("CIM") software-as-a-service solution for segments of its pipeline assets.
"The adoption of OneBridge's software aligns with our 10-year natural gas delivery roadmap and digital transformation strategy. Artificial Intelligence and machine learning capabilities embedded in the solution will assist us to modernize and ensure we have a safe, reliable, affordable and clean gas system. Implementation of the software will also help us to execute on our vision of world class performance advancing the integrity management of our assets and addressing current and future regulatory operational compliance needs," stated Holly Bowers, Consumers' Executive Director of Gas Asset Management.
"We are very pleased to work with Consumers for a couple of reasons," stated OneBridge VP of Sales, Dan Tipton. "While CIM has been implemented in mid-stream oil and gas pipeline operations, this marks the first instance where a gas utility company has embraced the solution for its different requirements. We look forward to future collaboration with Consumers to address the more stringent operating practices called for by the Pipeline and Hazardous Materials Safety Administration's ("PHMSA") new Mega Rule and are excited that CIM is providing innovative technology for this industry advancement."
Brandon Taylor, OneSoft President and COO, stated, "Working with Consumers Energy through the production trial process has provided valuable insight for OneBridge, including a better understanding of how operators will need to adapt their current processes to comply with the Mega Rule future requirements. We anticipate that engaging with gas utility customers, and especially those who are taking a leading role to prepare for future PHMSA operating requirements, offers an expanded niche market for our solutions."
The Mega Rule, As Applicable to Gas Operators
Termed the ‘Mega Rule' because of its broad scope and considerable amount of pipeline involved (estimated 300,000 miles of onshore gas transmission lines), the rule imposes new requirements on those responsible for the pipelines. Operators will need to reconfirm the maximum allowable operating pressure and track specific material properties of these lines. In some cases this may be a relatively simple job of organizing and providing existing records; however, an estimated 168,000 miles of pipeline have not been tested and may need to be assessed for the first time to establish attributes such as diameter, wall thickness, seam type, grade and toughness. The Mega Rule also mandates a comprehensive system of risk-based integrity, repair, and validation practices and all operators must deliver clear and auditable records, which CIM functionality can provide as a proactive assessment program to assess and identify the integrity of gas transmission pipelines using a preventative maintenance approach. Prior to July 2020, operators were required to undertake pipeline integrity assessments in High Consequence Areas ("HCAs") only and the Mega Rule mandates for the first time that some areas outside HCAs must also be included.
About Consumers Energy
Consumers Energy is the primary business of CMS Energy [NYSE:CMS-B], a major provider of natural gas, electric and power generation operations in the state of Michigan. Founded in Jackson, MI in 1886, Consumers Energy operates more than 27,000 miles of natural gas distribution pipeline and provides natural gas and electricity to 6.7 million of the state's 10 million residents in all 68 Lower Peninsula counties. The company has embarked on a 10-year strategy focused on delivering safe, reliable, affordable and clean energy, with protection of the environment as a key objective. Visit www.consumersenergy.com for more information.
About OneSoft and OneBridge
OneSoft has developed software technology and products that have capability to transition legacy, on-premise licensed software applications to operate on the Microsoft [NASDAQ:MSFT] Azure Cloud Platform. Our business strategy is to seek opportunities to incorporate Data Science and Machine Learning, business intelligence and predictive analytics to create cost-efficient, subscription-based software-as-a-service solutions. Visit www.onesoft.ca for more information.
OneSoft's wholly owned subsidiary, OneBridge Solutions Inc., develops and markets revolutionary new SaaS solutions that use advanced Data Sciences and Machine Learning to analyze big data using predictive analytics to assist Oil & Gas pipeline operators to predict pipeline failures and thereby save lives, protect the environment, reduce operational costs and address regulatory compliance requirements. Visit www.onebridgesolutions.com for more information.
For more information, please contact
Dwayne Kushniruk, CEO
Sean Peasgood, Investor Relations
This news release contains forward-looking statements relating to the future operations and profitability of the Company and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expects", "believe", "will", "intends", "plans" and similar expressions. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Such forward-looking information is provided to deliver information about management's current expectations and plans relating to the future. Investors are cautioned that reliance on such information may not be appropriate for other purposes, such as making investment decisions.
In respect of the forward-looking information and statements the Company has placed reliance on certain assumptions that it believes are reasonable at this time, including expectations and assumptions concerning, among other things: interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; applicable tax laws; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labor and services; the efficacy of its software; our interpretation based on various industry information sources regarding the total miles of pipeline in the USA and globally, which segments are piggable; our understanding of metrics, activities and costs regarding evaluation, inspection and maintenance is in alignment with various industry information sources and costs of performing pipeline evaluation, inspection and maintenance in the USA are representative of those in the rest of the world, are reasonably accurate; the success of growth projects; future operating costs; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; and that there are no unforeseen material development or other costs related to current growth projects or current operations. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future events and conditions, such information by its very nature involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to many factors and risks. These include but are not limited to the risks associated with the industries in which the Company operates in general such as: costs and expenses; interest rate and exchange rate fluctuations; competition; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws.
Readers are cautioned that the foregoing list of factors is not exhaustive. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update publicly or to revise any of the included forward-looking statements, whether because of new information, future events or otherwise, except as expressly required by Canadian securities law.
This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities within the United States. The securities to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of such Act or other laws.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
OneSoft Solutions Inc. Reports Q4 and Annual Results for Fiscal 2022 and Reiterates Fiscal 2023 Guidance Q4 and Fiscal 2022 Revenues Increased 82% and 55%, Respectively, Year over Year
+1 111 000 111
+1 111 000 111
+1 111 000 111
+1 111 000 111