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Edmonton, Alberta, Canada (September 24, 2018) – OneSoft Solutions Inc. (the “Company” or “OneSoft”) (TSX-V:OSS; OTC:OSSIF) is pleased to announce that its wholly owned operating subsidiary, OneBridge Solutions Inc. (“OneBridge”), has entered into its first commercial use agreement for its next iteration of Cognitive Integrity ManagementTM software-as-a-service (“SaaS”) solution, which has been under development (codenamed “Polaris”) since early 2018 (“CIM 3.0”). The “Client”, a U.S.A. - based Fortune 500 company, participated as a private preview user of the beta version of Polaris during its development phase and has now contracted to utilize the commercial version of CIM 3.0 on a multi-year basis.“We are very pleased with our progress on the Polaris, now renamed CIM 3.0, development sprint” stated CTO Brandon Taylor. “Our initial goal was to develop a sufficiently comprehensive solution to enable our private preview users to replace their current integrity management systems with CIM 3.0 – and that objective has been met. We are continuing to work with the other private preview participants who we anticipate over the next few months will adopt CIM 3.0 for long-term use, after which the solution will be commercially released to market for global use.”OneBridge President Tim Edward added. “CIM 3.0 is designed to provide full “cradle-to-grave” functionality that oil and gas companies require to manage their pipeline infrastructure, including data and integrity management, predictive analytics, threat detection and monitoring, operational logistics, regulatory compliance and advanced business intelligence. We are very appreciative of the valuable contributions that have been made by both Phillips 66 and the Client, as well as the third private preview participant of the Polaris/CIM 3.0 project, by providing their input and feedback as beta users of the software, as we’ve worked through the development sprint.”
About the Client
The Client is a Fortune 500 with annual revenues of US$35 billion, 14,000 employees and 7,500 miles of pipelines. The Client conducts operations in 18 states in the mid- and western U.S.A., including numerous refineries, storage terminals, natural gas processing complexes and 3,300 retail stores.
About CIM 2.0 and CIM 3.0
Operating on Microsoft’s Azure Cloud platform and services environment, CIM 2.0 provides revolutionary Pattern Detection and Interacting Threats functionality using Data Science and proprietary Machine Learning algorithms. CIM 2.0 is designed to normalize and ingest inline inspection (“ILI”) data for pipelines, align anomalies and calculate their growth rates, which results in the detection of threats to pipelines over time using Predictive Analytics. CIM 2.0 also provides advanced business intelligence, intuitive graphical presentations, and dashboard reporting and natural query language capability for data that operators require to manage their pipeline infrastructure.OneBridge entered into an agreement with Phillips 66 Company to develop CIM 3.0 (codenamed Polaris), an advanced pipeline integrity management solution for industry operators, by migrating functionality from Phillips 66’s PT-DMS internally-developed software applications to a cloud-based SaaS solution the embeds OneBridge Machine Learning, Data Science and CIM 2.0 functionality. CIM 3.0 is designed to address four major areas of functionality additional to what CIM 2.0 provides: (1) assessment planning, including enterprise level planning, scheduling and business intelligence; (2) integrity compliance, wherein internal company policy and regulatory compliance for CFR 192 & 195 can be addressed with the push of a button; (3) threat monitoring, for which actionable workflow and job information for every threat is identified; and (4) business intelligence, comprised of data analytics, SQL reporting, embedded user experience using 3D visualizations, dashboards with filtering and natural query language capability.
About CIM 3.0 Potential Market, Pricing and Sales Traction to Date
CIM 3.0 is designed to be scalable for global use by a wide range of pipeline companies, from small operators through and including industry supermajors. In accordance with various figures compiled by the U.S.A. regulator, Pipeline and Hazardous Materials Safety Administration (“PHMSA”), the Association of Oil Pipe Lines (“AOPA”), the American Petroleum Institute (“API”) and other sources, we believe that Machine Learning and Data Science solutions, like CIM 3.0, may be able to disrupt a significant portion of the annual expenditures currently being spent for pipeline data evaluation, which we estimate to be US$640 million within the U.S.A. and US$1.1 billion globally, most of which currently depends on legacy technologies and processes. (Refer to the “Market Metrics” section on page 9 of the Company’s MD&A for the year ended February 28, 2018 published on June 26, 2018 for more details regarding addressable market estimates.)Management is pleased with the early traction in this market segment. Our commercial pricing model includes monthly fees at various levels for the use of CIM 3.0, based on the number of miles of pipeline operated and additional fees charged for specific functionality used, based on an economic consumption model. Historical revenues have equated to approximately $100 per data/mile of pipeline processed – i.e., OneBridge processed approximately 10,000 pipeline data/miles during the last fiscal year ending February 28, 2018, and recorded $1 million of revenue. We expect this revenue metric may increase in the future, after we commercialize CIM 3.0 and add more functionality to our solutions.We believe we will need to engage customers operating approximately 40,000 data/miles in aggregate to achieve cash break even operations. Currently we have 2 signed, multi-year commercial clients who collectively operate 19,000 miles; 9 companies with whom software trials are currently underway who collectively operate 130,000 miles; and 8 companies who are in various stages of considering software trials who collectively operate 103,000 miles. These potential revenue opportunities total 252,000 miles, with operators ranging from 700 to more than 50,000 miles of pipeline, and include several Fortune 500 companies and one industry supermajor.
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 (MSFT:NASDAQ) 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 Data Science and Machine Learning to apply predictive analytics to big data, which 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, product creation revenues and profitability of the Company, the Company’s efforts to develop and commercialize the technology with the capabilities 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 for the purpose of delivering 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 labour and services; the efficacy of its software, its ability to complete projects to expected deadlines, 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; human capital engagement and availability, ability to access sufficient financial 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 as a result 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.Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
OneSoft Solutions Presenting at the SNN Network Virtual Investor Conference on Monday, August 3, 2020
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