Get a free quote now.
EDMONTON, AB / July 22, 2019 / OneSoft Solutions Inc. (the “Company” or “OneSoft”) (TSX-V:OSS, OTCQB:OSSIF) is pleased to announce that its wholly-owned subsidiary, OneBridge Solutions Inc. (“OneBridge”) has teamed up with Worley [ASX:WOR] to engage a major US-based electricity and natural gas supplier (the “Client”) for a trial use of the Company’s Cognitive Integrity ManagementTM (“CIM”) software-as-a-service (“SaaS”) solution. Over the next several months, the Client will investigate CIM’s advanced Data Science and Machine Learning capabilities for pipeline integrity management of certain infrastructure segments.
Worley Senior Vice President of Global Operations, Integrated Solutions, Mark Ramsden said, “This pilot will be conducted with a progressive, sizeable operator who is currently responsible for supplying natural gas and electricity to over 7.5 million customers across the eastern United States.”
“The Client is an industry leader that is leveraging data science to increase safety and reduce costs,” added Kelly Newnham, Vice President of Onshore Hydrocarbons for Advisian, Worley Group’s global consulting business.
“We are excited to collaborate with the Worley Group on this project, which will involve working closely with the Client’s pipeline integrity team to identify how our software solutions can positively impact and optimize their operational processes,” said OneBridge president, Tim Edward. “We are very pleased that our work to date with Worley and Advisian for this Client has now progressed to the software trial stage, following the preliminary investigative work that has been conducted in the past few months.”
About the Client
The Client supplies energy to customers in the Eastern USA, with a focus on natural gas and electricity. They are a diverse Fortune 500 company whose business includes natural gas storage, transmission, distribution and import/export services.
About the Pilot Program
Pursuant to the Pilot Program process, OneBridge will normalize inline inspection (“ILI”) data for segments of the Client’s pipeline, ingest the data, map certain shape and ILI files, and align anomalies and calculate their growth rates. CIM provides revolutionary Pattern Detection and Interacting Threats functionality using data science and proprietary Machine Learning algorithms, which are designed to detect threats to pipelines over time using Predictive Analytics, as well as advanced business intelligence, graphical presentations, and reporting of the data that operators require to manage their pipeline infrastructure.
The Pilot Program, using a “succeed fast/fail fast” approach, will accommodate a full evaluation of CIM by the Client within weeks, with the objective being to allow the Client to utilize CIM as a key component of its integrity management process on a trial basis while using its own data.
About Worley: Worley delivers projects, provides expertise in engineering, procurement and construction and offers a wide range of consulting and advisory services. Worley covers the full lifecycle, from creating new assets to sustaining and enhancing operating assets, in the hydrocarbons, mining, mineral, metals, chemicals, power and infrastructure sectors. Worley’s resources and energy are focused on responding to and meeting the needs of customers over the long term and thereby creating value for its shareholders. Worley is listed on the Australian Securities Exchange [ASX:WOR].
About OneSoft and OneBridge
OneSoft has developed software technology and products that have the 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 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.
Worley and OneBridge entered into a collaborative working arrangement in 2018 to deliver machine learning and other digital transformation solutions for oil and gas pipeline operators globally.
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 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