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EDMONTON, AB / June29, 2022 / OneSoft Solutions Inc. (TSXV:OSS) (OTCQB:OSSIF) ("OneSoft" or the “Company”) is pleased to announce that OneSoft's subsidiary, OneBridge Solutions Canada Inc. ("OneBridge") has released to market its Corrosion Management System (“CMS”) for commercial sales.
Internal corrosion (“IC”) occurs due to interaction of corrosive materials inside of oil and gas (“O&G”) pipelines which are contaminants naturally contained within oil and gas, such as hydrogen sulfide, carbon dioxide, other chemicals, or even water. A common and effective method used by O&G pipeline operators to mitigate IC involves the injection of corrosion chemical additives, which for some pipeline systems can potentially result in annual costs ranging between a few hundred to more than a thousand dollars per mile.
Under development for the past 8 months, the CMS software-as-a-service module employs a data analytics approach using the Company’s Cognitive Integrity ManagementTM (“CIM”)technology which operates on the Microsoft’s Cloud platform and enables oil and gas pipeline operators to analyze, track and enhance monitoring data and chemical treatment programs to mitigate IC threats. Three of OneBridge’s customers who use CIM to conduct their pipeline integrity management process participated in the CMS private preview, providing valuable user input, feedback and assurances that operator requirements regarding IC management are addressed. CMS is designed to operate either as a stand-alone module independent of CIM or in conjunction with CIM, which enables integration of monitoring and chemical treatment data with other data sets such as inline inspection (“ILI”) and other operational data. More data, leveraged with the use of data science and machine learning, results in more advanced data analytics, which drive operational efficiencies and cost savings.
Megan Scudder, PE and Product Manager for CMS commented, “Our new Corrosion Management System enables integrity engineers and specialists to determine the root cause analysis of internal corrosion by automatically identifying pipeline systems with active corrosion growth and ineffective mitigation strategies. In my own experience as a corrosion engineer, I spent a lot of time formatting, uploading and monitoring chemical data. CMS greatly simplifies this process and integrates ILI data for a comprehensive overview of the internal corrosion threat for each pipeline, thus driving efficiencies and optimizing preventative measures.”
Brandon Taylor, OneSoft President stated “We are most appreciative of our customers who participated in our private preview and helped us validate our models. With their guidance, this initial release of CMS incorporates more data in CIM, enables advanced analytics and delivers more intelligent insights for IC mitigation. This commercial release of CMS ultimately provides a solution to monitor, measure and improve overall effectiveness of internal corrosion programs and serves as the foundation for subsequent versions that will expand alignment of flow rate and other datasets and accommodate other enhancements that our customers want.”
OneBridge will host a webinar on July 13,2022 to demonstrate its new CMS solution.
About OneSoft and OneBridge
OneSoft has developed software technology and products that have capability to transition legacy, on-premises licensed software applications to operate on the Microsoft 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.cafor more information.
OneSoft's wholly owned subsidiary, OneBridge Solutions Canada 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.
OneSoft Solutions Inc.
Dwayne Kushniruk, CEO
Sean Peasgood, Investor Relations
This news release contains forward-looking statements relating to the future operations and profitability of OneSoft Solutions Inc. (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: the impact of Covid-19 on the business operations of the Company and its current and prospective customers; 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 and 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 is reasonably accurate; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; that there are no unforeseen material development or other costs related to current growth projects or current operations; the success of growth projects; future operating costs; interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; the sufficiency of budgeted capital expenditures in carrying out planned activities; and no changes in applicable tax laws. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Since forward-looking information addresses future event sand 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.
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