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Cash Infusion Strengthens Balance Sheet
EDMONTON, AB / January 14, 2019 / OneSoft Solutions Inc. (TSX-V: OSS; OTCQB: OSSIF) (the "Company" or "OneSoft") is pleased to announce that its wholly owned operating subsidiary, OneBridge Solutions Inc. ("OneBridge"), has achieved a significant business development milestone by completing the Polaris development project initiated with Phillips 66 Company in January, 2018.
Pursuant to the terms of the agreement entered into at the commencement of the Polaris project, Phillips 66 has now replaced its internally developed PT-DMS software with CIM 3.0, a cloud based pipeline integrity management application incorporating:
- Assessment Planning, including enterprise level planning, scheduling and business intelligence;
- Integrity Compliance, wherein internal company policy and regulatory compliance conditions for CFR 192 & 195 can be addressed with the push of a button;
- Threat Monitoring, for which actionable workflow and job information for every threat is identified; and
- Business Intelligence, comprised of data analytics, SQL reporting, embedded user experience using 3D visualizations, dashboards with filtering, and natural query language capability.to manage integrity and maintenance of its pipeline assets.
Completion of Polaris will enable OneBridge to recognize revenue in December 2018 earned from the development project.
"We are pleased to have completed the Polaris development project, wherein Phillips 66's internal software IP has been migrated to the cloud as our CIM 3.0 solution," stated OneSoft President and COO, Brandon Taylor. "This was an extensive project that progressed flawlessly, thanks to the dedication and cooperation of all involved. I'd like to extend my deep appreciation to the Phillips 66, Microsoft and OneBridge personnel who contributed their talents and efforts to assist in completing the effort, on time and on budget."
"Several clients have adopted CIM after lengthy and comprehensive investigation of our solutions through Pilot and Private Preview programs," added OneBridge President, Tim Edward. "Our software trials have demonstrated the high value proposition that Machine Learning and advanced Data Analytics can provide over conventional systems. It is certainly encouraging that four industry-leading clients, including Fortune 500 companies and one industry super major, have chosen CIM as their core system to maintain and manage their pipeline assets. We believe we may be approaching a tipping point whereby reluctance to adopt our revolutionary solutions is fading as more industry leaders embrace them."
Dwayne Kushniruk, OneSoft CEO, remarked, "Completion of this development sprint and the engagement of new clients as announced last week are milestone events and substantiate that our plans to progress the Company are occurring as anticipated. These events serve to elevate the credibility of our cutting-edge technology which we expect will assist to accelerate future sales and revenue growth."
Cash Balance Expected to Increase to $3.3 Million
Management previously announced its intention to revise the Company's fiscal year-end From February 28 to December 31, to coincide with year-ends commonly used by clients and other industry vendors. As a result of recent operational events, revenue for the revised fiscal year ended December 31, 2018 (for ten months of operations) will quadruple over the prior fiscal year (12 months of operations), to exceed $4 million. This revenue bump arose from recognizing $2 million of deferred revenue previously recorded and additional revenue associated with the Polaris development project, and other sales. While the revenue bump is not all SaaS recurring revenue, it is conceivable that the Company may undertake similar development projects in the future which may produce similar revenue events.
As a result of these recent operational events, the Company expects cash to increase by $1.5 million to approximately $3.3 million within the next month. Management's objective is to achieve cash break-even status during calendar 2019 through on-boarding of new clients, and we anticipate the Company will not require further financings to fund the business plan as currently envisioned.
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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