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Edmonton, Alberta, Canada (June 4, 2018) – 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 entered into agreements with three progressive, Fortune 500, U.S.-based, pipeline operators to participate in its Private Preview program for Polaris, the next major version of its Cognitive Integrity ManagementTM ("CIM") software-as-a-service ("SaaS") solution. A two-day inaugural event was held last week at the Microsoft (MSFT:NASDAQ) Technical Center in Houston, which included a gap/fit analysis to review functionality of Polaris and the existing systems and processes currently being used by each of the Polaris Private Preview participants."We have completed a significant amount of the work to date to migrate Phillips 66’s on-premise system to the cloud and appreciate the assistance we received from Microsoft to accelerate this project," stated CTO Brandon Taylor. "This Private Preview process is a highly valuable component of our development cycle. Based on our in-depth discussions and learnings at the meetings, we were very excited to learn that only a small number of functionality gaps were identified by the participants, from what has already been developed in Polaris. Based on this, we anticipate we will execute our roadmap and release cycle, on schedule. The meetings also served to validate that Polaris offers huge improvements over the legacy systems and processes being used today, which we believe will ultimately benefit our customers and shareholders." The Company anticipates nominal revenue during this initial Private Preview stage for Polaris. The immediate objective is to provide a discovery period for Clients to work through the process of integrating OneBridge solutions into their pipeline integrity and management processes. We anticipate that revenue associated with Polaris will begin increasing to higher commercial value in the Company’s fourth quarter of fiscal 2019, ending February 28, 2019. Polaris will be deployed in accordance with the Company’s SaaS business model, operating on Microsoft’s Azure cloud platform.
Various reports have been published by the Pipeline and Hazardous Materials Safety Administration (PHMSA), the Association of Oil Pipe Lines (AOPL) and the American Petroleum Institute (API) regarding industry costs and metrics. Based on these reports we believe that 663,000 miles of "piggable" oil and gas pipelines currently operate within the USA, for which inline inspection data can be collected. We estimate that annual aggregated costs associated with integrity management for this piggable segment of the USA pipeline infrastructure exceeds USD $7.4 billion annually, comprised of approximately $0.6 billion for Evaluation, $1.6 billion for Inspection, and $5.2 billion for Maintenance. We believe that Data Science and Machine Learning technologies, like OneBridge solutions, may be able to disrupt a significant portion of the Evaluation, some portion of the Inspection, and potentially some portion of the Maintenance components of the legacy processes currently being used in the industry.
About Polaris Private Preview Participants
Phillips 66 (NYSE:PSX) and the other two Private Preview participants are all Fortune 500, U.S.-based companies that have adopted CIM or participated in CIM pilots as part of their integrity management processes and are all progressive industry leaders that are executing digital transformation strategies within their organizations. Today, each of the participants utilize different technologies to manage their integrity management business processes, which allows OneBridge to capture and incorporate a wide cross-section of requirements and best industry practices. Current systems in use range from on-premise legacy-based systems that contain deep industry knowledge, to manual Excel-based tools that OneBridge can modernize to operate on cloud computing platforms. Each of the participants view Polaris as a next-generation platform that utilizes Data Science and Machine Learning techniques to identify previously unknown threats to their pipeline infrastructures, enhances their ability to recruit new employees, expand their value propositions within the organization to deliver higher value engineering services.
Gap/Fit Analysis Ensures Global Applicability
As part of the Microsoft Technical Center event, OneBridge demonstrated several key Polaris features, including a gap/fit analysis to review Polaris’ functionality and the existing systems and processes currently being used by each Private Preview participant. The overall objective was to identify gaps that might prevent participants from moving to Polaris after it has been commercially released. The involvement of three progressive U.S.-based pipeline operators provided assurance that OneBridge is gathering the necessary input, feedback, and validation that the commercial version of Polaris has a high probability of appealing to oil and gas midstream pipeline operators world-wide as an enterprise level SaaS solution.
As was announced on January 12, 2018, OneBridge teamed up with Phillip’s 66 to develop Polaris, an advanced pipeline integrity management SaaS solution, which involves migrating Phillips 66 ’s internal, Oracle-based, on-premise PT-DMS software solution to operate on Microsoft’s Azure cloud platform, to which certain functionality of OneBridge’s CIM solution and other Data Science and Machine Learning components will be integrated. Polaris is designed to be an end-to-end SaaS solution for pipeline operators world-wide, with comprehensive functionality to solve pipeline integrity management business problems regarding assessment planning and tracking; analyses of data integrity for regulatory compliance and operator specific conditions; real-time audit-readiness to facilitate live and uneventful audits; instant business intelligence with natural language question and answer capabilities; and integration with other enterprise systems including PODS, GIS, security, et al. We believe that Polaris may become one of the drivers to facilitate digital transformation of our future customers, substantially reduce their operating expenses, and ensure that they can remain competitive through the adoption of modern SaaS solutions. Polaris is currently scheduled for commercial release to market in Q4 of calendar 2018. OneBridge is developing Polaris as a horizontal software platform that can be used by midstream pipeline operators irrespective of size, and especially for Tier 2 and 3 pipeline operators that may not employ in-house personnel to conduct all required integrity management functions, but instead contract many of the tasks pertaining to pipeline and integrity management to third-party service firms. OneBridge solutions are designed to be innovative and disruptive, which we anticipate will deliver highly advanced technology offerings at reduced costs, relative to what current legacy solutions and services provide today.
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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