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EDMONTON, AB / November 7, 2019 / OneSoft Solutions Inc. (the "Company" or "OneSoft") (TSXV:OSS)(OTCQB:OSSIF) is pleased to announce that its wholly owned subsidiary, OneBridge Solutions Inc. ("OneBridge") has received its initial order for use of the Company's Cognitive Integrity ManagementTM ("CIM") software-as-a-service ("SaaS") solution from an upstream oil and gas ("O&G") client. This latest sale was made to a Fortune 100 company whose midstream division adopted the use of CIM in early 2019, and also operates upstream and downstream divisions.
To date, all CIM pilots and licenses have been granted to midstream operators, or to midstream operations of integrated O&G enterprises. This transaction represents the first opportunity for the Company to pilot the concept of adapting CIM for use in the upstream O&G market segment.
"This sale pioneers the opportunity to sell CIM into markets beyond the midstream segment, as was originally envisioned when we first developed the software," said Tim Edward, President of OneBridge. Brandon Taylor, OneSoft President and COO, added, "This justifies the decisions we made earlier this year to raise additional capital to accelerate R&D efforts, to evolve CIM from a solution to a platform, and to advance our economic consumption SaaS business model. As we add more functionality to address more customer requirements for different segments of the O&G market, we expect future revenue potential to increase accordingly. We are especially pleased that one of our current clients has made the decision to expand the use of CIM into other segments of its business operations."
Upstream, Midstream and Downstream Oil & Gas Market Segments
The petroleum industry is divided into three major segments: (1) upstream, the exploration and production sector; (2) midstream, wherein crude oil, natural gas and natural gas liquids are processed, stored, marketed and transported; and (3) downstream, which includes refineries, petrochemical plants, distribution, retail outlets and natural gas distribution companies. Historically, all of the Company's business associated with CIM has been derived from the midstream segment.
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] 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 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
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.
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