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Edmonton, Alberta, Canada (September 12, 2017) – OneSoft Solutions Inc. (the “Company” or “OneSoft”) (TSX-V:OSS) is pleased to advise that its wholly owned subsidiary, OneBridge Solutions, Inc. (“OneBridge”), has contracted with Houston-based Phillips 66, a diversified Fortune 500 energy manufacturing and logistics company, for commercial use of OneBridge’s Cognitive Integrity Management (“CIM”) SaaS solution.OneBridge’s relationship with Phillips 66 began in mid-2016 when Phillips 66 engaged as an early adopter to provide input and feedback for development of CIM. This occurred as part of the Company’s private preview program that followed its software development sprint at Microsoft’s Accelerator program for Machine Learning and Data Science, held between February and June, 2016.
OneBridge was one of 9 companies selected from 721 applicants world-wide to participate in the Seattle Accelerator, and the only company chosen from the oil and gas pipeline industry.During the course of the private preview program, Phillips 66 provided 845 inline inspection data files stored in various formats collected between 1993 and 2016, representing approximately 300 segments totaling 9,700 miles of pipeline, along with “truth” data as determined by Phillips 66 using their conventional manual processes. This truth data served as a benchmark for comparison and validation of the data analyses performed by CIM. Using Machine Learning technology, CIM automatically ingested and normalized the data, which logged 8.8 million features, with a high alignment success rate and at a speed that greatly exceeded standard manual times.The entire process of data ingestion, normalization and alignment of data for such a project typically takes under 2 hours using CIM, as compared to more than 10 work weeks of effort using conventional manual processes. Additionally, while manual processes typically address less than 5% of the pipeline data, CIM analyzes 100% of the data, thus provides capability for operators to manage their pipeline assets as smart infrastructure.
CIM, using our proprietary Machine Learning algorithms, applies predictive analytics to inline inspection big data to identify potential threats to pipelines, thus assists oil and gas pipeline operators to attain their objective to achieve zero pipeline failures.Tim Edward, President of OneBridge, stated “We are very appreciative of the assistance that Phillips 66 has provided to accelerate CIM development for general commercial use. Our vision for OneBridge, which is disruptive to current methodologies and practices used today, passed an important milestone test when Phillips 66, one of the most progressive pipeline operators in the world, was able to confirm that results from validation digs performed to verify CIM analyses were sufficiently compelling for them to adopt CIM as a key tool to detect threats to their pipeline infrastructure.”Brandon Taylor, OneBridge CTO added, “Phillips 66’s mandate is to refine and improve its asset integrity programs for pipelines and facilities across its enterprise, and to maintain the highest level of accountability for governance and regulatory compliance. We believe that the evaluation work that was completed during the past year and incorporation of CIM as a key component of Phillips 66’s future integrity management processes represents a significant step forward in fulfilling their mandate. We look forward to continued collaboration with Phillips 66 personnel to enhance Pattern Detection, Interacting Threats and planned future functionality of CIM, to address more of the industry’s requirements that are best managed with new cloud technologies.”The initial term of the agreement is through December 2018, with provisions for renewal through 2024. CIM usage fees will be invoiced monthly based on the number of miles of pipeline data ingested into CIM and will also include charges for Microsoft Azure platform usage and other reimbursable expenses as they occur. The annualized revenue associated with this contract is anticipated to be in the low 7 figure range when the Client completes the loading of all their pipeline data into CIM.
About OneBridge Solutions Inc.
OneSoft’s wholly owned subsidiary, OneBridge Solutions Inc. (“OneBridge”), is currently focused on the U.S. Oil & Gas pipeline market, which management estimates represents 60% of the global potential revenue for the Company’s products. OneBridge develops and markets revolutionary new software as a service (“SaaS”) solutions for the Oil & Gas pipeline industry which assists operators to predict pipeline failures and thereby save lives, protect the environment, reduce operational costs and address regulatory compliance requirements.OneBridge utilizes proprietary Machine Learning algorithms and a single geo-spatial database to conduct predictive analytics on structured and unstructured big data on a highly scalable level that cannot be practically replicated through manual efforts, to provide pipeline companies with the functionality they require to safely operate, manage and maintain their pipeline infrastructure as smart assets. The OneBridge Cognitive Integrity Management (“CIM”) solution provides Data Normalization, Cognitive Learning, Business Intelligence and Visualization in a SaaS solution that leverages Data Science, Azure Machine Learning, HoloLens, Microsoft Power BI Embedded and other components of the Microsoft Azure: Cloud Platform and Services. Visit www.onebridgesolutions.com for more information.About OneSoft Solutions Inc.OneSoft Solutions Inc. has developed software technology and products that have capability to transition legacy, on premise licensed software applications to operate on the Microsoft Cloud, in conjunction with Office 365, CRM Online, Microsoft BI and Microsoft Azure Machine Learning. OneSoft’s business strategy is to seek opportunities to convert legacy business software applications that are historically cumbersome to deploy and costly to operate, to a more cost efficient subscription based business model utilizing the Microsoft Azure: Cloud Platform and Services, with accessibility through any internet capable device. Visit www.onesoft.ca for more information.
ON BEHALF OF THE BOARD OF DIRECTORSONESOFT SOLUTIONS INC.
For more information, please contact
Dwayne Kushniruk, CEO
This news release contains forward-looking statements relating to the future operations and profitability of 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 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 success of growth projects; future operating costs; that counterparties to material agreements will continue to perform in a timely manner; the efficacy of its software; 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 a number of 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 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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