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Edmonton, Alberta, Canada (September 14, 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 commenced a Pilot Program for evaluation of OneBridge’s Cognitive Integrity Management SaaS solution by another US-based oil & gas pipeline operator (the “Client”).Pursuant to the terms of the agreement, OneBridge will normalize the Client’s inline inspection (“ILI”) data for segments of its pipeline, ingest the data, map certain shape and ILI files, and align anomalies and calculate their growth rates. This Pilot Program is expected to advance development of our proprietary Pattern Detection and Interacting Threats machine learning algorithms, which are designed to detect threats to pipelines over time using Predictive Analytics, while providing advanced business intelligence, graphical presentations, and reporting of the data that operators require to manage their pipeline infrastructure. Additional to the ILI data, the Client will also provide various external data sets (e.g., environmental information), which OneBridge will correlate to anomalies and other features to further enhance the functionality of the Cognitive Integrity Management solution.Tim Edward, President of OneBridge, stated “We are excited about their commitment to this Pilot Program because this Client is fully committed to operate their pipeline business to the highest levels of responsibility and safety. We are also appreciative of their involvement to use, and assist us to further evolve our Cognitive Integrity Management solution. Their objective of reducing pipeline failures to zero aligns fully with our own vision for Cognitive Integrity Management and OneBridge.”Brandon Taylor, OneBridge CTO added, “We look forward to working with their highly experienced integrity management personnel, who are clearly amongst the technology leaders in the industry. We intend to use Cognitive Integrity Management to validate their existing results and truth data. In addition, our data science team will use our Pattern Detection and Interacting Threat algorithms to identify whether Machine Learning can potentially expose threats that may not have previously been discovered.”The Pilot Program, using a “succeed fast/fail fast” approach, will accommodate a full evaluation of Cognitive Integrity Management by the Client within weeks. The objective of the program is to allow the Client to utilize Cognitive Integrity Management as a key component of their integrity management process on a trial basis while using their own data, and then subsequently contract with them as a long-term commercial customer. The initial revenue associated with this contract is a nominal fixed fee which recovers OneBridge costs associated with the project. The potential exists that future recurring annualized SaaS revenue could increase to the low to mid six-figure range, should the Client adopt Cognitive Integrity Management for their long-term use.
About the Client
The Client is a subsidiary of one the largest private companies in the USA and owns or operates pipeline systems that transport crude oil, refined petroleum products, chemicals and natural gas liquids in multiple states. The Client has received various awards for outstanding safety and environmental practices, and is actively involved as a progressive industry leader to implement new technologies and practices that promote the safety of the public, its employees, and the environment.
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 addressable market 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, a single geo-spatial database, and predictive analytics applied to structured and unstructured big data on a highly scalable level that cannot practically be 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 solution provides Data Normalization, Cognitive Learning, and Business Intelligence and Visualization, all of which is deployed as a SaaS solution leveraging 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 efficacy of its software, 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; 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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