EDMONTON, AB / ACCESSWIRE / June 28, 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 engaged with another Fortune 500 energy company (the “Client”) who will be conducting a proof of concept in the use of the Company’s Cognitive Integrity ManagementTM (“CIM”) software-as-a-service (“SaaS”) solution for segments of its transmission pipeline infrastructure (“Pilot Program”).
“It is very exciting to have garnered the interest of a supermajor oil and gas company to participate in our Pilot Program,” stated CTO Brandon Taylor. “We have worked closely with this Client’s and Microsoft’s personnel during the past few months, to demonstrate the high-value proposition that our Machine Learning and Data Science solution, and the advantages that shared learning through the use of Cloud computing can provide. We are very pleased that we have now progressed to the Pilot stage, which we believe may ultimately result in this Client adopting CIM to drive predictive analytics for its entire pipeline infrastructure in the future.”
About the Client
The Client is a publicly traded oil and gas company and is one of the six supermajors in the industry, ranking among the world’s largest integrated refiners, marketers of petroleum products and chemical manufacturers. The Client is recognized as a progressive industry leader, focused on innovation and digital transformation of its business, and a user of Microsoft Azure and other cloud platforms.
About the Pilot Program
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, classify features per an alias classification model, align features, and calculate anomaly growth rates. CIM provides revolutionary Pattern Detection and Interacting Threats algorithms using data science and our proprietary Machine Learning algorithms, which are designed to detect unknown threats to pipelines over time using Predictive Analytics, as well as advanced business intelligence, graphical presentations, and reporting of the data that operators require to manage their pipeline infrastructure.
The Pilot Program, using a “succeed fast/fail fast” approach, will accommodate a full evaluation of CIM by the Client within weeks. The objective of the program is to allow the Client to utilize CIM as a key component of its integrity management process during a proof of concept period using its own data. The initial revenue associated with this contract is a nominal fixed fee which recovers OneBridge costs associated with the project.
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 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