OneSoft Solutions Inc. (the “Company” or “OneSoft”)
(TSX-V:OSS, OTC:OSSIF) is pleased to announce that its
wholly owned subsidiary, OneBridge Solutions, Inc. (“OneBridge”),
has entered into a technology license and joint development
agreement with Phillips 66 to create a comprehensive pipeline
integrity management software application, by migrating Phillips
66’s current pipeline data management system (“PT-DMS”) to a
cloud-based software-as-a-service (“SaaS”) solution and integrating
Machine Learning and other Data Science technologies into the
application (“Integrity Management Solution” or “IMP”). IMP will be
designed to integrate transparently with OneBridge’s Cognitive
Integrity ManagementTM (“CIM”) solution and is targeted for use
globally by oil and gas pipeline operators. The financial terms of
this agreement are confidential.
“This development project with Phillips 66
represents an important milestone for OneBridge,” said Tim Edward,
President. “Our vision at the outset was to develop a cloud
application that enables pipeline operators to manage their
pipeline assets as smart infrastructure. CIM’s machine
learning and data science components made achievement of this
objective possible, and integration of these components to leverage
the high level of industry expertise embedded in PT-DMS will
further evolve our vision.”
“We are pleased and encouraged that Phillips 66
chose OneBridge to help advance their pipeline integrity platform”
said Brandon Taylor, CTO of OneBridge. “PT-DMS is one of the
most comprehensive and sophisticated pipeline management solutions
within the industry today, which will ease migration to the cloud
and reduce time-to-market for IMP. Microsoft continues to provide
strong technical, marketing and sales support for OneBridge
products, and we will continue to leverage the latest Azure and
data science technology in the development of IMP. We are
grateful for both Phillips 66’s and Microsoft’s collaborative
efforts to assist us to create software to advance the pipeline
industry’s collective objectives of operating cost reduction and
zero pipeline failures.”
About the Integrity Management SaaS
Program
PT-DMS is a comprehensive, on-premise software
solution developed by Phillips 66 as a key tool to aid in its
pipeline infrastructure management process. The software addresses
numerous key functional areas including: assessment plan tracking;
maintaining assessment attributes; integrity management process
planning based on multiple tool technologies; planning and
scheduling activities for internal engineers, field teams, and tool
vendors; analyses of data integrity in compliance with API 1163
regulations, general industry standards, internal company policies
and priorities; anomaly worklist tracking that accommodates
specific actions on a per anomaly basis; and all reporting
associated with these functions. PT-DMS also addresses supporting
functions including data ingestion tools; GPS and data maintenance
utilities; workflows; job process queues; integrated security; and
other peripheral features and functions that further supplement
data management and tasks addressed by PT-DMS.
Pursuant to the terms of the agreement,
OneBridge will migrate PT-DMS onto Microsoft’s Azure Cloud Platform
and Services to create IMP, which will be designed to integrate
seamlessly with CIM. The development project will commence
immediately, with the expectation to engage private preview
customers to provide input and feedback commencing in calendar Q2
2018, with market commercial availability of the initial version of
IMP projected to occur in calendar Q4 of 2018. OneBridge believes
that CIM and IMP will provide compelling, comprehensive and
cost-effective solutions for Tier 1 oil and gas pipeline operators
that wish to accelerate their digital transformation, and also for
Tier 2 and Tier 3 pipeline operators that typically engage outside
consultants for integrity management services rather than allocate
the significant resources required to internally develop complex
software systems to manage their pipelines.
About OneSoft Solutions 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 (NASDAQ
“MSFT”) 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. A Material Change report regarding this announcement
has been filed on www.SEDAR.com
OneBridge develops and markets revolutionary new
SaaS solutions that use data science and Machine Learning to
conduct predictive analytics on big data 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.
Visit https://onebridgesolutions.com/for more information.
For more information, please contact
Dwayne Kushniruk, CEOdkushniruk@onesoft.ca(780) 437‐4950
Sean Peasgood, Investor RelationsSean@SophicCapital.com(416)
565-2805
Forward-looking Statements
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
Phillips 66’s ability to use the technology, as described, 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 (TSXV:OSS)
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