OneSoft Commences Private Preview Phase for New Software Functionality

Rhea-AI Summary

OneSoft Solutions Inc. has announced a private preview of new functionality for its Cognitive Integrity Management (CIM) SaaS solution, enabling users to integrate Cathodic Protection Survey (CPS) data. This advancement aims to enhance the detection of potential pipeline threats. The functionality is designed to automate the correlation of CPS and inline inspection data, improving integrity management efforts. The company anticipates increased utilization of CIM as CPS data is collected more frequently than ILI data. Client feedback will guide future enhancements.

Positive

• Release of new functionality for CIM to integrate CPS data.
• Expected increase in CIM users and utilization as CPS data is collected more frequently.
• Positive client feedback received during initial research phases.

Negative

• None.

EDMONTON, AB / ACCESSWIRE / September 8, 2020 / OneSoft Solutions Inc. (the "Company" or "OneSoft") (TSX-V:OSS)(OTCQB:OSSIF) announces that the Company's subsidiary, OneBridge Solutions Canada Inc., has released a private preview version of new functionality for its Cognitive Integrity Management ("CIM") software-as-a-service ("SaaS") solution that allows CIM users to incorporate Cathodic Protection Survey ("CPS") data with their existing inline inspection ("ILI"), pipe property and repair data to detect potential threats. The new functionality will initially be used in private preview mode and is accessible by all current users of CIM. User feedback will guide future update releases.

CPS data includes various datasets including Close Interval Survey ("CIS"), Alternating Current Voltage Gradient ("ACVG") and Direct Current Voltage Gradient ("DCVG"), which all essentially search for breakdown of pipeline coatings around which corrosion may occur and which are key components used in Direct Assessment ("DA") methodologies. DA integrity methodologies are used for the majority of pipelines in the U.S.A., including those for which ILI data is not captured. The identification of electrical activity detects probable areas of corrosion where pipeline coatings have deteriorated, which progress over time to threaten pipeline structural integrity. This underscores the importance of incorporating this new functionality into CIM to enter the DA market.

The new functionality is tool vendor agnostic and will allow operators to automate the correlation of CPS and ILI data in CIM to improve intelligence and decision-making capability for integrity management engineers. The Company anticipates that this new functionality will increase CIM users by adding personnel who address DA functions. The Company also believes overall CIM utilization will increase as DA data is typically collected more frequently than ILI data, thus driving more frequent data ingestion and analysis within CIM. The release of this new functionality serves as a foundational model to accommodate additional data sets in the future, which helps enhance our CIM platform and our competitive moat.

"This builds upon the foundation of CIM as a platform and proves the methodology that we plan to use for incorporating additional datasets into CIM such as soil, depth of cover, chemical mitigation analyses, and even municipal water and waste water data, should we pursue adaption of CIM for this market. We have received very positive feedback from clients and prospective customers with whom we conducted initial research to design the features that they need. We expect their collaborative input to continue as we evolve this component of our CIM platform," said Jordan Dubuc, CTO. "Our data science team has been running experiments using CPS data, with encouraging results, and we are optimistic that adding CPS data to the library of CIM integrity compliance conditions will further our mission to advance machine learning for the energy pipeline industry."

"Initial indications support our belief that integrating CPS datasets is a foundational step to evolve OneBridge's CIM platform for the DA market," said Brandon Taylor, President and COO. "Our clients have been invaluable in helping us identify features that operators need to manage their pipelines. We appreciate their guidance, and willingness to contribute to influence the evolution of our CIM platform, allowing us to continue our technology innovations."

Concurrent with the new product release, OneBridge has published a whitepaper that provides more insight regarding how pipeline operators can leverage this new functionality within CIM.

About OneBridge:

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 and 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 additional information:

Sheena Sandhu, Marketing Director
ssandhu@onebridgesolutions.com
(604) 313-3262

About OneSoft

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] 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 Canada 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
dkushniruk@onesoft.ca
(780) 437‐4950

Sean Peasgood, Investor Relations
Sean@SophicCapital.com
(647) 494-7710

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 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.

SOURCE: OneSoft Solutions Inc.

View source version on accesswire.com:
https://www.accesswire.com/605055/OneSoft-Commences-Private-Preview-Phase-for-New-Software-Functionality

FAQ

What new functionality has OneSoft Solutions introduced for OSSIF?

OneSoft Solutions has introduced a private preview of new functionality for its Cognitive Integrity Management (CIM) software, allowing integration of Cathodic Protection Survey (CPS) data.

How will the new CIM functionality impact pipeline management?

The new functionality is expected to enhance the detection of potential threats to pipelines by automating the correlation of CPS and inline inspection data.

What feedback has OneSoft Solutions received regarding the new CIM features?

OneSoft Solutions has received positive feedback from clients during the initial research phase, which will help guide future enhancements.

When was the new CIM functionality announced by OneSoft Solutions?

The new functionality was announced on September 8, 2020.

What is the significance of CPS data integration for OSSIF?

Integrating CPS data is significant as it will facilitate the detection of corrosion threats, thereby enhancing the overall integrity management of pipelines.