OneSoft Releases First Phase of Pipeline Integrity-as-a-Service, Machine Learning Corrosion Analysis Automates Manual Work and Reduces Costs

Rhea-AI Summary

OneSoft Solutions has announced the introduction of its Corrosion Growth Analysis solution by its subsidiary OneBridge at the International Pipeline Conference from September 26-30, 2022. This innovative Integrity-as-a-Service (IaaS) solution allows integrity engineers to automate pipeline integrity processes, significantly reducing analysis time and costs. The service fee starts at US$4,950 for two datasets, with additional datasets costing US$500 each. This advancement aims to leverage machine learning and cloud computing to enhance pipeline management for over 1,800 companies in the U.S.

Positive

• Introduction of Corrosion Growth Analysis solution, enhancing pipeline integrity management.
• Significantly reduces analysis time from weeks to minutes/hours.
• Cost reductions for Runcoms, from $10,000-$50,000 to a flat fee of $4,950.
• Utilizes machine learning and Azure cloud computing for efficiency.

Negative

• None.

EDMONTON, AB / ACCESSWIRE / September 26, 2022 / OneSoft Solutions Inc. (TSX-V:OSS)(OTCQB:OSSIF) ("OneSoft" or "Company") today announced that its wholly owned subsidiary, OneBridge Solutions Inc. ("OneBridge"), will be introducing its revolutionary Corrosion Growth Analysis solution at the International Pipeline Conference to be held in Calgary, Alberta on September 26-30, 2022. Corrosion Growth Rate Analysis ("CGRA") is the first component of OneBridge's Integrity-as-a-Service ("IaaS") cloud solution that will enable integrity engineers to utilize components of the Company's Cognitive Integrity Management™ ("CIM") solution to conduct and automate pipeline integrity processes with functionality that has been validated and adopted by numerous enterprise-level pipeline operators for management of their pipeline assets, ultimately using a self-serve online environment..

Management estimates that approximately 6,500 inline inspection ("ILI") runs are conducted annually by oil and gas pipeline inspection gauge/tool ("PIG") vendors in the U.S.A., as part of the industry's efforts to keep pipelines operating safely and reliably. ILI data includes anomalies, features and measurements of dents, metal loss, mill defects, girth weld cracks, etc. Following a PIG run, ILI data is compared to prior ILI datasets that are collected for the same segment of pipeline to determine corrosion growth rates and other potential pipeline failure threats. These data run comparisons ("Runcoms") are typically conducted today by integrity engineers using Microsoft Excel spreadsheets and legacy systems and processes that involve tedious and extensive manual work efforts. Because of the very large volumes of data involved, most of the data (i.e., 95%) is filtered out of the comparative process, with only candidate anomalies and features being analyzed on a pit-to-pit basis. And because of the large amount of data involved, only the most current and next previous ILI datasets are typically compared and analyzed, thereby excluding additional intelligence that more historic data could provide. Analysis of the limited candidate data is extrapolated over the rest of the pipeline and subjective assumptions such as "6 mm of wall loss per year" or "half-life to failure" predictions are used to make risk failure assessments. Costs to conduct Runcoms by PIG vendors and third-party consultants using legacy methodologies typically range between (US$) $10,000 and $50,000, depending on how many candidate anomalies are analyzed in the process, and generally require weeks or months to complete.

An industry first, OneBridge's CGRA IaaS solution is revolutionary in that ILI data sets, regardless of PIG vendor or tool technology, can be "dragged and dropped" onto the CGRA secure Microsoft cloud environment. CGRA's virtual integrity engineering capability will load and align all data, perform pit-to-pit matching of 100% of all anomalies and features from any number of ILI datasets that are uploaded and analysis and reporting of corrosion growth rate occurs in minutes or hours.

OneBridge intends to charge a flat fee of (US$) $4,950 to conduct Runcoms involving two ILI datasets and $500 for each additional historic ILI dataset that is uploaded for analysis. Such time and cost efficiencies result from CGRA's machine learning capabilities, which process large amounts of data using Microsoft's Azure secure cloud computing platform and require only minimal human work effort to administer. Operators who choose to utilize CGRA may be able to expand their usage by adopting other CIM functions like assessment planning, dig management, threat monitoring, GIS data correlation, logistical system and process management and extensive reporting and data visualization functions as these new components are deployed on an IaaS user pay basis in the future.

"Our strategy to date has been to focus on selling enterprise systems to industry leaders, whose input and user experiences have strongly validated our CIM platform and data analytics approach that leverage machine learning and cloud computing," said Brandon Taylor, OneSoft President. "The roll-out of Corrosion Growth Rate Analysis as our first Integrity-as-a-Service component demonstrates the scalability of CIM enterprise functionality. Our IaaS approach will enable the 1,800+ U.S. companies that operate less than 1,000 miles of pipeline to use and realize the efficiencies of the advanced integrity management methodologies that our Fortune 50 and 100 CIM subscription customers have access to, in a cost effective and affordable manner."

About OneSoft and OneBridge

OneSoft has developed software technology and products that have capability to transition legacy, on-premises licensed software applications to operate on the Microsoft 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.

OneSoft Solutions Inc. Dwayne Kushniruk, CEO dkushniruk@onesoft.ca 587-416-6787

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 and profitability of OneSoft Solutions Inc. (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 to deliver 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: the impact of Covid-19 on the business operations of the Company and its current and prospective customers; the availability and cost of labor and services; the efficacy of its software; our interpretation based on various industry information sources regarding the total miles of pipeline in the USA and globally and which segments are piggable; our understanding of metrics, activities and costs regarding evaluation, inspection and maintenance is in alignment with various industry information sources and is reasonably accurate; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; that there are no unforeseen material development or other costs related to current growth projects or current operations; the success of growth projects; future operating costs; interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; the sufficiency of budgeted capital expenditures in carrying out planned activities; and no changes in applicable tax laws. 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 because 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: OneSoft Solutions Inc.

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FAQ

What is the Corrosion Growth Analysis solution from OneSoft Solutions?

The Corrosion Growth Analysis solution is an innovative Integrity-as-a-Service (IaaS) offering that automates pipeline integrity processes, significantly improving efficiency and reducing costs.

When will the Corrosion Growth Analysis solution be introduced?

The solution will be introduced at the International Pipeline Conference held in Calgary, Alberta, from September 26-30, 2022.

What are the costs associated with the Corrosion Growth Analysis service?

The service starts at US$4,950 for analyzing two inline inspection datasets, with an additional cost of US$500 for each extra dataset.

How does OneSoft's solution benefit pipeline operators?

The solution enables pipeline operators to automate data analysis, reducing the time needed for assessments and operating costs associated with traditional methods.

What technology does OneSoft use for the Corrosion Growth Analysis solution?

The solution utilizes machine learning capabilities and operates on Microsoft's Azure secure cloud platform.