OneSoft Reports Results of AGSM and Grant of Stock Options

Rhea-AI Summary

OneSoft Solutions Inc. conducted its Annual General and Special Meeting on May 3, 2022, achieving a quorum with 69,253,896 common shares voted, representing 58.5% of outstanding shares. All resolutions outlined in the Management Information Circular were approved. Subsequently, the company granted 900,000 stock options to various directors and senior executives, with each receiving 100,000 options at a strike price of $0.345. The options vest 50% at grant and anniversary dates and expire after five years if unexercised.

Positive

• All resolutions at the AGSM were approved by shareholders.
• The grant of 900,000 stock options aligns executive compensation with company performance.

Negative

• Stock options could lead to potential shareholder dilution if exercised.

EDMONTON, AB / ACCESSWIRE / May 5, 2022 / OneSoft Solutions Inc. (TSXV:OSS)(OTCQB:OSSIF) ("OneSoft" or the "Company") announces that the Company's Annual General and Special Meeting ("AGSM") of the shareholders was held May 3, 2022. The scrutineer's report stated that the meeting quorum was met, with voting by 121 shareholders present in person or represented by proxy at the meeting, representing 69,253,896 or 58.5% of the issued and outstanding common shares of OneSoft. All resolutions stated in the Management Information Circular distributed to shareholders and filed on SEDAR on or about March 30, 2022 were passed.

Subsequent to the meeting, 900,000 stock options were granted to nine Directors, Officers, and senior executives of the Company (100,000 to each individual) as part of their compensation plans. All options granted have a strike price of $0.345, vest 50% on each of the grant and anniversary dates and will expire in five years if not exercised.

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 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 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, 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.

View source version on accesswire.com:
https://www.accesswire.com/700170/OneSoft-Reports-Results-of-AGSM-and-Grant-of-Stock-Options

FAQ

What were the results of OneSoft Solutions' AGSM held on May 3, 2022?

The AGSM achieved quorum, with 58.5% of shares voted, and all resolutions were approved.

How many stock options did OneSoft Solutions grant after the AGSM?

OneSoft granted 900,000 stock options to nine directors and executives, each receiving 100,000 options.

What is the strike price for the stock options granted by OneSoft Solutions?

The stock options have a strike price of $0.345.

How long do the stock options granted to OneSoft executives last?

The stock options will expire in five years if not exercised.

What percentage of shares were represented at OneSoft's AGSM?

69,253,896 shares were represented, which is 58.5% of the issued and outstanding shares.