U.S. Midstream Energy Leader Adopts CIM Machine Learning Solution to Augment Its Pipeline Asset Management System
Edmonton, Alberta, Canada (September 20, 2021) – OneSoft Solutions Inc. (TSX-V:OSS; OTCQB:OSSIF) (the “Company” or “OneSoft”) pleased to announce that a large U.S. pipeline operator (the "Client") has entered into a multi-year agreement with OneSoft's wholly owned subsidiary, OneBridge Solutions Inc. ("OneBridge") to integrate Cognitive Integrity ManagementTM ("CIM") software-as-a-service solution into its asset and integrity management practices for its pipeline operations.
The Client is a midstream energy leader that transports approximately 30% of natural gas and crude oil in the U.S.A. and has operations in Canada and other countries. Company operations span numerous U.S. states and include facilities for natural gas midstream, intrastate and interstate transportation and storage; crude oil; natural gas liquids and fractionation; refined product transportation; terminal assets; and ownership stakes in other oil and gas operations. The Client currently operates approximately 90,000 miles of pipelines and is actively seeking acquisition of additional energy assets to continue its business growth.
The agreement reflects a plan to initially onboard CIM for the Client's piggable pipelines over several years, which currently comprise approximately 45% of its infrastructure, with potential opportunity to subsequently incorporate probabilistic risk, direct assessment and other new CIM functionality enhancements for the majority of its pipeline assets in the future.
"We strongly believe that our CIM solution will enrich this Client's leadership role within the industry and enhance its ESG initiatives to benefit its stakeholders, communities and the world at large," said Dan Tipton, OneBridge VP of Sales. "The adoption of CIM to their asset management program is part of their commitment to increase safety, operational efficiencies and environmental protection and aligns with their digital transformation strategy to innovate using state-of-the-art machine learning, data science and cloud computing technologies."
Brandon Taylor, OneSoft President and COO added, "Working through extensive production trial processes with the Client has demonstrated the high degree of expertise and commitment that its employees have contributed to the company's remarkable evolution and growth over the past 25 years. We look forward to working with their personnel in furtherance of their company objectives and ongoing contributions to the industry."
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 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:
Sheena Sandhu, Marketing Director
Dwayne Kushniruk, CEO
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: 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 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 costs of performing pipeline evaluation, inspection and maintenance in the USA are representative of those in the rest of the world, are reasonably accurate; 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; 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