OneBridge Acquires Machine Learning IP to Advance Integrity Compliance Functionality
Edmonton, Alberta, Canada (March 9, 2021) – OneBridge Solutions Canada Inc. (“OneBridge”), a wholly owned subsidiary of OneSoft Solutions Inc. (TSX-V:OSS; OTCQB:OSSIF) (the “Company” or “OneSoft”) is pleased to announce that its wholly owned subsidiary, OneBridge Solutions Canada Inc. (“OneBridge”), has acquired intellectual property (“Acquired IP”) that will be integrated into its Cognitive Integrity ManagementTM (“CIM”) software-as-a-service solution, as a component of its Integrity Compliance functionality module. The Acquired IP was developed by Michael Gloven, P.E., the managing partner of Pipeline-Risk, a Denver-based engineering consultancy focused on machine learning and risk management practices for the natural gas, hazardous liquids and water industries. Mr. Gloven has more than 30 years of experience working as an asset and integrity manager, technical consultant, educator, software developer, business owner and energy company executive and is a well-known and highly respected evangelist for driving innovation for the industry.
The Acquired IP includes algorithms and processes that leverage machine learning to perform data analytics associated with measuring the uncertainty of anomalies found through pipeline inspections. The analysis, often referred to as probability of exceedance (“POE”), supports the prioritization of on-going inspections and mitigations and aligns with regulatory requirements mandated by PHMSA 192 and 195 safety statutes for U.S. pipeline operations.
“The integration of POE functionality into the CIM platform is a natural extension for the IP and will be highly beneficial for pipeline operators when integrated with other functionality provided by CIM,” stated Michael Gloven. “I look forward to working with OneBridge as POE is evolved as part of their software platform to move the industry forward.”
“Acquisition of this IP aligns with our “build or buy” strategy to accelerate our technology development roadmap to drive innovation by leveraging machine learning to create additional CIM functionality and economic consumption revenue opportunities,” added Brandon Taylor, President and COO. “The POE algorithms Michael has developed provide processes and functions that can be incorporated directly into the existing CIM workflow, which will allow operators to reduce uncertainty by automating POE analyses on every pipeline system they operate.”
The terms of the transaction are undisclosed. The purchase price was funded using a combination of cash payment and issuance of OneSoft shares that are subject to a four month and one day hold period and certain other terms, in accordance with TSX Venture Exchange, Canadian and U.S. Securities regulations and requirements.
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:
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