OneSoft Solutions Inc. (the “Company” or “OneSoft”)
(TSX-V:OSS, OTCQB:OSSIF) is pleased to announce that its
wholly owned subsidiary, OneBridge Solutions, Inc. (“OneBridge”),
has entered into agreements with three progressive, Fortune 500,
U.S.-based, pipeline operators to participate in its Private
Preview program for Polaris, the next major version of its
Cognitive Integrity ManagementTM (“CIM”) software-as-a-service
(“SaaS”) solution. A two-day inaugural event was held last
week at the Microsoft (MSFT:NASDAQ) Technical Center in Houston,
which included a gap/fit analysis to review functionality of
Polaris and the existing systems and processes currently being used
by each of the Polaris Private Preview participants.
“We have completed a significant amount of the work to date to
migrate Phillips 66’s on-premise system to the cloud and appreciate
the assistance we received from Microsoft to accelerate this
project,” stated CTO Brandon Taylor. “This Private Preview process
is a highly valuable component of our development cycle. Based on
our in-depth discussions and learnings at the meetings, we were
very excited to learn that only a small number of functionality
gaps were identified by the participants, from what has already
been developed in Polaris. Based on this, we anticipate we
will execute our roadmap and release cycle, on schedule. The
meetings also served to validate that Polaris offers huge
improvements over the legacy systems and processes being used
today, which we believe will ultimately benefit our customers and
shareholders.”
The Company anticipates nominal revenue during this initial
Private Preview stage for Polaris. The immediate objective is to
provide a discovery period for Clients to work through the process
of integrating OneBridge solutions into their pipeline integrity
and management processes. We anticipate that revenue associated
with Polaris will begin increasing to higher commercial value in
the Company’s fourth quarter of fiscal 2019, ending February 28,
2019. Polaris will be deployed in accordance with the
Company’s SaaS business model, operating on Microsoft’s Azure cloud
platform.
Potential Market
Various reports have been published by the Pipeline and
Hazardous Materials Safety Administration (PHMSA), the Association
of Oil Pipe Lines (AOPL) and the American Petroleum Institute (API)
regarding industry costs and metrics. Based on these reports we
believe that 663,000 miles of “piggable” oil and gas pipelines
currently operate within the USA, for which inline inspection data
can be collected. We estimate that annual aggregated costs
associated with integrity management for this piggable segment of
the USA pipeline infrastructure exceeds USD $7.4 billion annually,
comprised of approximately $0.6 billion for Evaluation, $1.6
billion for Inspection, and $5.2 billion for Maintenance. We
believe that Data Science and Machine Learning technologies, like
OneBridge solutions, may be able to disrupt a significant portion
of the Evaluation, some portion of the Inspection, and potentially
some portion of the Maintenance components of the legacy processes
currently being used in the industry.
About Polaris Private Preview Participants
Phillips 66 (NYSE:PSX) and the other two Private Preview
participants are all Fortune 500, U.S.-based companies that have
adopted CIM or participated in CIM pilots as part of their
integrity management processes and are all progressive industry
leaders that are executing digital transformation strategies within
their organizations. Today, each of the participants utilize
different technologies to manage their integrity management
business processes, which allows OneBridge to capture and
incorporate a wide cross section of requirements and best industry
practices. Current systems in use range from on-premise
legacy-based systems that contain deep industry knowledge, to
manual Excel-based tools that OneBridge can modernize to operate on
cloud computing platforms. Each of the participants view
Polaris as a next generation platform that utilizes Data Science
and Machine Learning techniques to identify previously unknown
threats to their pipeline infrastructures, enhances their ability
to recruit new employees, expand their value propositions within
the organization to deliver higher value engineering services.
Gap/Fit Analysis Ensures Global
Applicability
As part of the Microsoft Technical Center event, OneBridge
demonstrated several key Polaris features, including a gap/fit
analysis to review Polaris’ functionality and the existing systems
and processes currently being used by each Private Preview
participant. The overall objective was to identify gaps that
might prevent participants from moving to Polaris after it has been
commercially released. The involvement of three progressive
U.S.-based pipeline operators provided assurance that OneBridge is
gathering the necessary input, feedback, and validation that the
commercial version of Polaris has a high probability of appealing
to oil and gas midstream pipeline operators world-wide as an
enterprise level SaaS solution.
About Polaris
As was announced on January 12, 2018, OneBridge teamed up with
Phillip’s 66 to develop Polaris, an advanced pipeline integrity
management SaaS solution, which involves migrating Phillips 66 ’s
internal, Oracle-based, on-premise PT-DMS software solution to
operate on Microsoft’s Azure cloud platform, to which certain
functionality of OneBridge’s CIM solution and other Data Science
and Machine Learning components will be integrated. Polaris
is designed to be an end-to-end SaaS solution for pipeline
operators world-wide, with comprehensive functionality to solve
pipeline integrity management business problems regarding
assessment planning and tracking; analyses of data integrity for
regulatory compliance and operator specific conditions; real-time
audit-readiness to facilitate live and uneventful audits; instant
business intelligence with natural language question and answer
capabilities; and integration with other enterprise systems
including PODS, GIS, security, et al. We believe that Polaris may
become one of the drivers to facilitate digital transformation of
our future customers, substantially reduce their operating
expenses, and ensure that they can remain competitive through the
adoption of modern SaaS solutions.
Polaris is currently scheduled for commercial release to market
in Q4 of calendar 2018. OneBridge is developing Polaris as a
horizontal software platform that can be used by midstream pipeline
operators irrespective of size, and especially for Tier 2 and 3
pipeline operators that may not employ in-house personnel to
conduct all required integrity management functions, but instead
contract many of the tasks pertaining to pipeline and integrity
management to third-party service firms. OneBridge solutions
are designed to be innovative and disruptive, which we anticipate
will deliver highly advanced technology offerings at reduced costs,
relative to what current legacy solutions and services provide
today.
About OneSoft and OneBridge
OneSoft has developed software technology and products that have
capability to transition legacy, on-premise licensed software
applications to operate on the Microsoft (MSFT:NASDAQ) 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 Data
Science and Machine Learning to apply predictive analytics to big
data, which 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, CEOdkushniruk@onesoft.ca(780) 437‐4950
Sean Peasgood, Investor RelationsSean@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
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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
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the registration requirements of such Act or other laws.
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Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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