Edmonton, Alberta, Canada , Jan. 12, 2018 (GLOBE NEWSWIRE) -- OneSoft Solutions Inc. (the “Company” or “OneSoft”) (TSX-V:OSS, OTC:OSSIF) is pleased to announce that its wholly owned subsidiary, OneBridge Solutions, Inc. (“OneBridge”), has entered into a technology license and joint development agreement with Phillips 66 to create a comprehensive pipeline integrity management software application, by migrating Phillips 66’s current pipeline data management system (“PT-DMS”) to a cloud-based software-as-a-service (“SaaS”) solution and integrating Machine Learning and other Data Science technologies into the application (“Integrity Management Solution” or “IMP”). IMP will be designed to integrate transparently with OneBridge’s Cognitive Integrity ManagementTM (“CIM”) solution and is targeted for use globally by oil and gas pipeline operators. The financial terms of this agreement are confidential.
“This development project with Phillips 66 represents an important milestone for OneBridge,” said Tim Edward, President. “Our vision at the outset was to develop a cloud application that enables pipeline operators to manage their pipeline assets as smart infrastructure. CIM’s machine learning and data science components made achievement of this objective possible, and integration of these components to leverage the high level of industry expertise embedded in PT-DMS will further evolve our vision.”
“We are pleased and encouraged that Phillips 66 chose OneBridge to help advance their pipeline integrity platform” said Brandon Taylor, CTO of OneBridge. “PT-DMS is one of the most comprehensive and sophisticated pipeline management solutions within the industry today, which will ease migration to the cloud and reduce time-to-market for IMP. Microsoft continues to provide strong technical, marketing and sales support for OneBridge products, and we will continue to leverage the latest Azure and data science technology in the development of IMP. We are grateful for both Phillips 66’s and Microsoft’s collaborative efforts to assist us to create software to advance the pipeline industry’s collective objectives of operating cost reduction and zero pipeline failures.”
About the Integrity Management SaaS Program
PT-DMS is a comprehensive, on-premise software solution developed by Phillips 66 as a key tool to aid in its pipeline infrastructure management process. The software addresses numerous key functional areas including: assessment plan tracking; maintaining assessment attributes; integrity management process planning based on multiple tool technologies; planning and scheduling activities for internal engineers, field teams, and tool vendors; analyses of data integrity in compliance with API 1163 regulations, general industry standards, internal company policies and priorities; anomaly worklist tracking that accommodates specific actions on a per anomaly basis; and all reporting associated with these functions. PT-DMS also addresses supporting functions including data ingestion tools; GPS and data maintenance utilities; workflows; job process queues; integrated security; and other peripheral features and functions that further supplement data management and tasks addressed by PT-DMS.
Pursuant to the terms of the agreement, OneBridge will migrate PT-DMS onto Microsoft’s Azure Cloud Platform and Services to create IMP, which will be designed to integrate seamlessly with CIM. The development project will commence immediately, with the expectation to engage private preview customers to provide input and feedback commencing in calendar Q2 2018, with market commercial availability of the initial version of IMP projected to occur in calendar Q4 of 2018. OneBridge believes that CIM and IMP will provide compelling, comprehensive and cost-effective solutions for Tier 1 oil and gas pipeline operators that wish to accelerate their digital transformation, and also for Tier 2 and Tier 3 pipeline operators that typically engage outside consultants for integrity management services rather than allocate the significant resources required to internally develop complex software systems to manage their pipelines.
About OneSoft Solutions 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 (NASDAQ “MSFT”) Cloud, in conjunction with Office 365, CRM Online, Microsoft BI and Microsoft Azure Machine Learning. OneSoft's business strategy is to seek opportunities to convert legacy business software applications that are historically cumbersome to deploy and costly to operate, to a more cost-efficient subscription-based business model utilizing the Microsoft Azure Cloud Platform and Services, with accessibility through any internet capable device. Visit www.onesoft.ca for more information. A Material Change report regarding this announcement has been filed on www.SEDAR.com
OneBridge develops and markets revolutionary new SaaS solutions that use data science and Machine Learning to conduct predictive analytics on big data for the Oil & Gas pipeline industry, which assists operators to predict pipeline failures and thereby save lives, protect the environment, reduce operational costs and address regulatory compliance requirements.
Visit https://onebridgesolutions.com/for more information.
For more information, please contact
Dwayne Kushniruk, CEO
dkushniruk@onesoft.ca
(780) 437‐4950
Sean Peasgood, Investor Relations
Sean@SophicCapital.com
(416) 565-2805
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 Phillips 66’s ability to use the technology, as described, 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 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.
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