EDMONTON, ALBERTA--(Marketwired - Oct. 27, 2016) - Trading of the stock of OneSoft Solutions Inc. (the "Company" or "OSS") (TSX VENTURE:OSS), a North American developer of cloud-based software solutions, was temporarily halted this morning pending clarification of certain information provided in our news release issued on October 26, 2016.
This clarification is in reference to the term "addressable revenue" that we published in our news release on October 26, 2016, which term is not a defined accounting term used in connection with IFRS accounting standards. Our definition of "addressable revenue" is the Total Addressable Market ("TAM"), also sometimes referred to as the Total Available Market, which is a term that is typically used to reference the revenue opportunity available for a software product or service. TAM helps to prioritize business opportunities by serving as a metric of the underlying revenue potential of a given market.
To provide more complete context for our use of these terms in the October 26, 2016 press release, we wish to clarify that the "total potential addressable revenue of approximately USD $168 million annually" and "more than USD $300 million annually" refer to Management's estimate for the TAM for all SaaS software products that provide functionality as envisioned that is equivalent to our intended Phase 1 CIM and subsequent Sprints 2 and 3 functionality, respectively.
We wish to clarify that the "USD $168 million" and "more than USD $300 million annually" are calculated in accordance with a SaaS business model based on 2.8 million miles of pipeline situated within the USA, with a SaaS fees structure based on $60 per mile per year for software functionality similar to the Company's Phase 1 CIM product, and between $90 and $120 per mile per year for functionality similar to the Company's additional Sprints 2 and 3 functionality. We believe that these pricing estimates are achievable, based on discussions we have had with early adopter and prospective customers and other industry followers. We believe the "addressable revenue" figures we have referenced constitute 100% of the potential revenue for all software vendors who may choose to provide software solutions similar to the Company's, within the USA. These revenue estimates were internal estimates of the Company, and while estimates of "addressable revenue" were considered, no costs and/or expenses of supplying those services or generating the "addressable revenue" were similarly estimated. We caution the reader that these numbers do not constitute future oriented financial information ("FOFI") for OneSoft, nor should the TAM be construed as a revenue projection of OneSoft.
About OneSoft Solutions Inc.
OneSoft Solutions Inc. has developed software technology and products that have capability to transition legacy, on premise licensed software applications to operate on the Microsoft 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 Cloud platform and services, with accessibility through any internet capable device. Visit www.onesoft.ca for more information.
About OneBridge Solutions Inc.
OneSoft's wholly owned subsidiary, OneBridge Solutions Inc., is developing revolutionary new applications for the Oil & Gas pipeline industry, which we believe will be able to predict pipeline failures and thereby save lives, protect the environment, reduce operational costs and address regulatory compliance requirements. OneBridge utilizes a single geo-spatial database that accommodates pipe-centric, structured and unstructured big data, with capability to address the key functions that pipeline companies require to manage, operate and maintain their pipelines. OneBridge solutions are designed to address two key areas of functionality - Safety Management Systems and Compliance Analytics ("SMS/CA"), and Cognitive Integrity Management ("CIM") solutions, all of which will be deployed as SaaS solutions that leverage Data Science, Azure Machine Learning, HoloLens, Microsoft BI and other components of the Microsoft Cloud platform and services. Visit www.onebridgesolutions.com for more information.
ON BEHALF OF THE BOARD OF DIRECTORS
ONESOFT SOLUTIONS INC.
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 for the purpose of providing 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 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 a number of 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 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 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.