OneSoft Solutions Inc.
TSX VENTURE : OSS

OneSoft Solutions Inc.

October 31, 2016 17:12 ET

University of British Columbia Okanagan and OneBridge Enter Into Collaborative Research and Development Project to Advance OneBridge IP

EDMONTON, ALBERTA--(Marketwired - Oct. 31, 2016) - OneSoft Solutions Inc. (the "Company" or "OneSoft") (TSX VENTURE:OSS) is pleased to announce that its wholly owned subsidiary OneBridge Solutions Inc. ("OneBridge") has entered into a collaborative working arrangement with the University of British Columbia, Okanagan School of Engineering ("UBC Okanagan") to develop cloud-based analytics for pipeline inspection data management that we expect will augment OneBridge's technology and IP (the "Project"). UBC Okanagan has received approval from the Natural Sciences and Engineering Research Council of Canada ("NSERC"), pursuant to its Engage Grants Program for Universities, to fund UBC Okanagan's work for the Project.

The Project, scheduled to operate between November 1, 2016 through April 30, 2017, will be managed by Dr. Zheng Liu, Ph.D., D.Eng., P.Eng. Dr. Liu is an Associate Professor in the Faculty of Applied Science, School of Engineering at the University of British Columbia's Okanagan Campus in Kelowna, B.C., Canada, with expertise in data management for pipeline infrastructure. Following OneBridge's participation in Microsoft Venture's Accelerator program for data sciences and machine learning earlier this year, Dr. Liu was awarded a research funding grant from Microsoft, who is providing funding to be utilized by the UBC Okanagan team members for this project. OneBridge, the designated Industry Partner of this Project by NSERC, will contribute in-kind funding valued at $50,000 for the Project, and will maintain full ownership and rights that pertain to the technology and intellectual property that is developed in connection with the Project.

Dr. Liu's objective is to research and develop algorithms that will operate within the OneBridge Cognitive Integrity Management ("CIM") software application, which utilizes machine learning and other components of the Microsoft cloud platform and services to automate the ingestion and analysis of pipeline inline inspection ("ILI") data. OneBridge's strategy is to use machine learning to extract knowledge from data by comparing defect data in multiple ILI data sets to determine anomaly growth patterns in order to predict potential failures of oil and gas pipelines. The algorithms that Dr. Liu and his team will develop will ultimately be tested against actual data sets that have been gathered over time by pipeline operators, operating within the OneBridge CIM software application.

"Ensuring that pipeline inspections can accurately tell industry the state of its infrastructure is important to our environment and our economy," stated Dr. Liu, Associate Professor, School of Engineering, at UBC's Okanagan campus. "I'm pleased to partner with OneBridge on this important project and look forward to advancing research in this area."

Brandon Taylor, CTO of OneBridge added, "OneBridge has already entered into a similar arrangement with the Colorado School of Mines, who had been engaged to conduct certain projects for PHMSA, the national regulating body for hazardous pipeline operations in the U.S.A. The involvement of Dr. Liu and his team at UBC Okanagan in this project will ensure that Canadian expertise and perspective is integrated into our technology."

During the course of the Project, Dr. Liu's team will interact primarily with Brandon Taylor, CTO, and Tim Edward, President of OneBridge, as well as other OneBridge senior developers who are based in Edmonton, Calgary and Houston. Logistics associated with the Project will be managed through the Company's head office in Edmonton.

Access information about the Faculty of Applied Science, School of Engineering at the University of British Columbia, Okanagan Campus in Kelowna, B.C here.

Access information about NSERC Engage Grants for Universities here.

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.

Forward-looking Statements

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.

Contact Information