EDMONTON, AB / ACCESSWIRE / November 7, 2019 / OneSoft Solutions Inc. (the 'Company' or 'OneSoft') (TSXV:OSS)(OTCQB:OSSIF) is pleased to announce that its wholly owned subsidiary, OneBridge Solutions Inc. ('OneBridge') has received its initial order for use of the Company's Cognitive Integrity ManagementTM ('CIM') software-as-a-service ('SaaS') solution from an upstream oil and gas ('O&G') client. This latest sale was made to a Fortune 100 company whose midstream division adopted the use of CIM in early 2019, and also operates upstream and downstream divisions.
To date, all CIM pilots and licenses have been granted to midstream operators, or to midstream operations of integrated O&G enterprises. This transaction represents the first opportunity for the Company to pilot the concept of adapting CIM for use in the upstream O&G market segment.
'This sale pioneers the opportunity to sell CIM into markets beyond the midstream segment, as was originally envisioned when we first developed the software,' said Tim Edward, President of OneBridge. Brandon Taylor, OneSoft President and COO, added, 'This justifies the decisions we made earlier this year to raise additional capital to accelerate R&D efforts, to evolve CIM from a solution to a platform, and to advance our economic consumption SaaS business model. As we add more functionality to address more customer requirements for different segments of the O&G market, we expect future revenue potential to increase accordingly. We are especially pleased that one of our current clients has made the decision to expand the use of CIM into other segments of its business operations.'
Upstream, Midstream and Downstream Oil & Gas Market Segments
The petroleum industry is divided into three major segments: (1) upstream, the exploration and production sector; (2) midstream, wherein crude oil, natural gas and natural gas liquids are processed, stored, marketed and transported; and (3) downstream, which includes refineries, petrochemical plants, distribution, retail outlets and natural gas distribution companies. Historically, all of the Company's business associated with CIM has been derived from the midstream segment.
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] 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 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
Dwayne Kushniruk, CEO
Sean Peasgood, Investor Relations
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SOURCE: OneSoft Solutions Inc.
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