EDMONTON, AB / ACCESSWIRE / May 18, 2023 / OneSoft Solutions Inc. (TSX-V:OSS)(OTCQB:OSSIF) ("OneSoft") is pleased to announce that OneSoft's wholly owned OneBridge Solutions operating subsidiary ("OneBridge") has entered into a technology sharing agreement with TL Anderson Consulting ("Anderson") to integrate Anderson's Modified MAT-8 pipeline fracture prediction model ("Modified MAT-8") into OneBridge's Cognitive Integrity ManagementTM ("CIM") software-as-a-service ("SaaS") solution.
Ted Anderson is an industry-recognized pipeline crack integrity management expert who has conducted extensive research in collaboration with the Pipeline Research Council International ("PRCI") to predict fatigue and burst pressure failure threats associated with pipe joints with longitudinal cracks. He is also on the American Petroleum Institute ("API") 579 Committee to develop the next API 579 fitness for service guide where his work on the MAT-8 crack assessment model that is widely used by pipeline operators today will be incorporated into the API 579 operational standard.
"This relationship with OneBridge, who has more than 150,000 miles of pipeline under data management, provides an efficient way for their customers to use MAT-8, including recent improvements to the model," said Ted Anderson. "Correlation and integration of advanced crack assessments with other integrity management processes that CIM provides out of the box will result in an advanced cloud-based offering to customers, which represents a significant improvement over the legacy systems and processes that are used today."
OneBridge COO, Brandon Taylor, added, "embedding Ted's Modified MAT-8 model is an important addition to the crack assessment functionality within CIM and provides customers with more options to manage the maintenance of their pipelines. Our arrangement enables customers to run multiple crack models where required and correlates the Modified MAT-8 assessments with other CIM analytics, thereby improving threat detection and mitigation processes for operators."
Pursuant to the terms of the agreement, the Modified MAT-8 model will be embedded within CIM and operate on Microsoft's Azure cloud computing platform. The capability of CIM to automatically ingest, normalize and align multiple big data sets optimizes the Modified MAT-8 functionality by enabling correlation with other data sets, including in-line inspection, hydrostatic, pressure, corrosion and other data used to conduct pipeline integrity management. Alignment and analyses of multiple data sets provide more accurate risk assessments, thereby reducing risks of pipeline failures and maintenance costs as improved predictive analytics result in the reduction of unnecessary maintenance digs. Modified MAT-8 will be deployed as optional assessment routine within CIM that will be invoiced as it is used by customers. Anderson will receive royalty payments based on revenue generated.
About TL Anderson Consulting and Dr. Ted L. Anderson
Dr. Ted L. Anderson, Ph.D., P.E., ASME Fellow, is the author of Fracture Mechanics: Fundamentals and Applications, which has remained the top selling textbook in its field since the 1st Edition was published in 1991. This book has been adopted as a required text by over 150 universities and is a favorite reference for practicing engineers.
Dr. Anderson has recently returned to independent consulting after serving as the Senior VP of Technology Development for Team Inc. and the Chief Technology Officer for Quest Integrity. He founded his original consulting and software company, SRT, in 1995. Quest Integrity acquired SRT in 2007 and Team Inc. acquired Quest Integrity in 2010. Prior to founding SRT, Dr. Anderson was an Associate Professor of Mechanical Engineering at Texas A&M University and a Senior Research Engineer at The Welding Institute (TWI). He holds a Ph.D. in Metallurgy from the Colorado School of Mines.
In addition to authoring a best-selling textbook, Dr. Anderson has written 4 book chapters and over 100 published articles. He is active in multiple industry organizations and standards committees and is a principal author of the API/ASME Fitness-for-Service Standard (API 579).
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 [NASDAQ: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 Canada 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 dkushniruk@onesoft.ca 587-416-6787 | Sean Peasgood, Investor Relations Sean@SophicCapital.com 647-494-7710 |
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 to deliver 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: the impact of Covid-19 on the business operations of the Company and its current and prospective customers, the availability and cost of labor and services; the efficacy of its software; our interpretation based on various industry information sources regarding the total miles of pipeline in the USA and globally, which segments are piggable; our understanding of metrics, activities and costs regarding evaluation, inspection and maintenance is in alignment with various industry information sources and is reasonably accurate; that counterparties to material agreements will continue to perform in a timely manner; that there are no unforeseen events preventing the performance of contracts; that there are no unforeseen material development or other costs related to current growth projects or current operations; the success of growth projects; future operating costs; interest and foreign exchange rates; planned synergies, capital efficiencies and cost-savings; the sufficiency of budgeted capital expenditures in carrying out planned activities; and no changes in applicable tax laws. 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; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws.
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SOURCE OneSoft Solutions Inc.
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