EDMONTON, AB / ACCESSWIRE / June 11, 2024 / OneSoft Solutions Inc. (TSXV:OSS)(OTCQB:OSSIF) (OneSoft) is pleased to announce that OneSoft's wholly owned OneBridge Solutions, Inc. operating subsidiary (OneBridge) has incorporated API 1163 In-line Inspection Systems Qualification Level 2 and Level 3 analysis and reporting capabilities into OneBridge's Cognitive Integrity Management® ("CIM") software-as-a-service ("SaaS") solution.
American Petroleum Institute ("API") 1163 and Pipeline Research Council International ("PRCI")
API 1163 serves as the industry standard for qualifying ILI system performance and is now incorporated in US regulations for both gas and hazardous liquid pipelines. On March 17, 2023, the Pipeline Research Council International published a report associated with project IM-1-06 entitled "API 1163 Performance Validation Guidelines" to provide clarity on how to correctly implement API 1163. A spreadsheet tool was also included to assist with qualifying and quantifying ILI system performance.
OneBridge will release its latest version of Cognitive Integrity Management® ("CIM") Version 3.40 seamlessly integrating API 1163 Level 2 and Level 3 analysis and reporting, utilizing the guidelines and spreadsheet tool put forth by PRCI. By harnessing its alignment capabilities, CIM automatically populates the "Data" table of the PRCI spreadsheet, incorporating both historic and current repair data. Results of the calculations are then autogenerated allowing users to access and review Level 2 and 3 reports.
The OneBridge team has collaborated with pipeline operators via a user group to implement the API 1163 validation process and associated workflow into CIM. This new implementation allows for completion of ILI system performance validation in minutes, saving operators significant time over traditional manual methods. Conducting an API 1163 analysis is accessed and included via the Integrity Compliance process within CIM, similar to how a user would analyze ILI data to identify repair conditions. This functionality is available without additional charge to all users having a subscription to use CIM.
OneSoft President & COO, Brandon Taylor, commented, "OneBridge's mission is to assist pipeline operators in preventing pipeline failures by utilizing their assessment data appropriately, thereby incorporating PRCI's guidance on API 1163 analysis and reporting was a logical inclusion. This inclusion allows operators to easily and accurately align their processes and procedures with industry best practices, enhancing the reliability and accuracy of inspections, while enhancing the safety and integrity of pipelines."
About OneSoft and OneBridge
OneSoft has developed software technology and products that have capability to transition legacy, on-premises licensed software applications to operate on the Microsoft 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 subsidiaries, OneBridge Solutions 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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