ONESOFT SOLUTIONS INC. (:OSS) OneBridge Announces Commercial Availability of New Crack Management Module to Integrate with Cognitive Integrity Management

Transparency directive : regulatory news

12/02/2024 13:00

EDMONTON, AB / ACCESSWIRE / February 12, 2024 / OneSoft Solutions Inc. (TSXV:OSS)(OTCQB:OSSIF) ("OneSoft") is pleased to announce that OneSoft's wholly owned OneBridge Solutions, Inc. operating subsidiary ("OneBridge") will showcase several new functionality modules that integrate with OneBridge's Cognitive Integrity Management® ("CIM") software-as-a-service ("SaaS") solution at the Pipeline and Pigging Integrity Management ("PPIM") conference taking place between February 12 - 16, 2024 in Houston, TX.

Crack Management, Incorporating Modified MAT-8 and Pressure Cycle Fatigue Analysis (PCFA)
OneBridge will release its new Crack Management solution for general market use. Based on the technology sharing agreement with TL Anderson Consulting, operated by Dr. Ted L. Anderson, Ph.D., P.E., ASME Fellow, OneBridge has integrated his Modified MAT-8 pipeline fracture prediction model ("Modified MAT-8") into the Company's CIM solution. MAT-8 was developed as a Pipeline Research Council International ("PRCI") project that was strongly validated by pipeline industry experts as the most current and accepted methodology to analyze oil and gas pipeline cracks.

CIM incorporates updates from both Modified MAT-8 and API 579 as they are published and validated, ensuring OneBridge customers remain current with the crack methodologies which today include Raju-Newman, Log Secant, MAT-8, and the latest Modified MAT-8. API 579, published by the American Petroleum Institute, assists pipeline operators to ensure the safe and reliable operation or their pipeline assets by providing guidelines for assessing their fitness for continued service.

The newly released MAT-8 CIM Simplified Fatigue Analysis/Fitness for Service Crack Management functions allow users to perform a basic crack fatigue screening analysis using Crack inline inspection ("ILI") inspection results. ILI Data is ingested into the CIM platform, similar to CIM's Corrosion Management module. Pre-analysis reports help users understand the nature of their inspection results, even before any engineering calculations are performed.

Users can then calculate both failure pressures and remaining life for all reported crack-like flaws. Remaining life calculation considers both fatigue and stress corrosion cracking ("SCC") growth. Users have the option to apply different analytical methodologies, including fixed growth rates, crack-to-crack ILI, or half-life analysis.

The Company's optional enhanced Crack PCFA Management Module provides the addition of Pressure Cycle Fatigue Analysis - Pressure cycling using Modified Mat-8, which performs full fatigue analysis. Pressure data can be uploaded into the CIM platform with the analysis results supporting further sensitivity studies, the prioritization of anomalies, determination of hydro testing and support of ILI re-inspection intervals.

OneSoft President & COO, Brandon Taylor, commented, "Ted's Modified MAT-8 model is an important addition to the crack assessment functionality within CIM that will continually evolve as learnings from more crack models and inline inspection datasets improve analytics that customers use to mitigate crack threats to their pipelines. Our arrangement enables customers to run multiple crack models, identify interactive threats and correlate the Modified MAT-8 assessments with other CIM analytics, thereby improving threat detection and mitigation processes for pipelines."

Internal and External Corrosion Management
Following commercial release to market of the Internal Corrosion Management solution ("ICM") in 2023, OneBridge will showcase new functionality that has since evolved because of feedback from customers who have adopted and deployed ICM within their organizations. Functionality has been enhanced as a result of input from new subject matter experts and corrosion engineers and from new learnings gained from the ingestion and alignment of additional datasets within the CIM platform.

OneBridge will also demonstrate Phase 1 components, including Atmospheric Corrosion functionality, of its External Corrosion Management solution ("ECM") at PPIM. The Atmospheric Corrosion functionality streamlines data collection by replacing legacy systems (essentially paper forms and Excel documents) with digital form capture incorporating pertinent information from operators' Pipeline Open Data Standard ("PODS") systems. This enables operators to maintain compliance by monitoring assessments that require mitigation through advanced reporting and prebuilt dashboards, all while documenting newly identified exposures from recent Close Interval Surveys ("CIS"). Atmospheric Corrosion is first phase of the ECM solution, with subsequent functionality to include alignment, analysis and mitigation management for CIS, CP annual survey, DCVG, and ACVG assessments.

Geohazard Management - Bending Strain
OneBridge will introduce Phase 1 of its Geohazard Management - Bending Strain functionality, which allows CIM users to load and align inertial measurement unit ("IMU") and pipe bending strain data into CIM, run integrity compliance conditions and initiate dig sheet and mitigation processes within the standard CIM workflow that assists customers to manage multiple types of threats.

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
Sean Peasgood, Investor Relations

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.

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 because 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.

SOURCE: OneSoft Solutions Inc.

View the original press release on accesswire.com

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