EDMONTON, AB / ACCESSWIRE / May 19, 2022 / OneSoft Solutions Inc. (the "Company" or "OneSoft") (TSX-V:OSS, OTCQB:OSSIF), a North American developer of cloud-based business solutions, announces its financial results for the three months ended March 31, 2022 ("Q1 2022").
Please refer to the Unaudited Condensed Consolidated Interim Financial Statements and Management's Discussion and Analysis ("MD&A") for the three months ended March 31, 2022 filed on SEDAR at www.sedar.com for more information. All dollar amounts are denominated in Canadian dollars.
|Three months ended|
(in C$,000, per share in C$)
Exchange gain (loss) on translation of foreign operations
Weighted average common shares
outstanding - basic and fully diluted (000)'s
Net loss per share
Cash and cash equivalents
With strong validation of OneSoft's solutions from customers and industry experts, the Company is modifying its marketing and sales initiatives used to engage "innovator and early adopter" customers to focus on "majority" customer cohorts, as was explained in the Fiscal 2021 MD&A filed March 2022 on SEDAR. "Majority" customers are generally more risk-averse and pragmatic, are highly motivated by return-on-investment considerations and tend to purchase solutions that have been thoroughly tested and are referrable by peer company users. Sales efforts will target integrity management staff and senior managers responsible for allocation of resources and purchasing decisions on an overall company value approach, as opposed to departmental managers whose scope is narrower. Revised sales and marketing strategies will be deployed in Fiscal 2022, along with additional case studies and white papers that support OneSoft's unique value proposition including the high value gain and advantageous use-experience of OneSoft customers that have adopted CIM. The Company recruited and appointed a new Vice President of Sales in Q1 2022 to operationalize these objectives.
We believe that our first mover advantage, strong validation of our technology and products, and positioning of CIM to be the foundational data-hub for digital transformation jointly create the foundation to build the market leading company envisioned by Management. We anticipate that our client relationships will remain strong for years, providing we continue to deliver technologically advanced solutions that assist operators to reduce pipeline failures, realize cost savings, and unlock trapped value from unused and underutilized data.
Given the Company's strong balance sheet with $4.3 million of cash and $3.1 million of accounts receivable at the end of Q1 2022, no debt, budgeted cash burn rate, and anticipated revenue for Fiscal 2022, Management believes the Company is sufficiently funded to execute its Fiscal 2022 business plans as currently envisioned without requirement to raise additional capital.
ON BEHALF OF THE BOARD OF DIRECTORS OF ONESOFT SOLUTIONS INC.
For more information, please contact
|Dwayne Kushniruk, CEO|
|Sean Peasgood, Investor Relations|
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; interest rate ad exchange rate fluctuations; competition; ability to access sufficient capital from internal and external sources; 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.
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.