ACCESS Newswire
25 Nov 2020, 17:31 GMT+10
EDMONTON, AB / ACCESSWIRE / November 25, 2020 / OneSoft Solutions Inc. (the 'Company' or 'OneSoft') (TSXV:OSS)(OTCQB:OSSIF), a North American developer of cloud-based business solutions, is pleased to announce its financial results for the financial quarter ended September 30, 2020 ('Q3 2020'). Please refer to the interim unaudited condensed Consolidated Financial Statements and Management's Discussion and Analysis ('MD&A') for the three and nine months ended September 30, 2020 filed on SEDAR at www.sedar.com for more information.
FINANCIAL SUMMARY FOR Q3 ENDED SEPTEMBER 30, 2020
The following table summarizes the quarter ended September 30, 2020, compared to September 30, 2019:
Q3 2020 FINANCIAL METRICS
OPERATIONAL HIGHLIGHTS
BUSINESS OUTLOOK
Global interest in our SaaS solutions continues to increase, with sales activities currently underway in the U.S.A., Canada, Australia, United Arab Emirates, Brazil, and Argentina. Numerous CIM Production Trials are in various stages of completion, which we anticipate will result in completed sales in future periods. Various business develop initiatives are also underway, with the objectives of recruiting CIM resellers and identifying new potential markets and revenue sources based on our solutions.
Given that the pandemic delayed sales, OneSoft will not achieve 100% year-over-year growth in Fiscal 2020 as was discussed in the Q1 2020 MD&A. Q3 revenue increased over Q3 2019 and Q2 2020 quarters, and we believe we are on track to realize a 50% year-over-year revenue increase in Fiscal 2020 over 2019, despite the business disruption and challenges. We believe the delayed sales may materialize in Fiscal 2021.
We are pleased with the progress being made to advance our technology and solutions and remain confident that our competitive moat continues to increase. Based on certain business development projects conducted in Q3, we have confirmed our belief that certain CIM functionality desired by customers has not been replicated by other leading industry vendors who chose to update their existing legacy systems, rather than design and develop, as we have, a born-in-the-cloud solution using machine learning, data science and cloud computing. Recent projects we have completed with some industry experts provide compelling data that support the high value proposition of using CIM versus other vendor solutions, details of which will be disclosed in upcoming industry white papers.
Given the Company's strong balance sheet with $8.25 million of cash and equivalents, no debt, our current cash burn rate, strong acceptance and validation of our solution by our customers, robust and increasing sales pipeline and potential Innovation Lab business development projects that are being progressed, we believe the Company is well-funded to pursue our business plans without raising additional capital to execute our current business growth plan as envisioned.
ON BEHALF OF THE BOARD OF DIRECTORS
ONESOFT SOLUTIONS INC.
Douglas Thomson
Chair
For more information, please contact
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.
Get a daily dose of Los Angeles Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Los Angeles Herald.
More InformationGENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON, UK - Lawmakers in the United Kingdom have voted overwhelmingly to proscribe the direct-action group Palestine Action as a terrorist...
DHARAMSHALA, India: The Dalai Lama is set to address a significant three-day conference of Buddhist leaders this week, coinciding with...
WASHINGTON, D.C.: In a significant ruling last week, the U.S. Supreme Court upheld a Texas law requiring age verification for users...
ISTANBUL/PARIS/BRUSSELS: As searing temperatures blanket much of Europe, wildfires are erupting and evacuation orders are being issued...
VENICE, Italy: Over the weekend, hundreds of protesters marched through the narrow streets of Venice to voice their opposition to billionaire...
MENLO PARK, California: Robinhood is giving European investors a new way to tap into America's most prominent tech names — without...
WASHINGTON, DC - U.S. President Donald Trump on Tuesday claimed Elon Musk's success has been built on government subsidies. Without...
SANTA CLARA, California: Executives at Nvidia have quietly been cashing in on the AI frenzy. According to a report by the Financial...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
SAN FRANCISCO, California: Across the U.S., a growing number of people are taking obesity treatment into their own hands — literally....