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Interfield Global Software Inc. Announces Delay in Filing of Annual Filings and Director Resignation

VANCOUVER, British Columbia, April 01, 2024 (GLOBE NEWSWIRE) -- Interfield Global Software Inc. (Cboe CA: IFSS) (the “Company”) announces that as a result of delays in the completion of its audit, the Company will be unable to meet the prescribed filing deadline of April 2, 2024 for filing its annual audited financial statements, chief executive officer and chief financial officer certifications of the annual filings and accompanying management discussion and analysis for the year ended December 31, 2023 (collectively, the “Annual Filings”) as required by National Instrument 51-102 - Continuous Disclosure ‎‎Obligations (“NI 51-102”). As a result, the Company will also be delayed in filing of its Annual Information Form for the year ended December 31, 2023 (the “AIF”).

The delay is a result of MNP LLP, the Company’s auditors requiring additional time to complete their audit.‎ The Company anticipates that it will be in a position to remedy the default by filing the Annual Filings no later than Monday, April 8, 2024 and will issue a news release once the Annual Filings have been filed. The Company has made all efforts and allocated all available resources to the preparation, completion and filing of the Annual Filings. The Company’s auditors have also made significant efforts to complete their audit of the annual financial statements. Upon filing its Annual Filings, the Company will also file its AIF. Until the Company files the Annual Filings, it will comply (if required) with the alternative information guidelines set out in sections 9 and 10 of National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”). The guidelines, among other things, require the Company to issue bi-weekly default status reports, in the form of news releases, for so long as the Annual Filings have not been filed.

Until the ‎Company has filed the Annual Filings, members of the Company’s management and other insiders are subject to an insider trading black-out policy as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File ‎Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on November 13, 2023 of the Company’s consolidated ‎interim financial reports for the period ended September 30, 2024‎. There are no insolvency proceedings involving the Company.

The Company further announces that Mr. Edward Farrauto has tendered his resignation as a director of the Company, effective immediately, to focus on his other professional commitments. Mr. Farrauto has been a director of the Company since February 15, 2023.

Hal Hemmerich, Chairman of Interfield stated, "We would like to thank Ed for his valuable contributions as a director to the company. On behalf of the Board of Directors and management, I wish him all the best with his future endeavours and look forward to his continued support as a shareholder."

About Interfield Global Software Inc.

The Company is a publicly listed company, with its common shares listed on the Cboe Canada. (Cboe CA: IFSS) and operates out of Dubai, U.A.E through its wholly owned subsidiary, Interfield Software Solutions LLC (“Interfield Solutions”).

Interfield Solutions is a software company that services numerous industrial segments worldwide including oil and gas, mining and renewables. Interfield Solutions has two operating divisions, E-commerce and Software as a Service. Equipment Hound, the company’s flagship product of its E-commerce division, is an industrial equipment marketplace that connects buyers and suppliers around the globe. Equipment Hound manages a catalogue of equipment from various suppliers and provides procurement solutions for buyers. It includes features such as requests for quotes, logistics support and third-party verification. ToolSuite, the company’s flagship product of its Software as a Service division, is a cloud based data collection and management platform that digitizes industrial processes and provides real-time auditable data for clients.

ON BEHALF OF THE BOARD OF DIRECTORS

Harold Hemmerich

Harold Hemmerich, Chief Executive Officer & Director

Phone: +971 50 558 8349

Bruce Nurse, Investor Relations

Phone: +1 303 919 2913

Forward-Looking Statements Disclaimer and Reader Advisory

This news release contains “forward-looking information” within the meaning of applicable Canadian ‎securities legislation. All statements, other than statements of historical fact, included herein are forward-‎looking information. In particular, this news release contains forward-looking information regarding: the ‎filing of the Annual Filings and AIF, including the timing for the filing of the Annual Filings and AIF. ‎There can be no assurance that such forward-looking information will prove to be ‎accurate, and actual results and future events could differ materially from those anticipated in such ‎forward-looking information. This forward-looking information reflects the Company’s current beliefs and is based on ‎information currently available to the Company and on assumptions the Company believes are reasonable. These ‎assumptions include, but are not limited to the ability of the Company to complete the Annual Filings in the noted ‎timeframe. Forward-looking information is subject to known and unknown risks, uncertainties and other factors ‎that may cause the actual results, level of activity, performance or achievements of the Company to be materially ‎different from those expressed or implied by such forward-looking information. Such risks and other ‎factors may include, but are not limited to: general business, economic, competitive, political and social ‎uncertainties; general capital market conditions and market prices for securities; delay or failure to receive ‎board or regulatory approvals; the actual results of future operations; competition; changes in legislation ‎‎affecting the Company; the timing and availability of external financing on acceptable terms; long-term capital ‎requirements and future developments in the Company’s markets and the markets in which it expects to ‎compete;‎ or loss of key individuals. A description of additional risk factors ‎that may cause actual results to differ materially from forward-looking information can be found in the Company’s ‎disclosure documents on the SEDAR+ website at www.sedarplus.com. Although the Company has attempted to identify ‎important factors that could cause actual results to differ materially from those contained in forward-‎looking information, there may be other factors that cause results not to be as anticipated, estimated or ‎intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further ‎cautioned not to place undue reliance on forward-looking information as there can be no assurance that ‎the plans, intentions or expectations upon which they are placed will occur. Forward-looking information ‎contained in this news release is expressly qualified by this cautionary statement. The forward-looking ‎information contained in this news release represents the expectations of the Company as of the date of this news ‎release and, accordingly, is subject to change after such date. However, the Company expressly disclaims any ‎intention or obligation to update or revise any forward-looking information, whether as a result of new ‎information, future events or otherwise, except as expressly required by applicable securities law.‎

No securities regulatory authority has either approved or disapproved the contents of this news release. The Cboe Canada Exchange does not accept responsibility for the adequacy or accuracy of this news release.