Interfield Global Software Inc. Announces AGSM Results

VANCOUVER, British Columbia, June 14, 2023 (GLOBE NEWSWIRE) -- Interfield Global Software Inc. (NEO: IFSS) (the "Company") is pleased to announce that all resolutions were passed by the requisite majority at its annual general and special meeting ("AGSM") held in Vancouver, British Columbia on June 12, 2023. MNP LLP, Chartered Accountants were appointed as auditors of the Company for the ensuing year. The Long-Term Incentive Plan ("LTIP") of the Company was approved by the Company's disinterested shareholders.

Shareholders voted in favour of setting the number of directors at seven: Harold Hemmerich, Crae Garrett, Edward Farrauto, Sophia Shane, Mark Sarssam, Steele Hemmerich and Jeffrey Parsons. 

Following the AGSM, the board of directors re-appointed Harold Hemmerich as CEO and Danny Lee as CFO.

The Company granted 5,400,000 stock options ("Options") to directors, officers, employees and consultants of the Company. The stock options were granted at a price of $0.50 per share for a period of five years. These Options are subject to regulatory approval and are granted under the Company's LTIP and include vesting provisions.

About Interfield Global Software Inc.

The Company is a publicly listed company, with its common shares listed on the NEO Exchange Inc. (NEO: IFSS) and operates in 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" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements, and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance often using phrases such as "expects", "anticipates", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends", or variations of such words and phrases, or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved, are not statements of historical fact and may be forward-looking statements.

Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors, which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include: general business, economic, competitive, political and social uncertainties; delay or failure to receive any necessary board, shareholder or regulatory approvals, including the approval of any applicable regulatory authority; and that factors may occur which impede or prevent the Company's future business plans. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, the Company does not assume any obligation to update the forward-looking statements, whether they change as a result of new information, future events or otherwise, except as required by law.

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