Interfield Global Software Inc. Enters Into Non-Binding Memorandum of Understanding With JRL Energy Inc.

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VANCOUVER, British Columbia, Jan. 18, 2024 (GLOBE NEWSWIRE) -- Interfield Global Software Inc. (NEO: IFSS) (the "Company") announces that it has entered into a non-binding memorandum of understanding dated January 17, 2024 with JRL Energy Inc. ("JRL"), a major US energy company, for a strategic partnership to develop a digital platform for reporting operational data, environmental, social and governance ("ESG") reporting, energy transition reporting, and inventory management with respect to JRL's coal production operations (the "Transaction").

Completion of the Transaction is subject to the negotiation and execution of definitive documentation regarding licensing of the Company's proprietary intellectual property and funding of the Transaction, as well as receipt of all regulatory approvals, including the approval of the NEO Exchange Inc., if applicable.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About JRL Energy Inc.

JRL Energy is a full-service provider and processor of high-quality thermal and specialty coal. JRL is a modern visionary company and is a leader in ESG and Energy transition goals and objectives. JRL Energy has multiple operating mines in Kentucky and produces from both underground and open pit operations.

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 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" 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 in this release include: (i) the anticipated closing of further tranches of the Offering and (ii) the anticipated use of the proceeds from the Offering.

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.

Neither Neo Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of Neo Exchange Inc.) accepts responsibility for the adequacy or accuracy of this news release.