VANCOUVER, British Columbia, Jan. 24, 2025 (GLOBE NEWSWIRE) — Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company”) announces that its wholly owned subsidiary, Interfield Software Solutions LLC (“Interfield Solutions” or “Borrower”) has secured the financing necessary to implement its previously announced joint venture with Abhi (the “Abhi JV”) and to restructure the business of the Company in preparation for the Abhi JV.
The financing comprises an unsecured one year term (“Term”) loan of US$500,000 (“Loan”) from an arms-length private investor (“Lender”), with non-compounded interest payable at 5% per year. Repayment of the Loan together with accrued interest is due upon expiry of the Term and may be in cash (“Cash Payment”), or at the option of the Borrower, by the issuance and transfer to the Lender, or its nominee, of a six percent (6%) equity interest in the Borrower (“Equity Payment”).
At any time during the Term, the Lender has the option to increase the loan amount by a further US$500,000 upon the same terms and conditions. Should the Lender exercise its right to do so, the amount of interest payable will be adjusted accordingly and the Equity Payment will be increased from 6% to 13%.
In further preparation for the implementation of the Abhi JV, the board of directors of the Company is evaluating further strategic alternatives, which may involve a migration of its current listing to a growth equity market, subject to the Company receiving necessary approvals. No definitive decisions have been reached regarding strategic alternatives and there is no assurance if or when such alternatives may be implemented. The Company will provide further updates, as necessary, at the appropriate time.
About Abhi
Abhi is a prominent fintech company, earning recognition as one of the Future 100 companies in the UAE. It was also the first to receive the Technology Pioneer 2023 Award by the World Economic Forum, making fintech history in the MENAP region. Abhi offers a comprehensive suite of products and services, including EWA, payroll solutions, and SME financing.
About Interfield Global Software Inc.
The Company is a publicly listed company, with its common shares listed on Cboe Canada. (Cboe CA: IFSS) and operates out of Dubai, U.A.E through its wholly owned subsidiary, 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.
For more information about the Company, please refer to the Company’s profile on SEDAR+ at http://www.sedarplus.ca.
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 implementation of Abhi JV and restructuring in preparation for the Abhi JV; (ii) the anticipated use of the proceeds from the Loan; and (iii) the anticipated strategic alternatives involving a migration to a growth equity market.
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 Cboe Canada Exchange nor its Regulation Services Provider (as that term is defined in the policies of Cboe Canada Exchange) accepts responsibility for the adequacy or accuracy of this news release.
