INTERFIELD ANNOUNCES CHANGES IN MANGEMENT AND DELAY IN ANNUAL FILINGS
VANCOUVER, BC, March 31, 2025 /CNW/ - Interfield Global Software Inc. (Cboe CA: IFSS) (the "Company") announces changes in management and delay in filings 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, 2024 (collectively, the "Annual Filings").
Changes in Management
The Company announces appointment of Harold Hemmerich as the Chief Financial Officer ("CFO") and Corporate Secretary of the Company replacing Danny Lee, who resigned as CFO and Corporate Secretary, effective March 31, 2024. In conjunction with Harold Hemmerich's appointment as the CFO, he resigned as the Chief Executive Officer ("CEO") of the Company and was succeeded by Steele Hemmerich, effective March 31, 2024. Harold Hemmerich will continue to serve as a Director and Chair of the board of directors of the Company ("Board") and Steele Hemmerich will continue to serve as a Director and President of the Company.
Harold Hemmerich has over 30 years of experience in the natural resources industry, primarily in oil and gas and mining. Mr. Hemmerich has extensive public experience, has served as a senior officer at numerous international corporations and has played an essential role in the development of several new technology and energy companies. Mr. Hemmerich is currently the Chairman and Chief Executive Officer of Leaderstar Solutions Corporation and Leader Star Machinery Rental LLC.
Steele Hemmerich has over 16 years of international experience in a variety of industries including oil and gas, mining, information technology, finance, construction, retail and logistics. Mr. Hemmerich is considered as an experienced advisor in matters regarding financings, partnerships, mergers and acquisitions. Mr. Hemmerich is a Director and President of Leaderstar Solutions Corporation and an Executive for Leader Star Machinery Rental LLC.
The Board would like to thank Harold Hemmerich for his contributions as CEO and looks forward to his continued advice and contributions going forward as the CFO. The Board would also like to thank Mr. Lee for his contributions to the Company.
Delay in Annual Filings
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 March 31, 2025 for filing of its 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, 2024 (the "AIF").
The delay is a result of the Company's auditors requiring additional time to complete their audit. The Company currently anticipates that it will be in a position to remedy the default by filing the Annual Filings by May 5, 2025 and will issue a news release once the Annual Filings have been completed. 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 has also made significant efforts to complete its 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 12, 2024 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 it has moved its registered office to 1133 Melville Street, Suite 2700 Vancouver, British Columbia V6E 4E5 Canada with effect from April 1, 2025.
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 Financial Officer & Director
Phone: +971 50 558 8349
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 and the AIF 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.
SOURCE Interfield Global Software Inc.