Interfield Announces Delisting From Cboe Canada Exchange, Provides Update on Status of Failure-to-File Cease Trade Order and Announces Extension of MOU With Abhi Joint Venture
VANCOUVER, British Columbia, May 16, 2025 (GLOBE NEWSWIRE) -- Interfield Global Software Inc.(the “Company”) announces that, further to its news release dated February 18, 2025, that the common shares of the Company (“Common Shares”) have been delisted from the Cboe Canada Exchange (the “Cboe”) as of the close of trading on May 12, 2025. The Company will remain a reporting issuer in Alberta, British Columbia and Ontario, and continues to work toward listing the Common Shares on the Canadian Securities Exchange (the “CSE”).
Failure to File Cease Trade Order Update
The Company also announces that due to delays in filing its annual audited financial statements, chief executive officer and chief financial officer certifications of the annual filings, accompanying management discussion and analysis and annual information form for the year ended December 31, 2024 (collectively, the “Annual Filings”), the Company anticipates that it will be delayed in filing its consolidated interim financial reports for the three months ended March 31, 2025 (the “Interim Filings”). On April 4, 2025, as a result of the delay in the Company completing the Annual Filings, the British Columbia Securities Commission as the principal regulator of the Company issued a failure-to-file cease trade order to the Company under National Policy 11-207 Failure-To-File Cease Trade Orders And Revocations In Multiple Jurisdictions.
The delay is a result of the Company’s auditors requiring additional time to complete their audit, which is required to be completed before the Interim Filings can be completed. The Company’s management continues to work diligently with its auditors, to complete the Annual Filings and expects to complete the Annual Filings on or before June 15, 2025. The Company expects that it will complete the Interim Filings contemporaneously with the Annual Filings.
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.
Abhi Joint Venture Update
Further to its news releases dated November 18, 2024, January 21, 2025 and February 18, 2025, the Company announces that it has made further progress towards the completion of its joint venture with Abhi Fintech Ltd. (“Abhi”), pending which Abhi and Interfield Solutions have extended the term of their previously announced MOU until October 31, 2025.
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 an unlisted reporting issuer 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 Interim Filings, including the timing for the filing of the Annual Filings and Interim Filings and the proposed listing of the Common Shares on the CSE. 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.
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