INTERFIELD GLOBAL SOFTWARE INC. ANNOUNCES FILING OF REQUIRED CONTINUOUS DISCLOSURES AND RESTATEMENT OF FINANCIAL STATEMENTS
VANCOUVER, BC, June 14, 2024 /CNW/ - Interfield Global Software Inc. (Cboe CA: IFSS) (the "Company") is pleased to announce that it has filed its (i) audited annual financial statements, management's discussion and analysis ("MD&A"), annual information form and related certifications for the year ended December 31, 2023 (collectively, the "Annual Filings"); and (ii) interim financial statements, MD&A and related certifications for the three months ended March 31, 2024 (collectively, the "Interim Filings").
As more particularly set out in the Company's news releases dated April 1, 2024 and June 6, 2024, on April 8, 2024 the British Columbia Securities Commission ("BCSC") as the principal regulator of the Company issued a failure-to-file cease trade order (the "FFCTO") under National Policy 11-207 Failure-To-File Cease Trade Orders And Revocations In Multiple Jurisdictions ("NP 11-207") as a result of the Company's failure to file its Annual Filings on or before April 2, 2024, as required under applicable securities laws. With the Annual Filings and Interim Filings now completed, the Company is up-to-date with its continuous disclosure obligations and will work with the BCSC towards a full revocation of the FFCTO. There can be no assurance, however, that a full revocation of the FFCTO will be granted and all of the Company's securities will remain subject to the FFCTO until it is fully revoked.
Copies of the Annual Filings and the Interim Filings are available under the Company's profile on SEDAR+ at www.sedarplus.com.
Restatement of Financial Statements
Subsequent to the completion of the reverse takeover transaction ("RTO") of the Company with Interfield Solutions Ltd ("Interfield") on February 15, 2023, the Company filed the audited consolidated annual financial statements of Interfield (being the RTO acquirer) for the year ended December 31, 2022 on March 31, 2023 ("2022 Subsidiary Financial Statements"). The Company has decided to restate the 2022 Subsidiary Financial Statements (the "2022 Restatement") and therefore the 2022 Subsidiary Financial Statements cannot be relied upon. Similarly, any previously issued or filed reports, press releases, investor presentations or other Company communications describing the financial results or other financial information in connection with the 2022 Subsidiary Financial Statements should no longer be relied upon.
The decision to restate followed a review conducted by the Company's new auditor and management's consideration of the appropriate application of International Financial Reporting Standards (IFRS) for the conversion of the Company's previously issued and outstanding convertible debentures which were subsequently converted in connection with the RTO to common shares in the Company and the related valuation of common share purchase warrants issued upon the closing the RTO in February 2023, and the reversal of the capitalization of certain development expenses. The material changes to be included in the 2022 Restatement will affect the Company's consolidated statement of financial position, consolidated statement of loss and comprehensive loss and consolidated statement of cash flows for the year ended December 31, 2022. Please refer to Note 18 of the Company's audited consolidated financial statements for the year ended December 31, 2023, available under the Company's profile on SEDAR+ at www.sedarplus.com, for additional details on the 2022 Restatement.
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 Executive Officer & Director
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 revocation of the FFCTO and trading of the Company's securities. 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 Interim 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 SEDAR+ 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.
Harold Hemmerich, Chief Executive Officer & Director, Phone: +971 50 558 8349; Bruce Nurse, Investor Relations, Phone: +1 303 919 2913
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