Interfield Global Software Inc. Announces Execution of Definitive License Agreement With JRL Energy Inc.

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VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) -- Interfield Global Software Inc. (CBOE CA: IFSS) (the “Company”) announces that further to its previously announced non-binding memorandum of understanding dated January 17, 2024 with JRL Energy Inc. (“JRL”), the Company along with its wholly owned subsidiary, Interfield Software Solutions LLC (“Interfield Solutions”) have executed a definitive intellectual property development and licence agreement (the “Licensing Agreement”) with JRL, pursuant to which Interfield Solutions will implement for JRL its ToolSuite digital platform (“ToolSuite”) for reporting operational data, environmental, social and governance ("ESG") reporting, energy transition reporting, and inventory management with respect to coal production operations of JRL and its affiliates as well as sub-licensees in the United States of America (the “Project”).

Pursuant to the Licensing Agreement, JRL will pay a licensing fee of US$1,000,000 to Interfield Solutions for the initial deployment of the ToolSuite platform, with an option to expand such deployment in the future, at the sole discretion of JRL. Additionally, the Licensing Agreement provides for the Company and JRL to jointly market and sell third party sub licenses for ToolSuite within the United States of America.

Implementation of the Project rollout and payment of the licensing fee will be staged based on mutually agreed timelines between JRL and Interfield.

Steele Hemmerich, President of the Company commented “the license agreement with JRL Energy Inc. marks a major milestone in the development of our ToolSuite platform. It not only exemplifies the versatility and strength of our Toolsuite software but also reinforces our commitment to advancing technological innovation within the energy sector.”

About JRL Energy Inc.

JRL Energy Inc. is a full-service provider and processor of high-quality thermal and specialty coal. JRL is a modern visionary company with 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 Cboe Canada Inc. (Cboe Canada: 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.