Interfield Global Software Inc. Announces Execution of Definitive License Agreement With JRL Energy Inc.
May 14 2024 - 5:00PM
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.
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 &
DirectorPhone: +971 50 558 8349
Bruce Nurse, Investor RelationsPhone: +1 303 919
2913
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