Mr. Harold Hemmerich reports

INTERFIELD GLOBAL SOFTWARE INC. ANNOUNCES FIRST CLOSING OF PRIVATE PLACEMENT FINANCING

Interfield Global Software Inc. has closed the previously announced non-brokered private placement financing. The offering consists of up to eight million units of the company at a price of 25 cents per unit, for aggregate gross proceeds of up to $2-million subject to increase at the discretion of the board of directors of the company.

In connection with the closing of the initial tranche, the company issued 2,315,800 units for gross proceeds of $578,950, and paid to qualifying arm's-length parties finders' fees comprising $14,000 in cash and 56,000 finders' warrants. Closing of further tranches are anticipated, with final completion expected to occur on or about Jan. 14, 2024.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant will entitle the holder thereof to acquire one common share in the capital of the company at an exercise price of 40 cents for a period of three years from the respective closing date(s) of the offering.

In connection with the initial tranche, insiders purchased a total of 285,800 units. The company has relied on exemptions from the formal valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the offering does not exceed 25 per cent of the market capitalization of the company as calculated in accordance with MI 61-101.

The gross proceeds from the offering will be used by the company for general corporate and working capital and to retire a small amount of existing shareholder debt (approximately $50,000). The offering is subject to receipt of all applicable regulatory approvals, including the approval of Neo Exchange Inc.

About Interfield Global Software Inc.

The company is a publicly listed company, with its common shares listed on the Neo Exchange Inc. (NEO: IFSS) and operates in Dubai, United Arab Emirates, through its wholly owned subsidiary, Interfield Software Solutions LLC.

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.

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