NIR Noble Iron Inc

Noble Iron Inc. (TSX VENTURE:NIR) announced changes in the company's management
team. 




--  Starting January 1, 2014, Nabil Kassam, Founder & Executive Chairman of
    Noble Iron, will assume the role of Founder, Chairman & CEO.
      
--  Willie Swisher will hold the position of President & CEO until December
    31, 2013. Thereafter, he will continue as a director on Noble Iron's
    board. 



Mr. Swisher commented on these changes: "It has been my honor to help create and
to help lead Noble Iron these past 3 years alongside Nabil Kassam, from Noble
Iron's infancy to a company with national reach. Moreover, it has been my great
privilege to work with an exceptionally dedicated and skilled team. At this
time, given the progress and future plans of the business, the company is best
served with Nabil Kassam in the leadership role. I look forward to supporting
Nabil, and continuing to assist in Noble Iron's future success."


Nabil Kassam said, "Willie has been much more than my business partner in
launching Noble Iron. He has been a mentor and a dear friend. I look forward to
our continuing relationship. Noble Iron is still in the early stages of
developing an incredible opportunity in the world of construction and industrial
activity. I am thrilled to lead our extraordinary team, as we continue building
a remarkable company." 


Noble Iron was also pleased to announce its Q3 2013 preliminary results. 



--  Year-to-date revenue through September 30, 2013 totaled $15.1 million,
    as compared to $12.0 million for the same nine month period in the prior
    year - representing a 25% increase.
      
--  Q3 2013 revenue was $5.0 million, as compared to $4.0 million during Q3
    2012 - representing a 26% increase. 



Complete Q3 2013 financials will be released during last week of November 2013.

"Noble Iron's third quarter performance displays our strong foundation and
growth trajectory," said Mr. Kassam. He continued, "We are confident in our
strategy and the long term vision for Noble Iron." 


Financial information indicated, as set out in this news release, is presented
on a basis consistent with the accounting principles used to prepare Noble
Iron's most recently filed financial statements. The consolidated financial
statements are prepared by management in accordance with International Financial
Reporting Standards, as issued by the International Accounting Standards Board.
Readers are advised that the Company faces various risk factors with respect to
its business and operations: for further information please see the Management
Discussion and Analysis of Noble Iron Inc. at www.SEDAR.com.


About Noble Iron Inc. (TSX VENTURE:NIR)

Noble Iron Inc. operates in equipment rental, equipment sales, and enterprise
asset management software for the construction and industrial equipment
industry.


Noble Iron Inc.'s equipment rental and dealership business operates under the
name "Noble Iron", and currently serves customers in California and Texas. Noble
Iron offers construction and industrial equipment and accessories for rent and
for sale, and is the exclusive distributor of LiuGong Construction Machinery
equipment in Southeast Texas.

Noble Iron Inc.'s software division operates under the name "Texada Software".
Texada Software develops software applications to manage the complete equipment
ownership lifecycle: from equipment purchasing; rental & sales transactions;
inventory management; maintenance & depreciation tracking; through to used
equipment sales, disposal & inventory replenishment. Texada Software offers
in-the-cloud or client-based software, and is scalable to meet the needs of any
equipment rental company, dealership, construction company, or any customer who
uses construction or industrial equipment. 


The company can be reached at 1-832-767-4424, or at www.nobleiron.com.

Non-IFRS Measures 

References in this press release to Adjusted EBITDA are to earnings before
interest expense, deferred income taxes, depreciation, amortization, share based
compensation, gain on fair value increment on acquisition (net of deferred
income taxes), acquisition expenses, accretion on convertible debt, interest on
convertible debentures and foreign exchange. Adjusted EBITDA is a measure used
by investors to compare issuers on the basis of ability to generate cash flow
from operations. Adjusted EBITDA is not an earnings measure recognized by
International Financial Reporting Standards (IFRS), does not have standardized
meanings prescribed by IFRS and is therefore unlikely to be comparable to
similar measures presented by other issuers. Noble Iron's management believes
that Adjusted EBITDA is an important supplemental measure in evaluating Noble
Iron's performance and in determining whether to invest in its common shares.
Readers of this information are cautioned that Adjusted EBITDA should not be
construed as an alternative to net income or loss determined in accordance with
IFRS as an indicator of Noble Iron's performance, or cash flows from operating,
investing and financing activities as measures of Noble Iron's liquidity and
cash flows. Noble Iron's method of calculating Adjusted EBITDA may differ from
the methods used by other issuers and, accordingly, Noble Iron's Adjusted EBITDA
may not be comparable to similar measures presented by other issuers.


This news release may contain forward-looking statements which reflect the
Company's current expectations regarding future events. The forward-looking
statements are often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "estimate", "expect", "intend" and statements that
an event or result "may", "will", "should", "could" or "might" occur or be
achieved and other similar expressions. These forward-looking statements involve
risk and uncertainties, including the difficulty in predicting acceptance of and
demands for new products, the impact of the products and pricing strategies of
competitors, delays in developing and launching new products, fluctuations in
operating results and other risks, any of which could cause results,
performance, or achievements to differ materially from the results discussed or
implied in the forward-looking statements. Many risks are inherent in the
industries in which the Company participates; others are more specific to the
Company. The Company's ongoing quarterly filings should be consulted for
additional information on risks and uncertainties relating to these
forward-looking statements. Investors should not place undue reliance on any
forward-looking statements. Management assumes no obligation to update or alter
any forward-looking statements whether as a result of new information, further
events or otherwise. 


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Noble Iron Inc.
Thomas Caldaroni
Chief Financial Officer
(832) 470-2536
thomas.caldaroni@nobleiron.com


Noble Iron Inc.
Nabil Kassam
Founder & Executive Chairman
(650) 766-9177
nabil@nobleiron.com
www.nobleiron.com

Noble Iron (TSXV:NIR)
Historical Stock Chart
From Apr 2024 to May 2024

Noble Iron (TSXV:NIR)
Historical Stock Chart
From May 2023 to May 2024