HOUSTON, TEXAS--(Marketwired - Oct 31, 2013) - 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.
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.
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