HOUSTON, TEXAS--(Marketwire - Feb. 19, 2013) - Noble Iron Inc. (TSX VENTURE:NIR) ("Noble Iron" or the "Company") Noble Iron announced today that, upon the recommendation of management, the Company will award three members of senior management, two of whom are also directors, a significant portion of 2012 bonuses by the issuance of common shares of the Company. Under this "Shares for Debt Transaction", an aggregate amount of $271,350 owing by the Company pertaining to bonus compensation for the year ended December 31, 2012 to these individuals will be settled by the issuance of approximately 246,682 common shares at a deemed price of $1.10 per share, which is based upon the closing price of the Company's common shares on February 15, 2013. The Shares for Debt Transaction is subject to the receipt of all applicable regulatory approvals, including the TSX Venture Exchange. In addition, the Common Shares to be issued pursuant to the Shares for Debt Transaction will be subject to a four-month hold period.
More information about the Company can be found at www.sedar.com.
About Noble Iron Inc. (TSX VENTURE:NIR)
Noble Iron Inc. operates in three complementary sectors: equipment rental, equipment dealership and enterprise asset management software for the construction and industrial equipment industry.
The Company operates its equipment rental business and dealerships under the name "Noble Iron". Noble Iron rental depots currently serve customers in California and Texas. Noble Iron offers select manufacturer equipment and accessories for sale, and are the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
The Company's software division, Texada Software, develops software applications to manage the complete equipment ownership lifecycle, from acquisition, rental, sales and other activities, through to disposal. Texada offers in-the-cloud or client-based software, and is scalable to meet the needs of any customer.
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.
Corporate communications contact:
Noble Iron Inc.
Chief Financial Officer
(832) 767-4424 Ext. 207