May 5, 2017 – San Francisco, CA – Noble Iron Inc. (“Noble Iron” or the “Company”) [TSXV:NIR], further to its press release dated May 1, 2017, announced that the sale of its Los Angeles, California based equipment rental operations to Sunbelt Rentals, Inc. has been completed.
The total purchase price was $46.5 million in cash, of which $1.37 million is being held in an escrow account for 180 days following closing for any adjustments to the purchase price. The transaction did not involve Noble Iron’s software subsidiary, Texada Software, or the Company’s intellectual property, trademarks, and assets held separately from Noble Iron’s LA subsidiary.
Nabil Kassam, Noble Iron’s Founder, Chairman and CEO, commented, “Sunbelt, a leading company in the industry, appreciated the value of the equipment fulfillment platform Noble Iron established in Los Angeles, and we are pleased to pass on our LA operations to a company who also embraces continuous improvement and technology. Our LA fulfillment center also served as a lab for us to develop additional software applications, such as FleetLogic and Gateway, which improve the productivity of equipment rental companies and dealerships, and equipment owners and users. Our goal at Noble Iron is to make construction easy and instant, and we look forward to scaling our software products and other services to achieve our vision. It has been an honor and a privilege to work alongside every member of Noble Iron’s LA team. Our bonds of friendship remain, and we wish everyone a meaningful journey ahead.”
The Transaction received conditional approval to close from the TSX Venture Exchange and is subject to final approval following closing.
About Noble Iron (NIR: TSX Venture Exchange)
Noble Iron is a technology company that offers software applications and services to construction and industrial equipment owners, renters and users to manage their equipment’s lifecycle.
Texada Software, a wholly owned subsidiary of Noble Iron Inc., offers cloud or client-based software applications for equipment rental companies, equipment dealerships, construction companies, general contractors, and construction or industrial equipment operators, including mechanics, and logistics and service technicians. Texada’s software applications manage the entire equipment lifecycle, including equipment purchasing; rental and sales transactions; inventory location, utilization, maintenance and depreciation tracking; used equipment sales and disposals analysis; and inventory replenishment analysis. Texada’s software products include, SRM (Systematic Rental Management), FleetLogic, Insight and GateWay. For more information, visit www.texadasoftware.com, www.getfleetlogic.com or call (800) 361-1233.
Noble Iron can be reached at 1-832-767-4424, or at www.nobleiron.com.
Corporate communications contacts:
t: (832) 767.4424
Founder, Chairman & CEO
t: (650) 766-9177
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 using 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, other than as required by law.
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.