Sept. 10, 2012
Noble Iron Inc. Announces Expiration of Execution and Appeal Periods Relating to U.S. Default Judgment and Reversal of Accrued Liability in Q3 2012
HOUSTON, TEXAS—(Marketwire – Sept. 10, 2012) – Noble Iron Inc. (TSX VENTURE:NIR) (the “Company”) today announced that it has been advised that the execution and appeal periods for a default judgment in the original amount of $219,259 U.S. rendered against a wholly owned U.S. subsidiary in September 2002 have expired.
The original default judgment amount was accrued by the Company in 2002 and interest on the judgment has been recorded in the Company’s financial statements in each subsequent quarter up to and including June 30, 2012.
Accordingly, the Company will record a one-time, non-cash income inclusion of approximately $693,000 to reverse the accrued liability relating to the default judgment in the quarter ended September 30, 2012. The amount of the reversal is approximately $0.05 per basic common share and $0.04 per common share on a fully diluted basis.
More information 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 software for the construction and industrial equipment industry.
The Company operates its equipment rental business and dealership under the name “Noble Iron.” Noble Iron rental depots currently serve customers in California and Texas. Noble Iron’s dealership offers select manufacturers’ equipment and accessories for sale, and is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
The Company’s software division, Texada Software, provides 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.
The Company can be reached at 1-800-361-1233 or 1-519-836-7073, or at www.nobleiron.com.
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.
Corporate communications contact:
Noble Iron Inc.
Chief Financial Officer