GUELPH, ONTARIO -- (Marketwire) -- 06/28/12 -- Texada Software Inc. (TSX VENTURE: TXS) (the "Company"), is pleased to announce that at its annual general meeting (AGM) held on June 28, 2012, the Company's shareholders approved a change of the Company's corporate name to "Noble Iron Inc." The Company's name change, as well as a change of the Company's ticker symbol, is expected to be enacted at a future date following formal approval by the board. The Company's software division is expected to continue operating under the brand name "Texada Software."
The following board members were elected at the Company's AGM: Malcolm Hunter, Harry Jaako, Nabil Kassam, Samir Manji, Aly G. Mawji, William Swisher and Ron Schwarz. Nabil Kassam was reappointed by the board as Executive Chairman of the Company. Mr. Hunter and Mr. Schwarz are new appointees to the Company's board.
Malcolm Hunter is an Owner and is President & Chief Operating Officer of Deeley Harley-Davidson® Canada, the exclusive Canadian distributor of Harley-Davidson® motorcycles and branded products and services. Deeley Harley-Davidson® Canada is the single largest customer of Harley-Davidson Inc. globally, and has earned the designation of 50 Best Managed Companies in Canada for 15 consecutive years. Mr. Hunter also sits on a number of committees with the Harley-Davidson Motor Company.
Ron Schwarz is an independent investor with over 20 years of experience as a senior executive in equity research, wholesale banking and asset management. Mr. Schwarz has held the positions of Executive Director of UBS Global Asset Management Canada, and CIBC's Managing Director and Head of Canadian Cash Equities.
"Malcolm's work of over 35 years has helped establish one of the world's most renowned brands, Harley-Davidson®. Ron has amassed an impressive breadth of capital markets and investment experience over his career," said Mr. Kassam, Executive Chairman. "As we expand our technology, equipment rental and dealership platforms, representing established and emerging equipment manufacturers such as Terex and LiuGong, Malcolm's and Ron's contribution on the board will strengthen our ability to build a resilient brand and a remarkable company."
In connection with their appointment as directors, Mr. Hunter and Mr. Schwarz were granted 100,000 stock options each, at an exercise price of $0.29 per share and exercisable for a period of 10 years from the date of grant, subject to all required regulatory and stock exchange approvals.
Previous directors, James Lolley, Jim McInnis and Brian Spilak did not stand for re-election to the board. "We thank our exiting directors for their past service to the Company," said Mr. Kassam.
Texada also announced that at the AGM, the Company's shareholders approved among other matters, related party participation in the Company's recently announced private placement and the authority for the board to complete a five-for-one share consolidation of the Company's common shares, as well as a share bonus plan for employees of the Company. The private placement is expected to close on June 29, 2012. The share consolidation is expected to be enacted at a future date, following formal approval by the board.
About Texada Software Inc. (TSX VENTURE: TXS)
Texada Software Inc., soon to be renamed Noble Iron Inc., operates in three complementary businesses, equipment rental, equipment dealership and enterprise software for the construction and industrial equipment industry.
The Company, through its wholly owned subsidiaries, is expanding its geographical presence. Noble Rents, the Company's equipment rental business, serves Southern California and is planning expansion to Southeast Texas over the summer of 2012. Noble Equipment is the Company's dealership business, and is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.
The Company's software division, Texada Software, offers enterprise software for rental and other applications in the construction and industrial equipment industry. Texada's solutions help customers manage activities throughout the complete life-cycle from acquisition to disposal of equipment assets. Offered both in-the-cloud or client-based, Texada's software products are fully scalable to meet the needs of any sized operation and combine knowledge and best practices from over 5,000 users worldwide.
Texada can be reached at 1-800-361-1233 or 1-519-836-7073, or on the internet at www.texadasoftware.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 industry; others are more specific to the Company. Texada'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:
Texada Software Inc.
1-800-361-1233 x - 2104
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