Texada Changes Name to Noble Iron Inc.

Texada Software Inc. announced that company's shareholders approved a change of the corporate name to "Noble Iron Inc." The 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 software division is expected to continue operating under the brand name "Texada Software."

 

The following board members also have been elected: 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. Hunter and Schwarz are new appointees to the board.

 

Hunter is an owner and is president and 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.

 

Schwarz is an independent investor with more than 20 years of experience as a senior executive in equity research, wholesale banking, and asset management. 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.

 

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.

 

Texada also announced that 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 was 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.