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Texada Expands Noble Iron's Rental and Distribution Operations to Texas

Texas Business reports: GUELPH, ONTARIO—Texada Software Inc. entered into a non-binding agreement to acquire selected operating assets of Bane Machinery Houston LP located in Houston.

The transaction will be completed by a subsidiary of Noble Iron Inc., a wholly owned U.S. subsidiary of the company.

“This transaction will mark our entry into a second major market in the U.S.,” said Texada and Noble chief executive Willie Swisher in a prepared statement. “The business will operate a full rental and distribution location serving southeast Texas from our leased facility located at 505 Rankin Road, Houston, Texas. This extension of our operational footprint will allow Noble to expand upon its strong relationship with the Terex Corporation and our exclusive distribution of LiuGong Construction Machinery. As we continue to expand the Noble brand into the construction equipment industry, our overriding goal is to seek out and execute on opportunities that are conducive to the expansion of our brand, provide our customers a remarkable experience and that create exceptional value to our stakeholders.”

The agreement is for the acquisition of certain operating assets of Bane Machinery. Along with the purchase of the Bane assets, including earth moving equipment, Noble is expected to retain all employees and an extensive, active customer list.

In conjunction with the closing of the Agreement, Noble will enter into a lease on the property currently occupied by Bane Machinery's Houston operations. The total consideration for the acquisition of the operating assets is expected to be approximately $1.9 million.

None of Bane Machinery's liabilities will be assumed as part of the transaction.

The agreement is subject to certain customary conditions in favor of the company, including the completion of satisfactory due diligence, the entering into an acceptable real estate lease and financing, satisfactory to the company. It is anticipated that the agreement will close on or before July 20, 2012.

 Texada Software Inc. operates in equipment rental, equipment dealership and enterprise asset management software.

The company, through its wholly owned U.S. subsidiaries, is expanding its presence in the construction and industrial equipment industry. Noble Rents Inc. is a significant equipment rental business serving Southern California with over 7,000 customers and a wide range of over 1,100 aerial, forklift and light compact equipment rental units. Noble Equipment Inc. is the exclusive distributor of LiuGong Construction Machinery equipment in Southeast Texas.

Texada's enterprise software business continues as a provider of software solutions for equipment rental and mobile equipment.