Mr. Nabil Kassam reports

NOBLE IRON ANNOUNCES FIRST QUARTER 2016 RESULTS

Noble Iron Inc. has released its interim unaudited consolidated financial results for the first three-month period ended March 31, 2016.

Financial highlights and significant events:

• First quarter revenue of $6.5-million, an increase of 15 per cent compared with the first quarter of 2015;
• First quarter adjusted earnings before interest, taxes, depreciation and amortization loss of $149,000 compared with a loss of $100,000 in the first quarter of 2015;
• The company launched Insights, a business intelligence software as a service application, available for Texada Software customers;
• Louisa Fossett joined the company as Noble Iron's chief people officer.

                CONSOLIDATED FINANCIAL HIGHLIGHTS
                                                   Three months ended             
Comparative financial results                  March 31,         March 31,
(000s) -- consolidated company                     2016              2015

Revenue                                          $6,487            $5,651
                                        ---------------     -------------
Cost of revenue                                  (3,101)           (2,619)
                                        ---------------     -------------
Expenses
Support, maintenance and
delivery                                         (2,475)           (2,358)
Research and development                           (229)             (237)
Sales and marketing                                (609)             (493)
General and administration                       (2,699)           (2,261)
Income tax expense                                  (67)              (21)
Interest expense                                   (407)             (231)
Foreign exchange (loss)                              20              (145)
                                        ---------------     -------------
Net (loss)                                       (3,080)           (2,714)
                                        ---------------     -------------
Add
Depreciation/amortization                         2,364             2,135
Income tax expense                                   67                21
Stock-based compensation                            113                82
Interest expense                                    407               231
Foreign exchange (loss)                             (20)              145
                                        ---------------     -------------
Adjusted EBITDA                                   ($149)            ($100)
                                        ---------------     -------------
(Loss) per share -- basic and diluted            ($0.11)           ($0.10)
                                        ---------------     -------------

Financial results

Over the first quarter of 2016, Noble Iron recorded revenues of $6.5-million, a 15-per-cent or $800,000 increase compared with the first quarter of 2015. This increase was due to an increase in equipment rental and distribution revenue driven by higher utilization and asset-sharing initiatives and the strengthening of the U.S. dollar. Software revenue remained relatively flat on a year-over-year basis as last year contained a number of one-time revenue gains and the company's new software products currently remain early in the rollout stage.

The company recorded cost of revenue over the first quarter of 2016 of $3.1-million, an 18-per-cent or $500,000 increase compared with the first quarter of 2015. This increase was due to an increase in expenses for third party asset-shared equipment, depreciation, leasing of equipment delivery vehicles, and the strengthening of the U.S. dollar.

Expenses over the first quarter of 2016 totalled $6.4-million, a 12-per-cent or $700,000 increase compared with the first quarter of 2015. The increase was primarily driven by variable expenses associated with increased equipment rental activity, as well as increases in expenses for hiring and expansion of the company's team, investment in technology development; support, maintenance and delivery; sales and marketing; interest; and strengthening of the U.S. dollar.

For the first quarter of 2016, the company recorded a net loss of $3.1-million, a 13-per-cent or $400,000 increase compared with the first quarter of 2015. This was primarily due to increased expense levels and investments in the rolling out of new initiatives. The company recorded an adjusted earnings before interest, taxes, depreciation and amortization loss of $100,000, a small increase from the first quarter of 2015 due to slightly higher expenses and investment activities.

Noble Iron is committed to becoming the technology-driven partner of choice for regional construction professionals and equipment owners. As such, the company's software group remains focused on the rollout of new applications such as Fleet Logic and Insight. Within the company's equipment group, the focus remains on optimizing the rental utilization of both company and third party owned fleet, and on strengthening its asset-sharing platform and market share.

Financial information indicated, as set out in this news release, is presented on a basis consistent with the accounting principles used to prepare Noble Iron's most recently filed financial statements. The consolidated financial statements are prepared by management in accordance with international financial reporting standards, as issued by the International Accounting Standards Board. Readers are advised that the company faces various risk factors with respect to its business and operations. For further information, please see management's discussion and analysis of Noble Iron at SEDAR.

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