Shareholder Wins Concessions from Noble Romanís, Inc.
INDIANAPOLIS, Nov. 19, 2009 -- Kevin G. McBride announced today that he and Noble Romanís, Inc. (OTC/BB: NROM) had resolved a lawsuit seeking that Noble Romanís comply with Indiana law related to certain shareholder rights.
Specifically, Noble Romanís agreed to hold a shareholder meeting before March 31, 2010 and provided Mr. McBrideís counsel with a list of NROM shareholders. The complaint originated in Indianaís Marion County Superior Court on July 15, 2009 (Cause # 49D14-0907-PL-033309) and the order of dismissal was signed on November 17, 2009.
State law requires that Indiana corporations hold annual shareholder meetings. As a result of the complaint, Noble Romanís, Inc. admitted that it had not held a meeting of shareholders in at least seven years and the company agreed to hold an annual meeting of shareholders in the first quarter of 2010.
ďWhile Iím pleased with the agreement, Iím disappointed that it required several months of effort and many thousands of dollars in legal fees for Noble Romanís, Inc. to comply with basic Indiana shareholder rights laws,Ē said Mr. McBride. ďFurther, I hope the company uses the upcoming meeting to propose governance changes which will create a Board of Directors that is less insular and more fully represents the interests of all shareholders. I also look forward to a discussion at the meeting on strategies for creating shareholder value.Ē
Kevin McBride is a private investor who has owned Noble Romanís common stock since July 2006. He currently owns 966,250 shares.
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