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Miranda Provides Update Regarding Board Actions(March 21, 2012)
MONTREAL, QUEBEC -- (Marketwire) -- 03/21/12 -- Miranda Technologies Inc. (TSX:MT) ("Miranda" or the "Corporation") today provided an update regarding various initiatives with which its board of directors and management have been involved over the last year, and announced that these have now culminated in the board's decision to hold discussions with potential strategic partners as part of the Corporation's review of ways in which to continue to enhance value and to build on the positive momentum that it has generated over the past two years.
In 2011, the Corporation's directors and management were focused on implementing their strategy to grow the Corporation's business and to strengthen its leading market position. As Miranda's 2011 results demonstrate, these efforts bore fruit - the Corporation achieved success in both of these areas, significantly increasing sales and profits over the previous year in both domestic and international markets.
Over the past twelve months, the Corporation has received a number of unsolicited expressions of interest regarding potential transactions and partnerships. The board of directors considered it appropriate that the review of these matters be carried out under the supervision of its independent directors. Accordingly, in May 2011 a committee of five independent directors (the "Committee") was formed to review expressions of interest received and to review strategic options. To assist with this process BMO Capital Markets was retained as financial advisor and Osler, Hoskin & Harcourt LLP as legal counsel.
The Committee met frequently and reviewed each expression of interest that was received. Where the Committee considered that an expression of interest might lead to a transaction that could reflect full and fair value, a non-disclosure agreement was entered into and discussions with the interested party ensued.
The discussions that the Committee held in relation to these expressions of interest have not resulted in an agreement to proceed with a transaction, as it was concluded that the transactions proposed would not reflect full and fair value for the Corporation's business.
Due to the growing interest expressed in the Corporation and the Corporation's strong operating performance, the board of directors determined that a more structured process should be put in place in order to enable the Corporation to review further expressions of interest and to hold discussions with potential strategic partners. There can be no assurance that this process will result in any transaction involving the Corporation.
Miranda Technologies is a leading worldwide provider of hardware and software solutions for the television broadcast, cable, satellite and IPTV industry. Its solutions span the full breadth of television operations, including production, playout, and delivery.
With a wealth of experience in delivering IT-based and traditional television systems, Miranda is uniquely positioned to help customers enhance their facilities, while generating additional revenue, reducing costs and streamlining operations.
For over 22 years, Miranda's growth has been driven by continuous innovation, along with close customer partnerships focused on helping them achieve their business objectives. To deliver this support, Miranda employs approximately 700 people globally, in both developed and emerging markets. Miranda's head office is located in Montreal, and it has regional facilities in the United States, the United Kingdom, France, the United Arab Emirates, Japan, Malaysia, Singapore, Hong Kong and mainland China. A public company since December 2005, Miranda's shares (MT:TSX) are traded on the Toronto Stock Exchange. More information on the Corporation can be found at www.miranda.com.
Miranda Technologies Inc.
Investors and Media
Chief Financial Officer
Miranda Technologies Inc.
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