Miranda Technology Reveal Board Actions

Miranda Technologies Inc have provided an update regarding various initiatives with which its board of directors and management have been involved over the last year.
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 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.
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.