MONTRÉAL, March 5, 2012 /CNW/ - Responding to the press release issued February 29, 2012 by Miranda Technologies Inc. (Miranda or the Company), Michael Torok, Managing Director of JEC Capital Partners (JEC), indicated today that concerned shareholders of Miranda were extremely disappointed by the Company's February 29, 2012 earnings release and conference call concerning its full year and fourth quarter results.
Mr. Torok said:
"JEC shares the market's disappointment in Miranda's recent earnings release and conference call, and in the lack of any assertive action by the Board. The recent broad sell-off in Miranda shares following the earnings release shows that shareholders were expecting something more than business as usual. While operating results remain positive, the market sees no evidence that the Board is making the meaningful changes that shareholders are seeking and the market is expecting.
From December 13, 2011, the date JEC and JMB Capital requisitioned a shareholder meeting for the purpose of adding new directors to the Company's Board of Directors, through February 28, 2012, Miranda's share price increased 26%. This increase indicates that shareholders and the broader market view positively the prospect of both change on the Board and a full review by the Board with its financial adviser, BMO Capital Markets, of all strategic alternatives available to the Company to maximize shareholder value. Absent concrete steps to maximize value creation, beginning with a revitalization of Miranda's Board in the near future, further erosion of shareholder value is inevitable."
JEC will provide details regarding its director nominees and plans for the Company in its Circular, which will be filed on SEDAR in the coming weeks.
For further information:
Michael Torok, Managing Director, JEC Capital Partners at (617) 680-6709.