Miranda Technologies Inc.

Miranda Technologies Inc.

August 24, 2009 07:00 ET

Miranda Announces Normal Course Issuer Bid

MONTREAL, QUEBEC--(Marketwire - Aug. 24, 2009) - Miranda Technologies Inc. (TSX:MT), a global developer, manufacturer and marketer of high-performance hardware and software for the television broadcast industry, announced today that its Board of Directors has authorized the purchase of up to 1,799,662 of its common shares by way of a normal course issuer bid ("NCIB"). The NCIB will be carried out through the facilities of the Toronto Stock Exchange ("TSX") and is subject to their approval. As of August 17, 2009, the common shares which may be purchased represent approximately 10% of the public float of Miranda's common shares, being 17,996,627 common shares, and approximately 8% of its issued and outstanding common shares, being 22,817,648 common shares.

Miranda thinks its shares may from time to time be trading at attractive levels and believes the purchase of them is both an appropriate use of its available cash and a good way of increasing the equity interest of shareholders.

Miranda may purchase shares during the period commencing August 26, 2009 and ending August 25, 2010 or on such earlier date as the Company may complete its permitted purchases of shares under the NCIB. The average daily trading volume of the common shares over the most recently completed six (6) calendar months was 45,003 and accordingly, on any trading day the Company is entitled to purchase up to 11,250 common shares. Purchases will be made by Miranda in accordance with applicable regulatory requirements and the price which Miranda will pay for any such common shares will be the market price of such shares at the time of acquisition. Purchased shares will be cancelled.

Directors, senior officers and other insiders of the Company may sell securities of the Corporation during the course of the normal course issuer bid. The benefits to any insider whose shares are purchased would be the same as the benefits available to all other holders whose shares are purchased. To the knowledge of Miranda, only one senior officer has indicated his intention to sell common shares over the next year, some or all of which could be under this NCIB.

During the period from May 26, 2008 to May 15, 2009 inclusively, the Company purchased 2,000,000 of its outstanding Common Shares, at a weighted average price of $6.77.

Forward-looking Statements

This media release contains forward-looking statements reflecting Miranda's objectives, estimates and expectations. Such statements may be marked by the use of verbs such as "believe", "anticipate", "estimate", "looking ahead" and "expect", as well as the use of the conditional or future tense. By their very nature, such statements involve risks and uncertainties. Consequently, results could differ materially from the Company's expectations. Risks that could cause results to differ materially from Miranda's expectations are discussed under the heading Risk Factors in the Company's Annual Information Form, which is available on SEDAR at www.sedar.com. The forward-looking statements contained in this press release represent Miranda's current expectations and, accordingly, are subject to change. However, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statement, whether as a result of new information or events or otherwise, unless required to do so by the applicable securities legislation.

About Miranda

Miranda Technologies Inc. (TSX:MT) develops, manufactures and markets high-performance hardware and software for the television broadcast industry. Its solutions are purchased by content creators, broadcasters, specialty channels and television service providers to enable and enhance the transition to a complex multi-channel digital and HD broadcast environment. This equipment allows customers to generate additional revenue while reducing costs through more efficient distribution and management of content as well as the automation of previously manual processes. Miranda employs approximately 560 people at its Montreal headquarters and in its facilities located in Wallingford (UK), Grass Valley (California, USA), Springfield (New Jersey, USA), Paris (France), Tokyo (Japan), Zaltbommel (Netherlands), Dubai (United Arab Emirates), Beijing (China) and Hong Kong. Miranda is listed on the Toronto Stock Exchange. For more information, please visit www.miranda.com.

Contact Information

  • Investors and Media:
    Miranda Technologies Inc.
    Mario Settino
    Chief Financial Officer