Miranda Technologies Inc.
TSX : MT

Miranda Technologies Inc.

August 10, 2006 06:00 ET

Miranda reports second quarter results

MONTREAL, Aug. 10 - Miranda Technologies Inc. (TSX:MT), a
global developer, manufacturer and marketer of high-performance hardware and
software for the television broadcast industry, today reported results for the
second quarter and first six months of its fiscal year 2006 ended June 30.



Second Quarter Highlights
-------------------------

- At $28.3 million, sales were 14% higher year-over-year for the quarter
- Adjusted EBITDA(1) reached $7.2 million or 25% of sales, up 22%
year-over-year
- Net earnings were $4.1 million in the second quarter against
$5.3 million a year ago
- Acquisition of VertigoXmedia


In the second quarter sales were $28.3 million, an increase of
$3.4 million or 14% over the same period last year. The $3.4 million increase
in sales is, in part, driven by the adoption of HDTV (High Definition
Television), a key factor behind Miranda's general trend of rising sales. The
stronger Canadian dollar relative to the US dollar and other currencies
negatively impacted sales by $2.7 million compared to the second quarter of
2005. During the second quarter, growth came from Europe and the Americas,
with year-over-year sales increases of 45% and 9% respectively.

Early in the second quarter, the Company announced the acquisition of
VertigoXmedia, a manufacturer of high-end graphics automation software and
systems. This acquisition had a negligible impact on second quarter revenues,
adding about 1% to consolidated sales.

For the first six months, sales were $52.4 million against $42.5 million
in the corresponding period of 2005, representing a 23% year-over-year
progression. Over this same period, the strengthening of the Canadian dollar
versus other currencies accounted for a reduction of $4.7 million in revenues
when compared with the same period last year.

"We continued to grow organically during the second quarter, while
solidifying and expanding our Playout product line-up with the acquisition of
VertigoXmedia," said Mr. Strath Goodship, Miranda's President and Chief
Executive Officer. "We also strengthened our market presence by winning
important contracts with WTXF (USA), CenturyTel (USA), Televisa (Mexico),
Global TV (Canada), Mediacorp (Singapore) and UPC (the Netherlands) for
infrastructure and multi-image system equipment and control and monitoring
over IP. The UPC project, in particular, represents a historic step for
Miranda, as it is our first major deployment of a control and monitoring
system for a cable television operator." added Mr. Goodship.

Net earnings were $4.1 million in the second quarter compared with
$5.3 million in the corresponding period last year. For the six-month period,
net earnings were $7.5 million against $7.2 million for the same period a year
ago.

Earnings per share (EPS) on a fully diluted basis were $0.17 in the second
quarter compared with $0.28 in the same period in 2005. It should be noted
that EPS for the second quarter of 2005 were $0.17 after adjusting for the
$3.0 million income tax credit related to R&D activities in prior years.
Taking this adjustment into account, net earnings per share were stable,
despite the dilution resulting from the initial public offering (IPO) in
December 2005.

Year-to-date EPS on a fully diluted basis were $0.30 against $0.38 over
the same period a year ago. After adjusting for the above mentioned
$3.0 million income tax credit impacting the second quarter of 2005, EPS for
the first half of 2006 showed an 11% growth over the same period in 2005.

Adjusted EBITDA, which the Company considers to be an appropriate measure
of its operating performance, increased significantly during the quarter.



Reconciliation of Net Income to Adjusted EBITDA

Three Months Ended Six Months Ended
June 30 June 30
(In thousands of Canadian
dollars, except per
share data and ratios) 2006 2005 2006 2005
--------------------------------------------- --------------------------
--------------------------------------------- --------------------------
Net income 4,150 5,301 7,548 7,221
Interest (420) 161 (865) 319
Taxes 1,684 2,631 3,167 3,584
Depreciation 447 379 848 751
Amortization of
intangible assets 466 459 925 918
--------------------------------------------- --------------------------
EBITDA before
undernoted items 6,327 8,931 11,623 12,793
Previous years'
investment tax credit
recorded in period - (3,000) - (4,000)
Other non recurring
items 849 (60) 549 (60)
--------------------------------------------- --------------------------
Adjusted EBITDA 7,176 5,871 12,172 8,733
--------------------------------------------- --------------------------
--------------------------------------------- --------------------------


Second quarter adjusted EBITDA was $7.2 million compared with
$5.9 million in the corresponding quarter of 2005, or a 22% increase. Adjusted
EBITDA as a percentage of sales grew to 25% in the second quarter from 24% in
the second quarter of 2005.

For the first half of 2006, adjusted EBITDA was $12.2 million, up 39%
from $8.7 million in the corresponding period a year ago. Adjusted EBITDA,
expressed as a percentage of sales, grew to 23% in the first six months of
fiscal 2006 against 21% in the second half of 2005.

Selling, general and administrative expenses increased by $1.3 million or
20% in the second quarter of 2006 compared with the second quarter of 2005.
This increase is mainly due to the cost of integrating and operating the
VertigoXmedia division, and costs related to operating Miranda as a public
company. For the first six months of fiscal 2006, selling, general and
administrative expenses increased by $2.8 million or 23% compared with the
corresponding period of 2005.

Research and development expenses rose by 26% to about $4.0 million
year-over-year, reflecting the Company's intention to maintain a high level of
investment to support future growth. Expressed as a percentage of sales, R&D
expenses were about 14% of sales in the second quarter. For the first six
months of fiscal 2006, research and development expenses increased by about
$1.6 million or 26% year-over-year.

The Company continued to produce positive cash flows in the second
quarter of 2006. Operating activities generated about $3.8 million compared to
$5.3 million in the same quarter last year. Part of the decrease in cash flow
generated is attributable to a $3.9 million increase in inventories since the
beginning of the year. This is mainly due to an increase in finished products
aimed at reducing delivery times and improving customer service, and to an
increase in the components required to facilitate compliance with new European
Union regulations regarding the reduction in the use of hazardous substances.
On the other hand, accounts receivable declined by $5.0 million from their
year-end level, with an average daily sales outstanding of 44 days, compared
to 53 days at December 31, 2005.

For the six-month periods ended June 30, 2006 and 2005, cash flow from
operating activities amounted to $8.2 million and $4.0 million respectively.

Cash and cash equivalents decreased by $6.6 million during the quarter,
due to the acquisition of VertigoXmedia for an amount of $11.6 million in
cash, to close at $55.7 million at the end of June 2006. "We believe that our
current cash balance is adequate to finance our organic growth as well as
foreseeable acquisitions that could accelerate our progress," said
Mr. Goodship.

Finally, management of Miranda is deeply saddened by the death, on July
21, of Mr. Bruno Riverin, a long time collaborator and board member. "Bruno
contributed his time and vast experience to Miranda's success" said Strath
Goodship. "Our thoughts are with him and his family."

Forward-looking Statements

This press 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 conditional or future
tense. By their very nature, such statements involve risks and uncertainty.
Consequently, results could differ materially from the Company's expectations.
For detailed information with respect to risk factors affecting Miranda's
business, please refer to our annual information form under the heading "Risk
Factors", which is available on SEDAR at www.sedar.com. The forward-looking
statements contained in this press release represent our current expectations
and, accordingly, are subject to change. However, we disclaim any intention
and assume no obligation to update or revise any forward-looking statements,
whether as a result of new information or events or otherwise.

Conference Call

Miranda Technologies Inc. will hold a conference call with financial
analysts to present its first quarter 2006 results today at 10:00 a.m.
(Eastern Time). Those interested should call (514) 940-2795 (Montréal or
overseas) or 1 800 814-4862 (elsewhere in North America). The call can also be
accessed via a direct broadcast site at the following addresses:
www.miranda.com and www.q1234.com.

Those unable to participate can hear a recording of the call by dialing
1 877 289-8525 and entering the code 21195609(pound key) on the telephone
keypad. This recording will be accessible from 1:00 p.m. on Thursday, August
10, 2006 until 11:59 p.m. on Thursday, August 17, 2006. The webcast of the
conference call will also be available during a period of 60 days at
www.miranda.com and www.q1234.com.

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 HDTV broadcast environment. This
equipment allows customers to generate additional revenue while reducing costs
through the more efficient distribution and management of content as well as
the automation of previously manual processes. As at June 30, 2006, Miranda
employed 417 people at its Montréal headquarters and in its offices located in
Wallingford (UK), Paris (France), Tokyo (Japan), Hong Kong, Beijing (China)
and Springfield (New Jersey). Miranda became a public company in December 2005
and is listed on the Toronto Stock Exchange. For more information, please
visit www.miranda.com.

The selected consolidated financial information set out below for the
second quarter of the fiscal year ending December 31, 2006 is unaudited,
presented in Canadian dollars and prepared in accordance with Canadian
generally accepted accounting principles. The following information should be
read in conjunction with the Company's interim unaudited consolidated
financial statements and notes related thereto which have been filed on SEDAR.



------------------------------------
(1) The Company uses Adjusted EBITDA (earnings before interests, taxes,
depreciation and amortization) to compare its operating performance
from one period to another. In doing so, it excludes certain items
(interests, taxes, depreciation and amortization) as well as
restructuring and other non-recurring items which it views as outside
its core operating results. Adjusted EBITDA is not an earnings
measure recognized by Canadian generally accepted accounting
principles (GAAP) and does not have a standardized meaning prescribed
by GAAP. Our method of calculating Adjusted EBITDA may differ from
the method used by other issuers and, accordingly, our Adjusted
EBITDA may not be comparable to similarly titled measures used by
other issuers. (See reconciliation of net income to Adjusted EBITDA
above).


Consolidated Financial Statements
(Unaudited)

Three-month and six-month periods ended June 30, 2006 and 2005

MIRANDA TECHNOLOGIES INC.
Consolidated Balance Sheets
(In thousands of Canadian dollars)
-------------------------------------------------------------------------
June 30, December 31,
2006 2005
-------------------------------------------------------------------------
(Unaudited) (Audited)
Assets

Current assets:
Cash and cash equivalents $ 55,680 $ 58,664
Accounts receivable 12,226 17,201
Inventories 13,178 9,281
Income taxes receivable 5,719 3,287
Prepaid expenses 470 805
Future income taxes 740 1,519
-----------------------------------------------------------------------
88,013 90,757

Capital assets 12,891 12,139
Intellectual property 9,106 612
Goodwill 4,600 -
Future income taxes 2,431 4,643

-------------------------------------------------------------------------
$ 117,041 $ 108,151
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Liabilities and Shareholders' Equity

Current liabilities:
Accounts payable and accrued charges $ 13,516 $ 16,006
Deferred revenues 69 2,182
Income taxes payable 1,976 1,845
Future income taxes - 814
-----------------------------------------------------------------------
15,561 20,847

Deferred revenues 952 590
Future income taxes 4,578 2,148

Shareholders' equity:
Share capital (note 3) 111,344 107,611
Contributed surplus (note 3) 634 531
Deficit (16,028) (23,576)
-----------------------------------------------------------------------
95,950 84,566

Contingencies (note 4)

-------------------------------------------------------------------------
$ 117,041 $ 108,151
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying notes to unaudited consolidated financial statements.


MIRANDA TECHNOLOGIES INC.
Consolidated Statements of Income
(Unaudited)

Three-month and six-month periods ended June 30, 2006 and 2005
(In thousands of Canadian dollars, except per share amounts)
-------------------------------------------------------------------------
Three-month periods ended Six-month periods ended
June 30, June 30,
------------------------- -----------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Sales $ 28,332 $ 24,919 $ 52,433 $ 42,477

Cost of sales 10,986 9,638 20,727 16,240
-------------------------------------------------------------------------
17,346 15,281 31,706 26,237

Operating expenses:
Selling, general
and administrative 7,821 6,496 14,907 12,132
Research and
development 4,037 3,200 7,603 6,042
Research and
development tax
credits (850) (3,375) (1,400) (4,750)
Interest (420) 161 (865) 319
Foreign exchange
(gain) loss (538) 257 (960) 554
Stock-based
compensation 147 211 232 277
Amortization of
intangible assets 466 459 925 918
Other costs
(revenues) 849 (60) 549 (60)

-------------------------------------------------------------------------
Income before income
taxes 5,834 7,932 10,715 10,805

Income taxes:
Current 813 1,955 1,480 2,663
Future 871 676 1,687 921
-----------------------------------------------------------------------
1,684 2,631 3,167 3,584

-------------------------------------------------------------------------
Net income $ 4,150 $ 5,301 $ 7,548 $ 7,221
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Net earnings per
share (note 3 (c)):
Basic $ 0.17 $ 0.30 $ 0.31 $ 0.40
Diluted 0.17 0.28 0.30 0.38

-------------------------------------------------------------------------
-------------------------------------------------------------------------

Basic weighted
average number
of common shares
outstanding 24,246,168 17,874,278 24,099,825 17,856,498
Diluted weighted
average number
of common shares
outstanding 25,014,056 19,170,331 24,990,082 19,135,609

-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying notes to unaudited consolidated financial statements.


MIRANDA TECHNOLOGIES INC.
Consolidated Statements of Deficit
(Unaudited)

Three-month and six-month periods ended June 30, 2006 and 2005
(In thousands of Canadian dollars)
-------------------------------------------------------------------------
Three-month periods ended Six-month periods ended
June 30, June 30,
------------------------- -----------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Deficit, beginning
of year $ (20,178) $ (36,942) $ (23,576) $ (38,862)

Net income 4,150 5,301 7,548 7,221

-------------------------------------------------------------------------
Deficit, end of
year $ (16,028) $ (31,641) $ (16,028) $ (31,641)
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying notes to unaudited consolidated financial statements.


MIRANDA TECHNOLOGIES INC.
Consolidated Statements of Cash Flows
(Unaudited)

Three-month and six-month periods ended June 30, 2006 and 2005
(In thousands of Canadian dollars)
-------------------------------------------------------------------------
Three-month periods ended Six-month periods ended
June 30, June 30,
------------------------- -----------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Cash flows from
operating
activities:
Net income $ 4,150 $ 5,301 $ 7,548 $ 7,221
Adjustments for:
Capitalized
interest on
long-term
debt - - - 23
Depreciation
of capital
assets 447 379 848 752
Amortization
of intangible
assets 466 459 925 918
Stock-based
compensation 147 211 232 277
Gain on
disposal of
an investment - - (100) -
Future income
taxes 871 676 1,687 921
Unrealized
loss on
foreign
exchange - 39 - 48
Effect of
exchange
rates on
cash and cash
equivalents (87) 132 89 144
-----------------------------------------------------------------------
5,994 7,197 11,229 10,304

Net change in
operating working
capital items (2,226) (1,873) (3,008) (6,260)
-----------------------------------------------------------------------
3,768 5,324 8,221 4,044

Cash flows from
financing
activities:
Repayment of
long-term debt (1,793) (2,111) (1,793) (3,060)
Reimbursement
of loan
granted to
management 2,366 - 2,366 -
Issuance of
common shares 1,238 - 1,238 -
-----------------------------------------------------------------------
1,811 (2,111) 1,811 (3,060)

Cash flows from
investing activities:
Additions to
capital assets (632) (418) (1,386) (815)
Proceeds from
sale of
investment - 200 100 200
Business
acquisition
(note 2) (11,641) - (11,641) -
-----------------------------------------------------------------------
(12,273) (218) (12,927) (615)

Effect of exchange
rates on cash and
cash equivalents 87 (132) (89) (144)
-------------------------------------------------------------------------
Net increase
(decrease) in
cash and cash
equivalents (6,607) 2,863 (2,984) 225

Cash and cash
equivalents,
beginning of
period 62,287 10,977 58,664 13,615
-------------------------------------------------------------------------
Cash and cash
equivalents,
end of period $ 55,680 $ 13,840 $ 55,680 $ 13,840
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Cash and cash
equivalents
are comprised
of:
Cash $ 12,198 $ 5,024 $ 12,198 $ 5,024
Cash
equivalents 43,482 8,816 43,482 8,816

-------------------------------------------------------------------------
$ 55,680 $ 13,840 $ 55,680 $ 13,840
-------------------------------------------------------------------------
-------------------------------------------------------------------------

See accompanying notes to unaudited consolidated financial statements.


MIRANDA TECHNOLOGIES INC.
Notes to Consolidated Financial Statements
(Unaudited)

Three-month and six-month periods ended June 30, 2006 and 2005
(In thousands of Canadian dollars, except per share amounts)
-------------------------------------------------------------------------

Miranda Technologies Inc. (the "Company") is incorporated under Part 1A of
the Companies Act (Québec). The Company develops, manufactures and markets
high performance solutions for the television broadcast industry.

1. Basis of presentation:

The accompanying unaudited interim consolidated financial statements of
the Company have been prepared in accordance with Canadian generally accepted
accounting principles on a basis consistent with those followed in the most
recent audited annual consolidated financial statements. These unaudited
interim consolidated financial statements do not include all information and
note disclosures required by Canadian generally accepted accounting principles
for annual financial statements, and, therefore, should be read in conjunction
with the December 31, 2005 audited consolidated financial statements and the
notes thereto.

2. Business acquisition:

On April 22, 2006, the Company acquired 100% of the outstanding shares of
VertigoXmedia Inc., a Canadian based manufacturer of high-end graphics
automation software and systems for the broadcast market.

The total consideration for the acquisition amounted to $11,641, including
acquisition costs of $241. The purchase price is subject to adjustments based
on the value of net assets being delivered at the closing of the transaction.
The purchase price was funded through Miranda's cash resources.

The purchase price allocation is based on assumptions and estimates as
Sellers did not provide finalized financial information as of this date.
Therefore, purchase price allocation is subject to change when financial
information will become available. The excess cost over the fair value of net
assets acquired of $4,600 was allocated to goodwill. Acquired technology of
$9,419 is being amortized over a five-year period.

The acquisition has been accounted for using the purchase method and,
accordingly, the results of operations have been included in the consolidated
financial statements from the date of acquisition.

Details of the net assets acquired at fair value and consideration paid
are as follows:



-------------------------------------------------------------------------
Net assets acquired at fair market value:
Net working capital $ 2,313
Capital assets 214
Acquired technology 9,419
Goodwill 4,600
Assumed debts (1,793)
Deferred revenue (192)
Future income tax liability (2,920)

-------------------------------------------------------------------------
$ 11,641
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Consideration is comprised of:
Cash $ 11,641
-------------------------------------------------------------------------
-------------------------------------------------------------------------

3. Share capital:

(a) Issued and paid share capital:

-------------------------------------------------------------------------
June 30, December 31,
2006 2005
-------------------------------------------------------------------------

24,589,654 common shares $ 111,344 $ 107,611
-------------------------------------------------------------------------
-------------------------------------------------------------------------


-------------------------------------------------------------------------
Common
share Contributed
Number amount surplus
-------------------------------------------------------------------------

Issued and outstanding at
December 31, 2005 23,951,855 $ 107,611 $ 531

Shares issued pursuant to
the exercise of stock options 637,799 1,367 (129)

Stock-based compensation - - 232

Reimbursement of loan granted
to management - 2,366 -

-------------------------------------------------------------------------
Issued and outstanding as at
June 30, 2006 24,589,654 $ 111,344 $ 634
-------------------------------------------------------------------------
-------------------------------------------------------------------------


(b) Stock option plan:

The Company established a stock option plan to attract, retain and provide
an incentive to the employees, directors, officers and consultants, by
providing these persons with the opportunity, through stock options, to
acquire an ownership interest in the Company. The current stock option plan
was adopted in June 2003 to replace prior plans and has been amended and
restated in November 2005 to conform to applicable securities rules and
practices for public companies. The stock option plan is administered by the
Board of Directors. The Board of Directors may determine, in accordance with
the terms of the stock option plan, the terms relating to each option,
including the number of shares subject to each option, exercise price and
expiration date of each option and the extent to which each option is
exercisable during the term of the option. The term of an option granted after
November 2005 cannot exceed 5 years (10 years under the previous plan) and
will usually be vested over three years. All of the options granted pursuant
to the stock option plan before the November 2005 amendment have vested upon
closing of the initial public offering of the Company.

A total of 2,395,185 common shares is reserved for issuance upon exercise
of options issued under the stock option plan. After taking into account
issued and cancelled options, 714,527 common shares are available for issuance
under this stock option plan.

The following table summarizes information on stock options outstanding at
June 30, 2006:



-------------------------------------------------------------------------
Weighted
average
Number exercise
of options price
-------------------------------------------------------------------------

Balance, beginning of year 1,286,444 $ 2.37

Granted 394,000 16.66

Exercised (637,799) 1.94

-------------------------------------------------------------------------
Balance, end of period 1,042,645 $ 8.03
-------------------------------------------------------------------------
-------------------------------------------------------------------------

The outstanding options at June 30, 2006 are presented in the table below:

-------------------------------------------------------------------------
Number of Number of Residual
outstanding vested life
Exercise price options options (years)
-------------------------------------------------------------------------

$1.71 338,645 338,645 7.1
$3.96 135,000 135,000 8.6
$3.96 175,000 175,000 9.0
$16.46 324,000 - 4.7
$17.08 50,000 - 4.7
$18.82 20,000 - 4.9

-------------------------------------------------------------------------
1,042,645 648,645
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Compensation cost charged against income was $147 (2005 - $211) and $232
(2005 - $277) for the three and six-month periods ended June 30, 2006,
respectively. The offsetting credit has been recorded as contributed surplus.

The fair value of the stock options was estimated using the Black-Scholes
option pricing model using the following assumptions:

-------------------------------------------------------------------------
2006 2005
-------------------------------------------------------------------------

Risk-free interest rate 3.25% 4.0%
Dividend yield 0% 0%
Expected life 5 years 5 years
Expected volatility 31.42% 0%
Weighted average fair value of each
option at grant date $ 6.01 $ 0.71

-------------------------------------------------------------------------
-------------------------------------------------------------------------

(c) Earnings per share:

The following table provides the reconciliation between basic and diluted
earnings per share:

-------------------------------------------------------------------------
Three-month periods ended Six-month periods ended
June 30, June 30,
------------------------- -----------------------
2006 2005 2006 2005
-------------------------------------------------------------------------

Net income $ 4,150 $ 5,301 $ 7,548 $ 7,221
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Basic weighted
average number
of common shares
outstanding 24,246,168 17,874,278 24,099,825 17,856,498
Dilutive effect:
Outstanding
stock options 767,888 1,296,053 890,257 1,279,111
Diluted weighted
average number
of common shares
outstanding 25,014,056 19,170,331 24,990,082 19,135,609

-------------------------------------------------------------------------
-------------------------------------------------------------------------

Basic earnings
per share $ 0.17 $ 0.30 $ 0.31 $ 0.40
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Diluted earnings
per share $ 0.17 $ 0.28 $ 0.30 $ 0.38
-------------------------------------------------------------------------
-------------------------------------------------------------------------

4. Contingencies:

A complaint alleging patent infringement was filed in the United States
against the Company on September 29, 2005. Based on the Company's review and
the assessment of preliminary reports from its legal counsel in the United
States, the Company believes that it has meritorious defences to the complaint
and intends to vigorously defend its case in court.

Also, a number of legal proceedings against the Company are still
outstanding. In the opinion of the management of the Company, the outcome of
these proceedings is not expected to have a material effect on the Company's
results or its financial position.

5. Segmented information:

The Company determined that it operates in a single reportable segment,
the broadcast equipment segment, and it derives its revenues from the sale of
hardware and software solutions including related services, training and
commissioning.

-------------------------------------------------------------------------
Three-month periods ended Six-month periods ended
June 30, June 30,
------------------------- -----------------------
Sales 2006 2005 2006 2005
-------------------------------------------------------------------------

America $ 18,491 $ 16,912 $ 31,097 $ 27,284
Europe, Middle
East, Africa
("EMEA") 7,296 5,049 14,850 10,148
Asia 2,545 2,958 6,486 5,045

-------------------------------------------------------------------------
$ 28,332 $ 24,919 $ 52,433 $ 42,477
-------------------------------------------------------------------------
-------------------------------------------------------------------------


-------------------------------------------------------------------------
Capital assets and June 30, December 31,
intellectual property 2006 2005
-------------------------------------------------------------------------

Intellectual Intellectual
Capital property Capital property
assets and goodwill assets and goodwill
-------------------------------------------------------------------------

America $ 11,990 $ 13,706 $ 11,442 $ -
EMEA 796 - 672 612
Asia 105 - 25 -

-------------------------------------------------------------------------
$ 12,891 $ 13,706 $ 12,139 $ 612
-------------------------------------------------------------------------
-------------------------------------------------------------------------

Sales are attributed to the geographic locations based on the location of
the customers.

Contact Information

  • Investors: René Vachon, Executive Vice
    President & CFO, Miranda Technologies Inc., (514) 333-1772; Media: Jean
    Walter, Vice President, MaisonBrison/BarnesMcInerney, Capital Market
    Communications, (514) 731-0000, Source: Miranda Technologies Inc.