Miranda Technologies Inc.

Miranda Technologies Inc.

November 24, 2010 06:00 ET

Miranda Announces Normal Course Issuer Bid

MONTREAL, QUEBEC--(Marketwire - Nov. 24, 2010) - Miranda Technologies Inc. (TSX:MT), a worldwide provider of infrastructure, playout and monitoring systems for the broadcast and cable/satellite/IPTV industries, announced today that its Board of Directors has authorized the purchase of up to 1,694,937 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 November 19, 2010, the common shares which may be purchased represent approximately 10% of the public float of Miranda's common shares, being 16,949,375 common shares, and approximately 8% of its issued and outstanding common shares, being 21,724,096 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 November 26, 2010 and ending November 25, 2011 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 22,000 and accordingly, on any trading day the Company is entitled to purchase up to 5,500 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.

During the period from August 26, 2009 and August 25, 2010 inclusively, the Company purchased 1,124,850 of its outstanding Common Shares, at a weighted average price of $5.03.

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) is a worldwide provider of infrastructure, playout and monitoring systems for the broadcast and cable/satellite/IPTV industries. Its solutions enable and enhance the transition to a multi-channel digital and HD broadcast environment. With this equipment, customers can generate additional revenue while reducing their costs through more efficient distribution and management of their content. In September 2010, Miranda acquired OmniBus Systems Limited, the Loughborough UK-based pioneer of IT-based media management and delivery solutions for television and Internet broadcasters. Miranda employs approximately 680 people at its Montreal headquarters and in its facilities located in Wallingford and Loughborough (UK), Denver (Colorado, USA), Grass Valley (California, USA), Paris (France), Tokyo (Japan), Zaltbommel (Netherlands), Dubai (United Arab Emirates), Kuala Lumpur (Malaysia), Singapore, Beijing (China) and Hong Kong. Miranda is listed on the Toronto Stock Exchange. For more information, please visit www.miranda.com.

Contact Information

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