Miranda Technologies Inc.
TSX : MT

Miranda Technologies Inc.

October 17, 2008 11:45 ET

Miranda Technologies Inaugurates Expansion Project

$8 million investment

MONTREAL, QUEBEC--(Marketwire - Oct. 17, 2008) - Miranda Technologies Inc. (TSX:MT), a global developer, manufacturer and marketer of high-performance hardware and software for the television broadcast industry, today officially inaugurated a major expansion project that will increase its Montreal headquarters by more than 55%. The groundbreaking ceremony, held at the Company's facilities in the borough of Saint-Laurent, attracted some 300 people, including Company executives, Saint-Laurent Borough Councillor, Laval Demers, Quebec's Deputy Minister of Economic Development, Innovation and Export, Madeleine Caron, as well as Company employees and partners.

Strath Goodship, Miranda's President and CEO, explained that this new phase of expansion is both a response to the Company's strong growth in recent years and an investment in the future. "Miranda's creativity and firm positioning in digital and high-definition technologies are far reaching," he said. "These strengths have allowed us to win major customers and expand internationally. As a result, we have more than tripled our sales volume since moving into our current facilities in 2001, hence the need for additional room."

The $8-million expansion project is scheduled for completion in the summer of 2009. It will add some 34,000 square feet of space to the existing facilities, bringing the total available to more than 94,000 square feet. This will provide Miranda with more room for research & development (R&D) and manufacturing, which in turn will allow the Company to manage its growth. Miranda will also continue to benefit from the efficiencies of having centralized operations at one site.

"Over the past three years, Miranda has invested approximately 14% of sales in R&D to ensure it offers customers premier products, which allow them to competitively transition to high definition and multiply their channel offerings," continued Mr. Goodship. "Our company is widely viewed as a leading innovator in the broadcast equipment industry."

"Miranda plans to capitalize on its strong presence in key industry growth segments by driving organic growth through accelerated product innovation, expanding its global sales and distribution networks, and broadening its product line. In addition, Miranda is well positioned to pursue strategic acquisitions," concluded Mr. Goodship.

Saint-Laurent Borough Councillor, Laval Demers, said, "Miranda is a perfect example of what has made Montreal an internationally successful metropolis, namely a place where knowledge, creativity and innovation converge."

Ms. Caron, representing Mr. Raymond Bachand, the Quebec Minister of Economic Development, Innovation and Export, said on his behalf, "The dynamism and strength of Miranda are impressive in today's economic environment, with the Company performing particularly well in international markets and tripling sales volume over the last few years. In this, Miranda is a model of success for Quebec's manufacturing sector."

About Miranda

Miranda Technologies' products 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 over 450 people at its Montreal headquarters and in its facilities located in Wallingford (U.K.), Springfield (New Jersey, U.S.A.), Paris (France), Tokyo (Japan), Beijing (China), Dubai (United Arab Emirates) and Hong Kong. Miranda is listed on the Toronto Stock Exchange. For more information, please visit www.miranda.com.

Contact Information

  • Media and Investors Contact:
    Miranda Technologies Inc.
    Mario Settino
    Chief Financial Officer
    514 333-1772