Shareholders of Miranda Technologies Inc.

December 14, 2011 11:01 ET

Requisition for Meeting of Shareholders of Miranda Technologies Inc.

MONTRÉAL, QUÉBEC--(Marketwire - Dec. 14, 2011) - On December 13, 2011 JEC Capital Partners, LLC ("JEC Capital") and another shareholder requisitioned a meeting of the shareholders of Miranda Technologies Inc. ("Miranda") to replace four of the existing directors of Miranda with four new independent directors (the "Requisition"), pursuant to section 208 of the Business Corporations Act (Québec). JEC Capital holds 7.1% or 1,517,900 of the issued and outstanding shares of Miranda. The holdings of all signatories of the Requisition exceed 10% of the issued and outstanding shares of Miranda.

The purpose of the Requisition is to significantly enhance the prospects that Miranda's shareholder value will be maximized.

Miranda's current Board of Directors has been unchanged since 2006 and the independent directors own virtually no shares in the Company (less than 0.3%). From December 31, 2005 through December 12, 2011, Miranda's market capitalization has decreased from $325M to $188M, over 42%. The current Board has approved two major acquisitions that were dilutive to shareholder value. During the past 12 months, JEC Capital has made numerous attempts to engage the current Board in constructive dialogue regarding strategic actions to maximize shareholder value, without success. While no single director is solely responsible for the loss in shareholder value, the Board as a whole should bear responsibility for the inability to effectively advance the interests of shareholders.

JEC Capital continues to be encouraged by the financial and operational performance of Miranda and we are fully supportive of the Company's management. Miranda's directors should have the best interests of all of Miranda's shareholders as their first priority and aggressively explore all value-creation opportunities, including a strategic review of Miranda's assets to determine the fair market value of the company.

Contact Information

  • JEC Capital
    Michael Torok
    Managing Director
    (617) 680-6709