MONTRÉAL, QUEBEC--(Marketwire - Dec. 23, 2011) - Responding to the press release issued yesterday by Miranda Technologies Inc. (Miranda or the Company), Peter Heiland, Managing Partner of JEC Capital Partners (JEC) announced that concerned shareholders of Miranda remain convinced that the Company is significantly undervalued and its Board has failed to date to successfully push forward proper initiatives to maximize shareholder value.
Mr. Heiland said:
"We are one of Miranda's largest shareholders, and are well-informed, long-term investors. We were surprised and disappointed by the inaccurate and misleading characterization of our prior interaction with the Board made by the Chairman of the Company. On December 1 of this year, JEC requested the simple opportunity to exchange directly and informally with the directors on issues of value creation and necessary change at Miranda. We told Miranda that other large shareholders, like JEC, believe the share price will continue to languish well below its potential unless concrete steps to maximize value creation are taken, beginning with changes at the Board. Rather than accept JEC's invitation for dialogue directly, the Board chose to communicate only through its third-party advisors.
We provided Miranda's Board with the names and biographies of three (3) independent director candidates and one (1) shareholder representative director candidate, all of whom are highly qualified and would make exceptional directors for Miranda. We encouraged the Company to either expand the current Board to accommodate at least two new directors or replace at least two existing directors with new, more qualified nominees.
The Board's refusal to discuss these issues directly reinforces JEC's belief that Miranda's current Board, which holds less than 0.3% of the outstanding shares of the Company, and its Chairman will continue to ignore the genuine interests of the concerned shareholders of Miranda and their desire for meaningful change.
The current Board's out of touch view that it has strong support among shareholders is shocking. We shared our opinions on the Company and our strategy for maximizing value with large shareholders prior to requisitioning a shareholder meeting. We believe that we have the support of several of the Company's largest shareholders. Given the current Board's stated confidence in shareholder support of its position, we urge Miranda to proceed with a shareholders' meeting as quickly as possible and by no later than the end of January. Any delay in holding the meeting will signal that the Board knows that it does not have the shareholder support that it professes to have and is entrenching itself.
JEC welcomes the confirmation by the Company that it has retained BMO Capital Markets as financial advisors and Osler Hoskin Harcourt as legal counsel. We remain hopeful that the Company will carry out what JEC believes to be a necessary fullsome strategic review and auction process.