MONTRÉAL, March 22, 2012 /PRNewswire/ - JEC Capital Partners (JEC) today announced its support of the structured sale process announced yesterday by Miranda Technologies Inc. (Miranda or the Company). Michael Torok, Managing Director of JEC said:
"We and other concerned Miranda shareholders are delighted that after repeated calls by numerous shareholders, the Board of Directors of Miranda Technologies has faced up to its strategic imperative and committed itself to a structured sale of the Company.
We also are pleased that Miranda's Board has acceded to our calls for change on the Board and has nominated one of our proposed nominees, Tim Thorsteinson, for election as a director at the Annual General Meeting scheduled for April 17, 2012. While we believe that independent governance and shareholder representation on Miranda's Board is sorely needed, at this time, given the pendency of the announced sale process, JEC will not challenge the Board's other nominees at the upcoming Annual General Meeting. We believe that a properly conducted sale process can be completed quickly and should provide the best opportunity to recover shareholder value. JEC expects the Board to announce a transaction no later than the end of the second fiscal quarter and will defer requisitioning a special meeting while the sale process is proceeding."
SOURCE JEC Capital Partners, LLC