Miranda Shareholder Calls for New Directors

8 Mar

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JEC Capital Partners,, a “concerned shareholder” of Miranda Technologies Inc., announced director nominees it intends to put forward at Miranda’s upcoming annual meeting of shareholders to be held on April 17, 2012. The proposed nominees comprise three independent candidates and one shareholder representative candidate: Claude Fontaine, Clifford Press, Tim Thorsteinson and K. Peter Heiland.

JEC states the the proposed board members will bring a shareholder-focused approach to an entrenched Miranda board that has been unchanged since 2006 and whose independent directors hold virtually no shares in the company (less than 0.3%). From December 31, 2005 through January 5, 2012, Miranda’s shareholders have experienced more than a 40% decline in Miranda’s market capitalization.

Among the prospects, is broadcast industry veteran, Tim Thorsteinson, currently CEO of Enablence Technologies and previously   President of the Broadcast Division at Harris Corporation. Prior to joining Harris Corporation, Thorsteinson was President and CEO at Leitch Technology where he oversaw the execution of a two-year turnaround plan that rebuilt value and positioned the company for a profitable sale.

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