Miranda Tech to continue talks with strategic partners

Reuters News
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Posted: Mar 21, 2012 7:15 AM
Miranda Tech to continue talks with strategic partners

(Reuters) - Miranda Technologies Inc <MT.TO> said it will continue to talk to potential strategic partners, after several expressions of interests failed to lead to a transaction in the last 12 months.

Miranda, which provides the broadcast industry with playout and monitoring systems, is banking on the U.S. presidential elections and the London Olympics to boost its revenue and profit growth in 2012.

The company has been posting profits for the last seven quarters and its shares have more than doubled in value in the last two years.

"Expressions of interest have not resulted in an agreement to proceed with a transaction," the company said.

The company now intends to have a better structure in the committee to review and discuss with interested parties.

The company also said Thomas Cantwell will retire from its board at next month's annual general meeting and it will nominate Tim Thorsteinson as his replacement.

(Reporting by Aftab Ahmed in Bangalore; Editing by Don Sebastian)