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Miranda Completes Acquisition Of Nvision

December 22, 2008 

Montreal, Canada - December 22, 2008 - Miranda Technologies Inc. (TSX: MT) a global developer, manufacturer and marketer of high-performance hardware and software for the television broadcast industry, today announced it has completed its acquisition of privately held NVISION Inc. Based in Grass Valley, California, NVISION is a leader in routing systems for the broadcast industry.

The all cash transaction, which was originally announced on December 10 2008, is valued at US$40 million and will be financed with cash on hand and existing credit facilities. The acquisition is expected to be accretive to earnings during 2009.

“Miranda and NVISION enjoy a similar track record of innovation and our combination will enhance our technical expertise and leverage our research and development efforts,” commented Strath Goodship, Miranda’s President and Chief Executive Officer. “Furthermore, the addition of NVISION’s routing technology allows us to offer an integrated solution, with customer cross-selling and geographical distribution opportunities. Routers are an integral component used to manage and distribute broadcast signals. They have become key in the selection of high definition (HD) infrastructure and monitoring products and with NVISION’s advanced routing systems we are better positioned to win new HDTV broadcast build outs.”

“Given the natural fit of our respective product lines and our strong historical relationship, we expect a smooth integration of NVISION into our worldwide operations. We also foresee business synergies, including those resulting from the consolidation of our sales and marketing activities. Going forward, our customers will be better served and opportunities for further expansion enhanced.”

Parallel to the acquisition, Miranda has concluded a credit agreement with a Canadian bank for a US$30 million credit facility.

Genuity Capital Markets and Gowling Lafleur Henderson LLP acted as financial and legal advisors, respectively, to Miranda.

 

Forward-looking Statements

 

This media release may contain forward-looking statements reflecting Miranda’s objectives, estimates and expectations. Such statements may be marked by the use of verbs such as “believe”, “anticipate”, “estimate”, ”looking ahead” and “expect”, as well as the use of the conditional or future tense. By their very nature, such statements involve risks and uncertainties. Consequently, results could differ materially from Miranda’s expectations. Risks that could cause results to differ materially from Miranda’s expectations are discussed under the heading Risk Factors in Miranda’s Annual Information Form, which is available on SEDAR at www.sedar.com.

The forward-looking statements contained in this press release represent Miranda’s current expectations and, accordingly, are subject to change. However, Miranda disclaims any intention and assumes no obligation to update or revise any forward-looking statement, whether as a result of new information or events or otherwise, unless required to do so by the applicable securities legislation.

 

About Miranda

Miranda Technologies Inc. (TSX: MT) develops, manufactures and markets high-performance hardware and software for the television broadcast industry. Its solutions are purchased by content creators, broadcasters, specialty channels and television service providers to enable and enhance the transition to a complex multi-channel digital and HD broadcast environment. This equipment allows customers to generate additional revenue while reducing costs through more efficient distribution and management of content as well as the automation of previously manual processes. Miranda employs over 475 people at its Montreal headquarters and in its facilities located in Wallingford (UK), Springfield (New Jersey, USA), Paris (France), Tokyo (Japan), Beijing (China), Dubai (United Arab Emirates) and Hong Kong. Miranda is listed on the Toronto Stock Exchange. For more information, please visit www.miranda.com.

 

About NVISION

Headquartered in Grass Valley, CA (USA), NVISION is the leading provider of advanced technology and routing systems for the delivery of superior, error-free digital audio and HD/SD video used in all TV broadcast sectors and multi-format post production. The company’s sole focus is the development and manufacture of high-performance, high-reliability, scaleable, and cost-effective router, router control, master control, and modular broadcast systems. Since its founding in 1989, NVISION has pioneered groundbreaking technological advances, including large-scale HD-SDI routing and synchronous AES routing – first in HD; first in 3Gb/s-enabled routers. For more information, please visit www.nvision.tv.

Source: miranda web site www.miranda.com