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SILVERWOOD PARTNERS ADVISES VERTIGOXMEDIA, INC. IN SALE OF BUSINESS TO MIRANDA TECHNOLOGIES, INC. (TSX: MT)

SHERBORN, MA – May 2, 2006

VertigoXmedia, Inc.,a Montréal-based manufacturer of high-end graphics automation software and systems, today announced the completion of the sale of the company to Miranda Technologies Inc. (TSX: MT), a global developer, manufacturer and marketer of high-performance hardware and software for the television broadcast industry. Silverwood Partners was the exclusive financial advisor to VertigoXmedia, Inc.

The transaction allows Miranda to add a powerful suite of software workflow and graphics capabilities to its existing, highly successful playout branding products. In addition, the VertigoXmedia graphics platform, a powerful solution for the automated presentation of live graphics, will provide Miranda with a new product range for production environments.

VertigoXmedia has been in the broadcast and digital signage businesses for nearly ten years, operating predominantly in North America. For the past three years, the company’s broadcast division, which has been acquired by Miranda, has experienced an annual growth rate of approximately 20 per cent, with gross margins over 60 per cent. Its revenues reached Cdn$5.3 million for the financial year ended December 31, 2005.

The total purchase price is approximately Cdn$11 million, payable in cash, and is subject to adjustments based on the value of net assets being delivered at the closing of the transaction.
Under the terms of the agreement, the 25 employees of VertigoXmedia’s broadcast division will join Miranda. The digital signage division, which is excluded from the transaction and which employs 10 people, was spun-off in a new entity independent of Miranda, prior to the acquisition.

It is expected that the acquisition will be neutral to Miranda’s net earnings in the first year and accretive thereafter. Miranda will sell VertigoXmedia’s products through its sales channels. Given the coverage of Miranda’s worldwide distribution network, management believes there is an opportunity for significant growth in the sales of VertigoXmedia’s products.

VertigoXmedia is the first acquisition announced by Miranda Technologies since its Initial Public Offering (IPO), which was completed in December 2005.

About VertigoXmedia, Inc

VertigoXmedia, Inc. is an innovator in the field of graphics automation solutions for broadcast television, cable and digital signage. The company’s patented products significantly streamline the graphics production workflow by offering the ability to automatically capture and control live data, create corresponding data-driven graphics, and deliver professional, real-time graphics to multiple output channels. VertigoXmedia also offers award-winning creative design, integration, and consulting services. VertigoXmedia’s products and services have been used by many of the world’s leading broadcasters, including CBS, CNBC, CNN, ESPN, FOX, NBC, Time Warner Cable, CBC/Radio-Canada, CTV, Global Television, and others around the world. For more information, please visit www.vertigoxmedia.com.

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 HDTV broadcast environment. This equipment allows customers to generate additional revenue while reducing costs through the more efficient distribution and management of content as well as the automation of previously manual processes. Miranda employs over 350 people at its Montréal headquarters and in its offices located in Wallingford (UK), Paris (France), Tokyo (Japan), Hong Kong, Beijing (China) and Springfield (New Jersey). Miranda became a public company on December 8, 2005 and is listed on the Toronto Stock Exchange. For more information, please visit www.miranda.com.

About Silverwood Partners

Silverwood Partners is a sector focused investment bank that provides M&A and private capital raising advisory services to information, communications, financial services, and digital imaging technology companies, and healthcare, industrial and consumer companies. Silverwood delivers acquisition, divestiture or corporate sale advisory, strategic-financial advisory and institutional financing services to companies in its targeted business sectors. For additional information, visit Silverwood’s Website at www.silverwoodpartners.com.

Important Information

This release may include forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, about the future performance of one or more public companies. There are a number of factors that could cause actual events or results to differ materially from those indicated by such forward-looking statements, such as the competitive market in which any company operates, market acceptance of a public company’s existing and new products, a public company's ability to anticipate customer needs and the other factors set forth under the caption “Certain Factors That May Affect Future Results,” or similar, in a public company’s filings with the Securities and Exchange Commission or other similar regulatory agencies in non-U.S. jurisdictions. In addition, any forward-looking statements contained herein represent an estimate only as of the date of such statement and should not be relied upon as representing an estimate as of any subsequent date.

Press Contact
Jonathan Hodson-Walker
Managing Partner
Silverwood Partners
T. 508-651-2194
E. This email address is being protected from spambots. You need JavaScript enabled to view it.

 

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