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Miranda shake-up brings industry veteran Thorsteinson into the fold

Management at Miranda Technologies Inc. has undergone a sea change of internal strife in the past year and the company said it is now emerging stronger and better able to begin discussions with potential strategic partners and serve its customers in an efficient and timely manner.

As part of an internal reorganization that has led to a number of personnel changes, the company has announced that Thomas Cantwell will retire from the company’s Board of Directors and be replaced by industry veteran Tim Thorsteinson (subject to a vote at its upcoming Annual General Meeting on April 17, 2012). He currently serves as CEO of Enablence Technologies Inc., a Toronto, Canada company that designs, manufactures and sells optical components and subsystems for high-bandwidth networks.

In addition to Thorsteinson, Miranda will be submitting its current directors for a new vote confidence among investors. They include Jean Bazin, Isabelle Courville, W. Brian Edwards, Strath Goodship, Terry Nickerson and Patrick G. Whittingham.

W. Brian Edwards, Chairman of Miranda Technologies, said Thorsteinson’s deep industry knowledge “will contribute to expanding on our successful growth strategies.”

Thorsteinson, a former Harris, Grass Valley, Leitch and Tektronix executive, brings a wealth of business and resource management experience to the new post.

Miranda also announced that another former Grass Valley executive, Scott Murray, has joined Miranda’s product management team, where he will oversee the company’s multiviewer business. Murray served as senior vice president of the Live Production Solutions business of Grass Valley up until last month.

In a statement, the company said it has received a number of unsolicited expressions of interest regarding potential transactions and partnerships over the past year. The board of directors reviewed those options and decided that the transactions proposed would not reflect full and fair value for the company’s business.