/C O R R E C T I O N -- CINAR Films Inc./(Correction Notice)
Complete, corrected release follows.
CINAR Completes Acquisition of FilmFair
MONTREAL, Nov. 26 /PRNewswire/ -- CINAR Films Inc. (Nasdaq: CINRF; Toronto and Montreal Exchanges: CIF.A, CIF.B) announced today that it has completed the previously announced agreement to acquire the FilmFair library and animation production facilities as well as other animated series from U.K.- based Caspian Group Plc for 10.50 million pounds. The purchase price is comprised of 6,750,000 pounds in cash and 272,500 Class B Subordinate Voting Shares.
The new titles will increase CINAR's total library to approximately 950 half-hours. The Company has obtained all of the rights to the titles previously held by the Caspian Group, including T.V., video, music publishing, licensing and merchandising rights as well as the opportunity to produce new episodes of many series.
FilmFair Ltd. is a preeminent U.K.-based puppet and clay animation studio founded by Graham Clutterbuck at the end of the 1960s. The company rapidly became successful by bringing well-known characters from children's literature to Britain's television screens, including Paddington Bear and The Wombles. It was taken over by Central Television in the 1980s and subsequently sold to Storm Group (Caspian) in 1991.
CINAR is an integrated entertainment company involved in the development, production, post-production, and worldwide distribution of non-violent, quality programming for children and families. CINAR's programming is seen in the United States, Canada and more than 100 other countries around the world.
SOURCE CINAR Films Inc.
/CONTACT: Hasanain Panju, Vice President, Chief Financial Officer of CINAR Films Inc., 514-843-7070; or Investor Relations: Donna N. Stein, Stephanie Conzelman or Cindy Hintelmann, or Press: Stan Froelich, all of Morgen-Walke Associates, Inc., 212-850-5600/
CO: CINAR Films Inc., FilmFair ST: Quebec IN: ENT SU: TNM
DC -- NYM001D -- 6785 12/02/96 10:42 EST http://www.prnewswire.com
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|Article Type:||Correction Notice|
|Date:||Dec 2, 1996|
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