CINAR Continues to Work to Provide Financial Statements.Business Editors MONTREAL--(BUSINESS WIRE)--May 19, 2000 CINAR Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CINR CINR Carrier to Interference-plus-Noise Ratio )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :CIF (1) (Common Intermediate Format) A standard video format used in videoconferencing. CIF formats are defined by their resolution, and standards both above and below the original resolution have been established. The original CIF is also known as Full CIF (FCIF). .A.)(TSE:CIF.B.) released today the following status report, further to the order issued on April 19, 2000 by the Commission des valeurs mobilieres du Quebec. The Company reaffirms its continued efforts to meet its objective to prepare and file its audited financial statements. The Company also continues to endeavour to prepare and file related continuous disclosure documents shortly thereafter. The Company's auditors, Ernst & Young LLP LLP - Lower Layer Protocol , have expressed concerns about the Company's ability to meet its publicly stated deadline of June 30, 2000 for the preparation and filing of financial statements. The process includes completion of the reviews which have been initiated, the carrying out of various audit procedures relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the relevant periods, and the identification of any additional matters which may need to be reviewed and of supplementary procedures which may need to be established. In order to remedy the failure to file its 1999 audited consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge and other continuous disclosure documents, the Company continues to diligently pursue the following actions, as outlined in news releases issued on April 20 and May 4.
* PricewaterhouseCoopers LLP, retained by CINAR Corporation in
March 2000, continues to provide financial advisory services to the
Company. PricewaterhouseCoopers LLP also continues to assist CINAR
Corporation in preparing the Company's financial records.
* It is working diligently to complete the reviews and to discuss
matters with the appropriate taxation and certification authorities
with a view to resolving matters.
* It is diligently pursuing the resolution of matters relating to
the unauthorised investments it has identified;
* It is in the continuing process of responding to information
requests from relevant agencies and authorities.
The Company also announces that an action has been filed against it by the former owners of its subsidiary, HighReach Learning, Inc., to recover alleged losses related to a Stock Purchase Agreement concluded with CINAR as part of the purchase price when CINAR acquired HighReach Learning in 1998. The complaint contains allegations similar to those made in the complaints previously filed against the Company. "These legal proceedings All actions that are authorized or sanctioned by law and instituted in a court or a tribunal for the acquisition of rights or the enforcement of remedies. pertain to pertain to verb relate to, concern, refer to, regard, be part of, belong to, apply to, bear on, befit, be relevant to, be appropriate to, appertain to circumstances surrounding the Stock Purchase Agreement negotiated between CINAR and the former owners of HighReach Learning in 1998. This does not affect HighReach's day to day operations, nor does it affect our numerous projects in support of CINAR's ongoing business," said Michael G. Mayberry, President of HighReach Learning. During such time as the Company remains in default of its continuous disclosure requirements, it intends to continue issuing bi-monthly status updates such as this one, by way of press release, in compliance with the CvmQ's order. CINAR Corporation is an integrated entertainment and education company involved in the development, production, post-production and worldwide distribution of non-violent, quality programming and educational products for children and families. CINAR's web site can be found at www.cinar.com. This release may include information that could constitute forward-looking statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 (U.S.). Forward-looking statements are identified by words such as "believe," "anticipate," "expect," "intend," "plan," "will," "may" and other similar expressions. Forward-looking statements in this document include, but are not necessarily limited to, those relating to the results of the company's reviews. Actual results or conditions may differ from those anticipated by these and other forward-looking statements. Such forward-looking statements are subject to a number of known or unknown risks and uncertainties. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion