CINAR Corporation: Semi-Monthly Status Update.Business Editors MONTREAL--(BUSINESS WIRE)--Jan. 23, 2003 CINAR Corporation wishes to reiterate that at the present time although it is not currently actively pursuing the sales transaction process that began in 2001, the Company is receiving enquiries in respect of the sale of the Company through its financial advisors, Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co. Accordingly the Company has and will, from time to time, hold discussions, enter into confidentiality agreements and possibly negotiations with interested parties in this connection. The Company will not make any announcement unless and until there are material developments. On November 21, 2002 CINAR Corporation announced that further to a request from the Company and in conformity with the terms of the Telefilm tel·e·film n. A film produced for television broadcasting. Noun 1. telefilm - a movie that is made to be shown on television Canada decision of June 21, 2001, the suspension from access to Telefilm Canada financing had been lifted. On July 12, 2002 CINAR Corporation announced that it had petitioned the Supreme Court of Bahamas for permission to wind-up Globe-X Canadiana Limited and Globe-X Management Limited (collectively "Globe-X") and to appoint PricewaterhouseCoopers as liquidator Liquidator Person appointed by an unsecured creditor in the United Kingdom to oversee the sale of an insolvent firm's assets and the repayment of its debts. . Globe-X subsequently appealed from such decision and such appeal is pending. On January 8, 2002 CINAR Corporation announced that subsequent to petitioning the Supreme Court of Bahamas for permission to wind-up Globe-X, CINAR petitioned the High Court of Justice of Anguilla for enforcement of the Bahamas winding-up order, or alternatively for a winding-up order in Anguilla, since Globe-X has continued its incorporation under the laws of Anguilla. Globe-X has filed a Defense and Counterclaim A claim by a defendant opposing the claim of the plaintiff and seeking some relief from the plaintiff for the defendant. A counterclaim contains assertions that the defendant could have made by starting a lawsuit if the plaintiff had not already begun the action. in the High Court of Justice of Anguilla claiming damages from CINAR Corporation aggregating CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $66 million for alleged breach of contract, defamation and/or malicious falsehood A malicious falsehood is a lie that was uttered with malice, IE. the utterer knew it was false or would cause damage or harm. Malicious falsehood is a false statement made maliciously that causes damage to the claimant. . CINAR Corporation considers that this Defense and Counterclaim is without merit and that the allegations of Globe-X are baseless. CINAR Corporation will continue to vigorously pursue its proceedings against Globe-X and the recovery of all amounts owing. On January 23, 2003, CINAR Corporation amended its current action against Ronald A. Weinberg and Hasanain Panju in order to recuperate re·cu·per·ate v. To return to health or strength; recover. any shortfall resulting from Globe-X's failure to entirely repay what it owes to the Company. As at the present date, PricewaterhouseCoopers has been unable to identify assets of Globe-X which would enable the Company to be repaid the amount of U.S. $39,367,730.95 owed to it by Globe-X. The Company therefore amended its action to condemn Ronald A. Weinberg and Hasanain Panju solidarily to pay the aggregate amount owing by Globe-X of $59,315,360.22 (representing U.S. $39,367,730.95 converted to Canadian dollars). On January 13, 2003, CINAR Corporation announced that CINAR Education, Inc., a wholly-owned subsidiary of CINAR Corporation, sold substantially all the assets of Twin Sisters Productions, Inc. for U.S. $1.5 million to an entity controlled by the founders of Twin Sisters Productions, Inc. CINAR Corporation and CINAR Education simultaneously settled all outstanding litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. claims against them by the founders of Twin Sisters Productions, Inc. 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 is www.cinar.com. This release may include information that could constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. 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. |
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