CINAR Expects to Receive US$3.6 Million From Globe-X, Pursuing Efforts to Have Financial Statements Ready for Audit.Business Editors MONTREAL--(BUSINESS WIRE)--July 5, 2000 CINAR Corporation (Nasdaq:CINRE) (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.) announced today that it expects to receive an additional US$3.6 million from Globe-X Management, an amount that matured on June 30, 2000 and that will require five business days to process by Globe-X before receipt by CINAR. Following this payment, US$62 million of the initial US$122 million in unauthorized investments with Globe-X Management will remain outstanding. The Company also announced that it is continuing its work in preparing its 1999 financial statements for audit by Ernst & Young LLP LLP - Lower Layer Protocol . The Company and its auditors continue to work diligently to prepare and file audited financial statements, as well as related continuous disclosure documents, as quickly as possible. As announced in the news release dated June 20, 2000, the Company is currently negotiating the terms of an agreement with an investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. and will make further announcements on this matter when there is something of substance to advise. CINAR will continue to issue semi-monthly status updates by way of news releases, as it has since April 20, 2000. 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc 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. |
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