CINAR Granted Hearing With Nasdaq.Business Editors MONTREAL--(BUSINESS WIRE)--June 20, 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 has requested and been granted a hearing with Nasdaq to explain the delay in filing its annual report and financial statements for the period ended November 30, 1999. The hearing, which will be held mid-July in Washington DC, stays the delisting of the Company's securities pending a decision by Nasdaq. "We will convey to Nasdaq information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the audit by Ernst & Young LLP LLP - Lower Layer Protocol , further information on the investments in the Bahamas and such other information as we feel necessary to support our case," stated Mr. Barrie Usher, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CINAR. "We are keenly aware that it is in the best interest of the Company and its stakeholders to meet all Nasdaq's information needs with the least possible delay." Meanwhile, the Company confirmed it has met with a number of investment bankers and will make a further announcement on this matter when there is something of substance to advise. Progress continues to be made in preparing the financial statements for audit by Ernst & Young LLP. It now appears the June 30th deadline will not be met, although the Company continues to push hard to have internally prepared statements in Ernst & Young's hands as quickly as possible. Also, in light of CINAR's strong cash position and the financial requirements of its bank to maintain its credit line, which has been undrawn un·draw tr.v. un·drew , un·drawn , un·draw·ing, un·draws To draw to one side, as a curtain. Adj. 1. undrawn - not represented in a drawing undelineated - not represented accurately or precisely since March 10th, the Company has decided to discontinue the line. "We anticipate negotiating new credit lines as soon as financial statements are available," added Mr. Usher. As previously disclosed, certain Canadian securities regulatory authorities have imposed orders under which trading in the shares of the Company by all persons or companies, or by certain persons or companies identified in the orders, be ceased. The Company understands that the Ontario Securities Commission The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. , which currently has an "insider cease trade order", may extend such order to apply to all securities of the Company as contemplated in the terms of its original order. PriceWaterhouseCoopers LLP, retained by the Company in March 2000, continues to provide financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal and to assist in preparing the Company's internal financial statements. The Company will continue to issue semi-monthly status updates by way of news releases as it did on April 20, May 4, May 19 and June 5. 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. |
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