CINAR Receives Partial Redemption Proceeds From Globe-X, Pursuing Efforts to Have Financial Statements Ready for Audit.Business Editors MONTREAL--(BUSINESS WIRE)--Aug. 4, 2000 CINAR Corporation (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 received an additional US$2 million from Globe-X Management, leaving US$60 million of the initial US$122 million in unauthorized investments to be redeemed. CINAR, which had been expecting a larger installment at this time, is continuing to work cooperatively with Globe-X to redeem the remaining sum in a timely fashion and efforts are being made to further ascertain and to improve the position of CINAR as to the outstanding balance. The Company is continuing its work in preparing its 1999 financial statements for audit by Ernst & Young LLP LLP - Lower Layer Protocol . The Company continues to work to prepare and file audited financial statements, as well as related continuous disclosure documents, as quickly as possible. Until it has done so, the Company will not be in a position to call its Annual General Meeting. However, the Company is committed to calling its annual meeting as soon as practicable after the audited statements are ready. 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 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. 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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