CINAR and Globe-X Reach Agreement on Payment Schedule for Balance of Funds Owed to Cinar.Business Editors MONTREAL--(BUSINESS WIRE)--Oct. 24, 2000 CINAR Corporation and GLOBE-X Management announced today that they have reached an agreement on a payment schedule for the remaining monies still owed by GLOBE-X to CINAR. This agreement calls for weekly payments between now and August 17, 2001, aggregating US$50.9 million. Interest calculated at an annual rate equal to the London Interbank Offered Rate London Interbank Offered Rate A short-term interest rate often quoted as a 1,3,6-month rate for U.S.dollars. (LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). ) plus 1 1/2% from September 1, 2000, on the declining balance, will also be paid to CINAR. CINAR has reserved its rights in relation to an additional sum of US$12 million transferred to CINAR in November 1999, which GLOBE-X has accounted for as a payment in reduction of GLOBE-X's indebtedness to CINAR. In accordance with the agreement, CINAR's 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. against GLOBE-X will be withdrawn. GLOBE-X Management (GLOBE-X) is an internationally-based investment manager, which provides a variety of specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. investment products to a global institutional and private clientele. 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 harbour 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. Such forward-looking statements are subject to a number of known or unknown risks and uncertainties. |
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