CINAR in Process of Complying With National Policy Statement 31 of the Canadian Securities Administrators.Business Editors MONTREAL--(BUSINESS WIRE)--March 1, 2001 CINAR Corporation announces it is in the process of complying with the requirements of National Policy Statement 31 (NP 31) of the Canadian Securities Administrators Canadian Securities Administrators(CSA) is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets. , relative to the previously announced resignation of Ernst & Young LLP LLP - Lower Layer Protocol (E&Y) as the Company's auditor auditor n. an accountant who conducts an audit to verify the accuracy of the financial records and accounting practices of a business or government. A proper audit will point out deficiencies in accounting and other financial operations. . NP 31 specifies certain reporting requirements which apply when the auditor of a reporting issuer changes including (a) preparing a notice of change of auditor (the notice), (b) obtaining a letter from the former auditor stating whether or not they agree with the information contained in the notice, (C) obtaining a letter from the successor auditor also stating whether they agree with the information contained in the notice (CINAR has not yet appointed a successor auditor) and (d) obtaining written confirmation that the notice and letters referred to in (a), (b) and (C) have been reviewed by the Audit Committee. As advised in a press release dated February February: see month. 14, 2001, CINAR is considering the manner in which a successor auditor may be appointed. The required reporting package will be filed early in March. The Company continues to work on preparing unaudited consolidated financial information as at the most recent fiscal year ended November 30, 2000 and expects to make this information available on or around March 31, 2001. 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, port-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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