CINAR to Require More Time to Complete Financial Statements.Business Editors MONTREAL--(BUSINESS WIRE)--Aug. 16, 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 its auditors, Ernst & Young LLP LLP - Lower Layer Protocol , have expressed concerns with the ability of the Company to finalize its financial statements for the year ended November 30, 1999, and restated financial statements for the years ended November 30, 1998 and 1997 within the next several months. Although the Company acknowledges that the time frame within which financial statements will be issued will be longer than previously anticipated, Barrie Usher, CINAR's 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. reiterated the Company's commitment to delivering financial statements to shareholders as quickly as possible and stated that "we will continue to work with our advisors, PricewaterhouseCoopers to address the issues identified by Ernst & Young. We are determined to put CINAR in a position where we will be able to meet our continuous disclosure requirements." CINAR Corporation (Toronto Stock Exchange Toronto Stock Exchange (TSE) Canada's largest stock exchange, trading approximately 1,200 company stocks and 33 options. : CIF.A, CIF.B) 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 is www.cinar.com. This release may include information that could constitute forward-looking statements made pursuant to the safe harbor 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. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion