Kidvidder Cinar seeks deal
Troubled Canuck co. looks to bounce back after money scandals
Cinar said it won't comment any further on a possible transaction until there are material developments. It will continue to issue semi-monthly general status reports as it has done for the past year.
Last month, the company issued incomplete financial statements for its fiscal years 1999 and 2000. The figures were unaudited because Ernst & Young resigned after finding the shaky numbers were in stark contrast to the robust profits Cinar had originally reported before being embroiled in a succession of financial scandals.
The husband-and-wife team of Micheline Charest and Ronald Weinberg, who founded Cinar and ran it, as well as its chief financial officer were fired last August, months after Cinar disclosed that $122 million of its funds had been improperly invested in an offshore financial firm in the Bahamas.
That news came as the company was under investigation for improper use of Canadian film tax credits.
Cinar's shares last traded in Toronto and New York on March 8, 2000.
(Reuters contributed to this report.)
