EXHIBIT 99.1
NEWS FROM:
COOLBRANDS INTERNATIONAL INC.
FOR IMMEDIATE RELEASE: July 12, 2004
For More Information Contact:
Michael Serruya, Co-Chairman
CoolBrands International Inc.
Email Address: mserruya@coolbrandsinc.com
Telephone: (905) 479-8762
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COOLBRANDS ACQUIRES DISTRIBUTION ASSETS
FROM PARMALAT
DSD Distribution Assets In Southeastern U.S. Add To
The System CoolBrands Acquired From Nestle In July 2003
CoolBrands International Inc. (TSX: COB.A) announced today that it has acquired
from Parmalat the Kinnet Dairy DSD ice cream distribution business located
primarily in the State of Georgia, with additional distribution coverage in
areas of Alabama and South Carolina.
Pursuant to the transaction announced today, CoolBrands' wholly owned
subsidiary, Eskimo Pie Frozen Distribution, Inc., acquired the entire Kinnet
Dairy ice cream distribution business, including customer lists, route lists,
delivery vehicles, trademarks and inventory, from Parmalat's subsidiary Farmland
Dairies LLC for an undisclosed cash purchase price. The business and assets
acquired by CoolBrands do not include any business or assets related to
Parmalat's Kinnet Dairy milk business, which Parmalat continues to operate.
On July 7, 2003, CoolBrands acquired from Nestle substantially all of its
distribution assets in the U.S., making CoolBrands one of only two
"direct-store-door" (DSD) ice cream distribution systems with broad penetration
of major markets across the U.S. in the grocery and convenience channels,
including in the States of Washington, Oregon, California, Utah, Florida,
Georgia, Maryland, Pennsylvania, New Jersey, Delaware and the District of
Columbia.
"This acquisition expands our distribution footprint, adds operational synergies
and enhances our strategic
value as a favored vendor to retailers in the grocery and convenience channels
across the Southeast region," stated CoolBrands' President and Co-Chief
Executive Officer, David J. Stein. "Acquiring smaller regional systems such as
Kinnet Dairy is part of our strategy of expanding and strengthening our DSD
system."
About CoolBrands International:
CoolBrands International is a leader in the consumer products and franchising
segments of the frozen dessert industry, marketing a diverse range of frozen
dessert products under nationally and internationally recognized brand names.
CoolBrands is the pre-eminent company in the fast-growing "better-for-you" ice
cream category with offerings such as fat free, non-dairy Whole Fruit 'TM'
Sorbet, Weight Watchers'r' Smart Ones'r' low-fat and fat-free frozen desserts
and new Atkins'r' Endulge'TM' controlled carbohydrate super premium ice cream.
CoolBrands also competes in the super premium ice cream category with the
Dreamery'r' Ice Cream and Godiva'r' Ice Cream brands. In addition, CoolBrands
markets a wide variety of "all family" premium ice creams, frozen novelties and
frozen desserts under the Eskimo Pie'r', Chipwich'r', Tropicana'r', Welch's'r',
Yoplait'r', Betty Crocker'r' and Trix'r' brand names.
CoolBrands' subsidiary, Eskimo Pie Frozen Distribution, operates the second
largest "direct store delivery" (DSD) ice cream distribution system in the U.S.,
serving these CoolBrands products and a growing family of Partner Brands to
supermarkets, convenience stores and other retail customers.
CoolBrands' subsidiary, Americana Foods, is a leading U.S. manufacturer and
supplier of soft serve mixes, packaged ice cream, frozen yogurt and sorbet
products and frozen novelties to well known national retailers, food companies
and restaurant chains. Americana Foods also manufactures and sells products
for the foodservice channel, which are extensively used to standardize quality
and reduce labor costs in on-site food preparation.
Coolbrands' Foodservice Division manufactures and sells premium soft serve ice
cream and frozen yogurt to the foodservice industry. CoolBrands also
manufactures and sells a full line of quality flavours, chocolate coatings,
fudge sauces, powders for chocolate milk, egg nog bases and other ingredients
and flexible packaging products for use in private label dairy products in
addition to the Company's brands.
CoolBrands also franchises and licenses frozen dessert outlets operated under
a Family of Brands including Tropicana'r' Smoothies, Juices & More, Swensen's'r'
Ice Cream, I Can't Believe It's Yogurt'r', Yogen Fruz'r', Bresler's'r' Premium
Ice Cream, Golden Swirl'r' and Ice Cream Churn'r', with company-owned,
franchised and non-traditional partnership locations around the world.
This press release includes certain forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 regarding, among
other things, statements relating to goals, plans and projections regarding the
Company's financial position and business strategy. These statements may be
identified by the fact that they use such words as "anticipate," "estimate,"
"expect," "intend," "plan," "believe," and other words and terms of similar
meaning in connection with any discussion of future operating or financial
performance. Such forward-looking statements are based on current expectations
and involve inherent risks and uncertainties, including factors that could
delay, divert or change any of them, and could cause actual outcomes and results
to differ materially from current expectations. These factors include, among
other things, market factors, competitive product development and promotional
activity, the level of consumer interest in the Company's products, product
costing, the weather, the performance of management, including management's
ability to implement its plans as contemplated, the Company's relationship with
its customers, franchisees, licensees and licensors, governmental regulations
and legislation and litigation. The Company undertakes no obligation to publicly
update any forward-looking statement, whether as a result of new information,
future events or otherwise.