EXHIBIT 99.1


                                   NEWS FROM:
                          COOLBRANDS INTERNATIONAL INC.


FOR IMMEDIATE RELEASE

     Date: September 2, 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 PROVIDES ADDITIONAL GUIDANCE FOR FISCAL YEAR 2004 RESULTS

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TORONTO, September 2 - CoolBrands International Inc. (TSX: COB.A) today
announced guidance for net earnings and revenues for its fiscal year ended
August 31, 2004. For the fiscal year, earnings per diluted share are projected
to be in a range of $0.97 to $0.90. The Company expects to report revenues of
approximately $650 million for the fiscal year. For the same period a year ago,
CoolBrands reported earnings per diluted share of $0.59 on revenues of $357.3
million.

"This guidance reflects a year-over-year improvement driven primarily by
increased sales of prepackaged consumer products resulting from acquisitions,
new licensing agreements and internal growth," said David Stein, President and
Co-Chief Executive Officer. "At the same time, during the fourth quarter our
results were adversely affected by the effects of higher retail prices on demand
across the ice cream and frozen novelty segments and an unseasonably cool
summer. In addition, during the fourth quarter the Company expects to incur
write-offs and legal expenses totaling approximately $4,320,000 in connection
with the non-renewal of the license agreement for the Weight Watchers trademark
and the associated litigation,"

CoolBrands expects to report final, audited 2004 fiscal year results in early
November.







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 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 earnings, revenues, 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.