Exhibit 99.1
NEWS FROM:
COOLBRANDS INTERNATIONAL, INC.
8300 Woodbine Avenue, 5th Floor
Markham, Ontario, Canada, L3R 9Y7
FOR IMMEDIATE RELEASE: January 31, 2005
COOLBRANDS BOARD OF DIRECTORS ELECTS DAVID STEIN
CO-CHAIRMAN AND CEO
- Appointment Follows Passing of Richard Smith -
Toronto, January 31, 2005 - CoolBrands International Inc. (TSX: COB.SV.A)
reported today that the Company's board of directors has elected David J. Stein,
previously President and Co-Chief Executive Officer, to serve as Co-Chairman and
Chief Executive Officer, effective immediately. The appointment follows the
passing on January 29, 2005 of Co-Chairman and Co-Chief Executive Officer
Richard E. Smith.
Speaking on behalf of the board, Michael Serruya, Co-Chairman of CoolBrands,
said, "Everyone at CoolBrands is deeply saddened at Richard Smith's tragic
passing. Richard was a visionary in our industry, and many of our Company's
achievements are a testament to Richard's leadership and energy. Our sympathies,
thoughts and prayers are with the entire Smith family."
Mr. Serruya continued, "Over the past five years, David Stein worked side by
side with Richard in creating and implementing CoolBrands' strategy. As the
President and Co-CEO since 2000, David is ideally equipped to drive our business
forward. The board of directors will work to ensure an effective transition of
Richard's responsibilities to David and his management team."
Mr. Stein said, "CoolBrands' management team has been seasoned through close
collaboration with Richard over a period of many years. Drawing on this
experience, and the talent and commitment of the members of our team, we can -
and will - build on the foundation we created under Richard's leadership, and
our Company will continue to focus on realizing its strategic objectives and
working to create value for all shareholders."
The Company also said that by mutual agreement, its management agreement with
Calip Dairies, Inc., pursuant to which Calip Dairies provided Richard Smith's
full time management services and certain other ancillary services, had been
terminated, effective immediately. The separate distribution agreement with
Calip Dairies, pursuant to which Calip Dairies distributes CoolBrands' products
to customers in the
New York Metropolitan area, remains in effect, as per the terms of that
agreement.
For More Information Contact:
U.S. and International Canada
Jeremy Fielding/Jon Morgan Robin Sears
Kekst and Company Navigator Ltd.
(212) 521 4800 (416) 642-6437
About CoolBrands International:
CoolBrands International competes 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 competes in the fast-growing "Better-for-You" ice cream category with
offerings such as fat free, non-dairy Whole Fruit Sorbet and Atkins Endulge
controlled carbohydrate super premium ice cream. New "Better-for-You" offerings
by CoolBrands include No Pudge! Branded frozen snacks and a line of
"Better-for-Kids" frozen snacks sold under the Crayola, Justice League, Snapple,
Care Bears and Trix Pops brands. CoolBrands also competes in the super premium
ice cream category with the Dreamery Ice Cream and Godiva Ice Cream brands. In
addition, CoolBrands markets a wide variety of "all family" premium ice creams
and frozen snacks under brand names including Eskimo Pie, Chipwich, Tropicana,
Welch's, Yoplait and Welch's.
CoolBrands' subsidiary, Eskimo Pie Frozen Distribution, operates a "direct store
door" (DSD) ice cream distribution system in selected markets 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, frozen snacks and other food products to well known national
retailers, food companies and restaurant chains.
CoolBrands' Foodservice Division manufactures and sells premium soft serve ice
cream and frozen yogurt to the foodservice industry. CoolBrands' Dairy
Components Division 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' Franchising Division franchises and licenses frozen dessert outlets
operated under a Family of Brands including Tropicana Smoothies, Juices & More,
Swensen's Ice Cream, I Can't Believe It's Yogurt, Yogen Fruz, Bresler's Premium
Ice Cream, Golden Swirl and Ice Cream Churn, with company owned, franchised and
non-traditional partnership locations around the world.
For more information about CoolBrands, visit www.coolbrandsinc.com.
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.