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EXHIBIT 99.1
NEWS FROM:
COOLBRANDS INTERNATIONAL, INC.
COOLBRANDS Appoints New Independent Director, Approves Final Breyer's
Financing
Transaction Expected to Close March 28, 2005
Toronto, March 24, 2005 - CoolBrands International Inc. (TSX: COB.SV.A) said
today that the Company's Board of Directors has voted unanimously to appoint
Arthur Waldbaum to serve as a Director. The company also announced that its
Board had voted unanimously to approve $40 million in financing for the
previously announced acquisition of Breyer's yogurt from Kraft Foods. JP Morgan
Chase is providing the financing for the transaction, which is expected to close
on March 28, 2005.
Arthur Waldbaum has enjoyed a 20-year career in the supermarket and frozen foods
business, starting as a Waldbaum's Supermarket management trainee in 1980. He
held positions of increasing responsibility over the next 15 years, eventually
attaining the post of Executive Vice President, responsible for merchandising,
real estate, advertising, and community and public affairs. He replaces Joe
Binder, who has resigned for personal reasons. With Mr. Waldbaum's election, the
CoolBrands' Board of Directors maintains a majority of independent directors.
David J. Stein, CoolBrands' Co-Chairman and Chief Executive Officer, stated,
"Arthur is a talented and accomplished executive, and we are delighted to
welcome him to the Board. His Waldbaum's experience, which includes leadership
roles in merchandising and frozen foods, is directly applicable to our business.
We look forward to benefiting from his perspective and counsel."
Commenting on the Breyer's transaction, Mr.Stein said, "We are pleased to have
secured the financing to complete our acquisition of Breyer's yogurt. This
important addition to CoolBrands will enable us to diversify our snack offerings
in the high-growth yogurt category."
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
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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
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litigation. The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future events
or otherwise.