EX-99 2 ex99-1.txt EXHIBIT 99.1 Exhibit 99.1 NEWS FROM: COOLBRANDS INTERNATIONAL INC. FOR IMMEDIATE RELEASE --------------------- COOLBRANDS ANNOUNCES REGULATORY APPROVAL FOR NORMAL COURSE ISSUER BID Toronto, Canada, October 28, 2004 - CoolBrands International Inc. (TSX: COB.A) announced today that the Toronto Stock Exchange has approved its application to make a normal course issuer bid for the repurchase of its Class A subordinate voting shares. Pursuant to the normal course issuer bid, CoolBrands will be entitled to repurchase for cancellation up to 550,000 of its Class A subordinate voting shares (representing approximately 1.1% of outstanding shares of that class) over the twelve month period commencing on November 15, 2004. As of October 25, 2004, there were 49,863,068 Class A subordinate voting shares issued and outstanding. All purchases will be made through the facilities of the TSX. CoolBrands has not repurchased any shares in the previous twelve months. The Company does not intend to begin any repurchases until the release of its fiscal 2004 and fourth quarter financial results, which is expected to occur in the second half of November 2004. CoolBrands believes that currently the underlying value of its Class A subordinate voting shares may not be reflected in the market price and accordingly believes that this normal course issuer bid provides value by allowing the Company to reduce the number of shares outstanding at an attractive price. 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 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. Contact: Michael Serruya, Co-Chairman CoolBrands International Inc. Email Address: mserruya@coolbrandsinc.com Telephone: (905) 479-8762