RICHMOND, Va., and TORONTO, Oct. 6, 2000 (PRIMEZONE) -- Eskimo Pie Corporation (Nasdaw:EPIE) and CoolBrands International, Inc. (TSE:YF.A) (formerly Yogen Früz World-Wide, Inc.) announced today that the closing of the previously announced merger took place today. The merger agreement was signed on May 3, 2000 and approved by Eskimo Pie shareholders at its September 6, 2000 Special Meeting of Shareholders. Eskimo Pie Corporation is now wholly owned by CoolBrands.
Under the merger agreement, Eskimo Pie Corporation shareholders will receive $10.25 cash for each Eskimo Pie share. Instructions for submitting share certificates for payment will be mailed to Eskimo Pie shareholders within three business days.
Eskimo Pie Corporation, headquartered in Richmond, Virginia, created the frozen novelty industry in 1921 with the invention of the Eskimo Pie ice cream bar. Today, the Company markets a broad range of frozen novelties, ice cream and sorbet products under the Eskimo Pie, Real Fruit, Welch's, Weight Watchers, Smart Ones, Snackwell's and OREO brand names. These nationally branded products are generally manufactured by a select group of licensed dairies that purchase the necessary flavors, ingredients and packaging directly from the Company. Eskimo Pie Foodservice is a leading supplier of premium soft serve ice cream, frozen yogurt, custard and smoothies to the foodservice industry. The Company also sells a full line of quality flavors and ingredients for use in private label dairy products in addition to the brands it licenses.
CoolBrands International, Inc. markets a broad range of frozen novelties and frozen dessert products under the Tropicana, Betty Crocker, Trix, Yoplait, Colombo, Lucky Charms, and Yoo Hoo brand names, pursuant to long-term licensing agreements. In addition, CoolBrands franchises and licenses outlets operated under a Family of Brands including Yogen Früz, I Can't Believe It's Yogurt, Bresler's Ice Cream and Premium Frozen Yogurt, Swensen's Ice Cream, Golden Swirl, Paradise, Ice Cream Churn, and Java Coast Fine Coffees, with company-owned, franchised and non-traditional partnership locations in 82 countries as of May 31, 2000.
Eskimo Pie Corporation 901 Moorefield Park Drive Richmond, VA CoolBrands International, Inc. 8300 Woodbine Avenue Markham, Ontario, Canada L3R 9Y7