TORONTO--(BUSINESS WIRE)--Sept. 7, 2000--CoolBrands International,
Inc. (TSE:YFa.) (formerly Yogen Fruz World-Wide, Incorporated.) today
reported that the shareholders of Eskimo Pie Corporation approved the
merger agreement dated May 3, 2000, as amended, with CoolBrands at a
special meeting of shareholders held yesterday.
The merger required approval by a vote of at least two-thirds of
Eskimo Pie shares outstanding, exclusive of the approximately 17%
interest owned by CoolBrands, and by a majority vote of all shares
outstanding. 2,079,764 shares, or 71.8% of the non-affiliated shares,
were voted in favor of the merger, thereby satisfying both vote
requirements without regard for the shares held by CoolBrands.
Eskimo Pie Corporation will become a wholly-owned subsidiary of
CoolBrands or an affiliate of CoolBrands, upon the closing of the
merger, which shall take place following the satisfaction or waiver of
closing conditions provided for in the merger agreement.
CoolBrands 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, CoolBrand franchises and licenses
outlets operated under a Family of Brands including Yogen Fruz, 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,
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