CoolBrands International Inc. announces the sale of its Whole Fruit and Fruit-a-Freeze assets



    TORONTO, April 2 /CNW/ - CoolBrands International Inc. ("CoolBrands")
(TSX: COB.A) today announced that it, through its subsidiaries, has sold its
Whole Fruit and Fruit-a-Freeze assets to J&J Snack Foods Corp. for cash
proceeds of approximately US$4.6 million. The closing of this transaction
occurred today, with an effective date of March 30, 2007.
    In addition, the Company announces that it has closed its administrative
office in Ronkonkoma, NY and transferred the functions that were conducted in
that office to its head office in Markham, Ontario. As a result, the number of
employees of the Company has now been reduced to approximately 40, of which
approximately 37 work in the company's ice cream and frozen yogurt
manufacturing plant in Russellville, Arkansas.
    Following the sale today of its Whole Fruit and Fruit-a-Freeze assets,
the Company no longer directly markets for sale any owned brands. The
Company's remaining operating business is its ice cream and frozen yogurt
manufacturing plant in Russellville, Arkansas from which the Company provides
co-pack manufacturing for third parties. In addition to these operations, the
Company holds some additional real estate assets in New Jersey, Arkansas and
Arizona.
    Following the closing of the Ronkonkoma office, Gary Stevens is no longer
the Chief Financial Officer of the Company and has been replaced by Ken
MacKenzie who will be located in the Company's Markham office. Mr. MacKenzie
has been an experienced Chief Financial Officer at a variety of Canadian
public companies during the course of the last 10 years. And before that was a
Partner at Price Waterhouse where he worked for 20 years.

    About CoolBrands International Inc.: CoolBrands manufactures co-packs and
sells ice creams and frozen snacks. For additional information please visit
CoolBrands' website at www.coolbrandsinc.com.

    Forward Looking Statements

    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 CoolBrands' 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 CoolBrands' products, product costing, the weather, the
performance of management, including management's ability to implement its
plans as contemplated, CoolBrands' relationship with its customers,
franchisees, licensees and licensors, governmental regulations and legislation
and litigation. CoolBrands undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future
events or otherwise.

    %SEDAR: 00003887E




For further information:

For further information: Carla Aedo, Telephone: (905) 479-8762

Organization Profile

COOLBRANDS INTERNATIONAL INC.

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