TORONTO, April 20 /CNW/ - CoolBrands International Inc. ("CoolBrands")
(TSX: COB.A) today announced that it plans to issue its second quarter
financial results and related management discussion and analysis for the three
months ended February 28, 2007 on or about May 2, 2007.
Under applicable Canadian securities laws, these financial statements and
MD&A were due to be filed on April 15, 2007. The delay in the filing is the
result of the closure of the Company's subsidiary operations in Ronkonkoma,
New York on March 30, 2007 and the additional time required to complete the
preparation of the financial statements at the Company's head office location
in Markham, Ontario.
Pending the filing of its quarterly financial statements and MD&A,
CoolBrands intends to satisfy the alternative information guidelines
recommended by Ontario Securities Commission ("OSC") Policy 57-603 and
Canadian Securities Administrators ("CSA") Staff Notice 57-301.
The Company expects that the Canadian securities regulators will continue
the management cease trade order that is related to CoolBrands' securities
against persons who have been directors, officers or insiders of CoolBrands.
Such order is currently in effect and does not generally affect the ability of
persons who have not been directors, officers or insiders of CoolBrands to
trade CoolBrands' securities.
About CoolBrands International Inc.: CoolBrands manufactures, co-packs
and sells ice cream and frozen snacks.
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 %CIK: 0001005531
For further information:
For further information: Carla Aedo, Telephone: (905) 479-8762