TORONTO, Oct. 8 /CNW/ - CoolBrands International Inc. (TSX: COB) ("CoolBrands") announces that the Appellate Division of the Supreme Court of the State of New York - First Department has dismissed an appeal by the plaintiff, Capricorn Investors III, L.P. ("Capricorn"), of Judge Bernard J. Fried's June 13, 2008 ruling concerning the Americana Limited Partnership litigation. Judge Fried had dismissed seven of the ten claims made by Capricorn in its complaint against CoolBrands and its affiliates and officers.
The Appellate Division court found no merit in Capricorn's claims of fraudulent inducement, negligent misrepresentation and other arguments.
Capricorn has also commenced an appeal of Judge Fried's decision released July 16, 2009, wherein he dismissed Capricorn's revised complaint in its entirety. This second appeal has not yet been heard by the Appellate Division court.
Forward Looking Statements
The information in this document contains certain forward-looking statements with respect to CoolBrands International Inc., its subsidiaries and affiliates. These statements are often, but not always made through the use of words or phrases such as "expect", "should continue", "continue", "believe", "anticipate", "estimate", "contemplate", "target", "plan", "budget", "may", "will", "schedule" and "intend" or similar formulations. By their nature, these forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant, known and unknown, business, economic, competitive and other risks, uncertainties and other factors affecting CoolBrands specifically or its industry generally that could cause actual performance, achievements and financial results to differ materially from those contemplated by the forward-looking statements. In view of these uncertainties we caution readers not to place undue reliance on these forward-looking statements. CoolBrands disclaims any intention or obligation to update or revise any statements made herein, whether as a result of new information, future events or otherwise.
SOURCE COOLBRANDS INTERNATIONAL INC.
For further information: For further information: Ken MacKenzie, (905) 479-8762