CoolBrands provides status update

    MARKHAM, ON, Aug. 2 /CNW/ - CoolBrands International Inc. (TSX: COB)
provides this status update pursuant to the Ontario Securities Commission
Policy 57-603.
    There have not been any material changes or other material information
concerning the affairs of the Company that has not been generally disclosed
since the Company reported its third quarter financial results on July 13,
    The Company remains under a management cease trade order related to
CoolBrands' securities against persons who have been directors, officers or
insiders of CoolBrands as a result of the Company's failure to file the
required certifications of its Chief Executive Officer and Chief Financial
Officer under Multilateral Instrument 52-109 - Certification of Disclosure in
Issuers' Annual and Interim Filings. Such order does not generally affect the
ability of persons who have not been directors, officers or insiders of
CoolBrands to trade CoolBrands' securities.
    In the prior fiscal year, management identified certain material
weaknesses and deficiencies in internal controls over financial reporting. As
a result of the sale of the majority of its operations, the Company no longer
owns the businesses where the material weaknesses in internal controls over
financial reporting had been identified. Management will be implementing
processes and procedures that reflect the current size of the organization and
will be completing the documentation and assessment of its internal controls
over financial reporting. However, until the process is completed, the Chief
Executive Officer and Chief Financial Officer have not provided the required
certifications to the Canadian Securities Commissions on the filing of the
financial statements.
    Until such time as the management cease trade order is lifted, CoolBrands
intends to satisfy the alternative information guidelines recommended by
Ontario Securities Commission Policy 57-603 ("OSC Policy 57-603").

    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, the
ability of CoolBrands to effectively manage the risks inherent with
divestitures, mergers and acquisitions, currency risk exposure, existing and
potential litigation involving the Company, 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. 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) 479-9249, Markham,
Ontario, Canada, L3R 8V2

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