CoolBrands Announces Acquisition of Majority Interest in Americana Foods

Dallas, Texas Manufacturer of Frozen Desserts and Foodservice Products For Major National Retailers, Food Companies and Restaurant Chains.

MARKHAM, ON, July 28 /PRNewswire-FirstCall/ -- CoolBrands International Inc. (TSX: COB.A) today announced that affiliates of Integrated Brands, Inc., its wholly owned subsidiary, have acquired the general partner interest and a majority of the total partnership interests in Americana Foods LP. The partnership interests were acquired by exercising an option granted under a prior agreement between Integrated Brands and its financial partners in Americana Foods.

Americana Foods is one of the largest and most versatile frozen dessert manufacturing facilities in the U.S., and currently supplies a wide variety of soft serve mixes, packaged ice cream, frozen yogurt and sorbet products and frozen novelties to well known national retailers, food companies and restaurant chains, including Sam's Club, TCBY Enterprises and Silhouette Brands. Americana Foods also manufactures and sells products for the foodservice channel such as dairy mixes for preparing mashed potatoes which are extensively used to standardize quality and reduce labor costs in on-site food preparation.

Commenting on the acquisition, David J. Stein, the President and Co-Chief Executive Officer of CoolBrands International, stated "Americana Foods strengthens CoolBrands' ability to support our brands with state of the art product innovation and quality assurance, while adding a new profit center from the manufacture of Partner Brand products. This acquisition complements our recent acquisition from Nestle of the Haagen-Dazs distribution system and positions CoolBrands as the 3rd largest ice cream company in the U.S. with a dramatically enhanced platform for continued growth."

On July 7, 2003, the Company acquired the Dreamery(R) ice cream and Whole Fruit(TM) sorbet brands from Dreyer's Grand Ice Cream, as well as the rights to the license for the Godiva(R) ice cream brand, which was assigned by Dreyer's. In that transaction CoolBrands also acquired substantially the entire Haagen-Dazs ice cream distribution system in the U.S. from Nestle, including distribution assets in the States of Washington, Oregon, Florida, California, Pennsylvania, New Jersey, Utah, Minnesota, Georgia, Maryland, and the District of Columbia.

About CoolBrands: CoolBrands markets Dreamery(R) Ice Cream and Whole Fruit(TM) Sorbet, as well as Eskimo Pie(R), Chipwich(R) and Fruit-A-Freeze(R) branded frozen novelties and frozen desserts. The Company also markets a broad range of ice cream, frozen novelties and frozen desserts under the Godiva(R), Tropicana(R), Welch's(R), Weight Watchers(R) Smart Ones(R), Betty Crocker(R), Trix(R), Yoplait(R), Colombo(R) and Yoo Hoo(R) brand names pursuant to long- term licensing agreements. In addition, CoolBrands franchises and licenses frozen dessert outlets operated under a Family of Brands including Tropicana(R), Swensen's(R), I Can't Believe It's Yogurt(R), Yogen Fruz(R), Bresler's(R), Golden Swirl(R), Ice Cream Churn(R), and Java Coast(R) Fine Coffees, with company-owned, franchised and non-traditional partnership locations in approximately 80 countries around the world. Coolbrands' Foodservice Division is a leading manufacturer and supplier of premium soft serve ice cream, frozen yogurt, custard and smoothies to the foodservice industry. The Company also manufactures and sells a full line of quality flavors, chocolate coatings, fudge sauces, powders for chocolate milk, egg nog bases and other ingredients and flexible packaging products for use in private label dairy products in addition to the Company's brands.

CoolBrands is speaking to certain institutional investors as a part of the Company's investor relations activities. An updated copy of the information that is being made available to these investors is available at the investor relations section on the Company's website:

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Information in this release relating to the Company's future plans and performance are "forward looking statements" and, as such, involve certain risks and uncertainties that could cause actual results to vary materially. Potential risks and uncertainties include, but are not limited to: (1) the highly competitive nature of the frozen dessert market and the level of consumer interest in the Company's products, (2) product costing, (3) the weather, (4) the performance of management, including management's ability to implement its plans as contemplated, (5) the Company's relationships with its customers, franchisees, licensees and licensors, and (6) government regulation.

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