Exhibit 99.1
NEWS FROM:
ESKIMO PIE CORPORATION
901 Moorefield Park Drive Contact: Thomas M. Mishoe, Jr.
Richmond, Virginia 23236 Telephone: (804)-560-8490
FOR IMMEDIATE RELEASE: September 6, 2000
ESKIMO PIE SHAREHOLDERS APPROVE MERGER AGREEMENT
Richmond, Virginia (NASDAQ NNM: EPIE) - Eskimo Pie Corporation
announced today that at its special meeting of shareholders held this morning
shareholders approved the merger agreement dated May 3, 2000, as amended, with
CoolBrands International Inc. (formerly, Yogen Fruz World-World Incorporated).
Under the agreement, Eskimo Pie Corporation will become a wholly-owned
subsidiary of CoolBrands or an affiliate of CoolBrands. The merger required
approval by a vote of at least two-thirds of Eskimo Pie shares outstanding,
exclusive of the approximately 17% interest owned by CoolBrands and by a
majority vote of all shares outstanding. 2,079,764 or 71.8% of the
non-affiliated shares were voted in favor of the merger, thereby satisfying both
vote requirements without regard for the shares held by CoolBrands.
The merger agreement contemplates that the closing of the
merger will take place no later than five business days following satisfaction
or waiver of closing conditions provided for in the merger agreement. Under the
agreement, Eskimo Pie Corporation shareholders will receive $10.25 cash per
share. Instructions to shareholders for submitting share certificates will be
mailed promptly following the closing of the merger.
Eskimo Pie Corporation, headquartered in Richmond, Virginia, created the frozen
novelty industry in 1921 with the invention of the Eskimo Pie ice cream bar.
Today, the Company markets a broad range of frozen novelties, ice cream and
sorbet products under the Eskimo Pie, Real Fruit, Welch's, Weight Watchers Smart
Ones, SnackWell's and OREO brand names. These nationally branded products are
generally manufactured by a select group of licensed dairies who purchase the
necessary flavors ingredients and packaging directly from the Company. Eskimo
Pie Foodservice is a leading supplier of premium soft serve ice cream, frozen
yogurt, custard and smoothies to the foodservice industry. The Company also
sells a full line of quality flavors and ingredients for use in private label
dairy products in addition to the brands it licenses.
