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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: July 14, 2000
ESKIMO PIE SCHEDULES SPECIAL SHAREHOLDER MEETING
Richmond, Virginia (NASDAQ NNM: EPIE) - Eskimo Pie Corporation
announced today that the Board of Directors has called a special meeting of
shareholders to vote on the merger transaction between CoolBrands International
Inc. (formerly, Yogen Fruz World-Wide Incorporated) and Eskimo Pie Corporation,
whereby Eskimo Pie would become a wholly-owned subsidiary of CoolBrands. This
meeting is scheduled for September 6, 2000, with a record date of July 13, 2000.
The Company also stated that the Federal Trade Commission has
granted early termination of the waiting period required under the
Hart-Scott-Rodino Antitrust Improvements Act of 1976 with respect to the merger.
Additionally, certain requirements under the New Jersey Industrial Site Recovery
Act related to environmental issues at the Company's Bloomfield, New Jersey
manufacturing plant have been satisfied, as evidenced by the execution of a
Remediation Agreement with the New Jersey Department of Environmental Protection
on July 13, 2000. Both of these items needed to be resolved prior to submitting
the merger agreement for shareholder approval.
Further, the Board of Directors amended the Company's
shareholder rights plan (Rights Agreement) to make it inapplicable to CoolBrands
with respect to transactions under the merger agreement.
The parties anticipate that proxy materials relating to the
special meeting of Eskimo Pie shareholders will be mailed prior to the end of
July 2000. The proposed merger transaction remains subject to customary closing
conditions.
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.
