CoolBrands Acquires Chipwich.Business Editors MARKHAM, Ontario--(BUSINESS WIRE)--Aug. 20, 2002 CoolBrands International Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : COB.A) announced today that it has purchased the business and assets of Chipwich, Inc., the Piermont, NY based maker of the world famous Chipwich Ice Cream Cookie Sandwich. A Chipwich is premium ice cream sandwiched between two specially formulated chocolate chip Chocolate chips are small chunks of chocolate. They are often sold in a round, flat-bottomed teardrop shape (similar to a Hershey's Kiss). They are available in numerous sizes, from large to miniature, but are usually around 1 cm in diameter. cookies and rolled in pure chocolate chips. When it was introduced in 1981, Chipwich became an overnight sensation and created the adult premium ice cream novelty category. Since then, Chipwich has established itself as one of the best-known brand names for frozen novelties. Chipwich Ice Cream Cookie Sandwiches come in a variety of flavors and are sold individually wrapped for single serve and packed six to a box for supermarkets. Market penetration Noun 1. market penetration - the extent to which a product is recognized and bought by customers in a particular market penetration - the act of entering into or through something; "the penetration of upper management by women" is especially strong in outlets for single serve sales, including nationwide distribution at 7 ELEVEN convenience stores The following is a list of convenience stores organized by geographical location. Stores are grouped by the lowest heading that contains all locales in which the brands have significant presence. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Commenting on the acquisition, CoolBrands International Inc.'s President and Co-CEO, David J David J. Haskins (b. April 24, 1957, in Northampton, England) is a British alternative rock musician. He was the bassist for the seminal gothic rock band Bauhaus. Life and work . Stein, stated, "Chipwich is a brand name everyone knows and a product with proven appeal and staying power. Chipwich complements our growing portfolio of brands, especially in the impulse arena, where Chipwich is a core segment product. CoolBrands expects to significantly expand distribution of the Chipwich brand, especially in supermarkets, extend the brand through line extensions and realize margin enhancements based on acquisition synergies. " Coolbrands markets Eskimo Pie Eskimo Pie is a brand name for a chocolate-covered vanilla ice cream bar wrapped in foil, the first such dessert sold in the United States. Danish immigrant Christian Kent Nelson, a schoolteacher and candy store owner, claimed to have received the inspiration for the Eskimo (R) branded frozen novelties and frozen dessert products. Eskimo Pie(R) created the frozen novelty industry in 1921 when its founder, Christian K. Nelson, invented the chocolate-coated ice cream bar An ice cream bar is a frozen dessert on a stick or a candy bar that has ice cream in it. The coating is usually a thin layer of chocolate. Sometimes there is some crunchy goodness on the outside too. . Today, more than 80 years later, Eskimo Pie(R) remains one of the best-known and most widely distributed of all frozen novelty brands. The Company also markets a broad range of frozen novelties and frozen dessert products under the 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 Yogen Fruz(R), I Can't Believe It's Yogurt(R), Bresler's(R), Swensen'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. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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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