CoolBrands Makes Further Amendments To Stock Option Plan.Business Editors MARKHAM, Ontario--(BUSINESS WIRE)--Oct. 30, 2002 CoolBrands (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :COB.A) is announcing today further amendments and guidelines that it will adopt in connection with its proposed 2002 Stock Option Plan (the "Plan"). CoolBrands shareholders will vote on the Plan at the Special Meeting of shareholders to be held on November 1, 2002. CoolBrands' past practice of granting options has been an important contributing factor in the company's recent success. It has helped CoolBrands produce superior returns for the company's shareholders, and should be continued. However, CoolBrands also recognizes the concerns of some shareholders regarding the number of options reserved for issuance under the Plan. After discussions with its institutional shareholders, CoolBrands has therefore determined to reduce the number of options available under the Plan to 5,170,000, and to limit the number of options, which may be granted in any one fiscal year to 2.5% of the total number of equity shares of the company outstanding at the beginning of the fiscal year. CoolBrands has outstanding today 6,203,039 multiple voting Noun 1. multiple voting - the act of voting in more than one place by the same person at the same election (illegal in U.S.) balloting, vote, voting, ballot - a choice that is made by counting the number of people in favor of each alternative; "there were only 17 shares and 45,507,685 Class A subordinate voting shares Voting Shares Shares that give the stockholder the right to vote on matters of corporate policy making as well as who will compose the members of the board of directors. Notes: Different classes of shares, such as preferred stock, sometimes don't allow for voting rights. , for a total of 51,710,724 equity shares in the company. The 5,170,000 options available for issuance under the Plan represent slightly less than 10% of the total number of outstanding equity shares of the company. Based on CoolBrands' discussions with its institutional shareholders, these changes reflect a broad consensus of opinion as to what would constitute a fair and reasonable stock option plan for CoolBrands and should receive their widespread support. CoolBrands will include these changes in the Plan to be voted on by shareholders at the November 1, 2002 special meeting. 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 , branded frozen novelties and frozen dessert products. Eskimo Pie, 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 Adj. 1. widely distributed - growing or occurring in many parts of the world; "a cosmopolitan herb"; "cosmopolitan in distribution" cosmopolitan bionomics, environmental science, ecology - the branch of biology concerned with the relations between organisms 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 Betty Crocker, an invented persona and mascot, is a brand name and trademark of American food company General Mills. The name was first developed by the Washburn Crosby Company in 1921 as a way to give a personalized response to consumer product questions. (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 Yogen Fruz is a world-wide chain of frozen yogurt stores. Yogen Fruz serves a variety of other treats focusing on healthier alternatives. In 1986, two young brothers opened their first retail outlet at the Promenade Mall in Toronto, Canada. (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 A drink make from eggs beaten with milk, cream, and sugar, often spiked with rum or other alcoholic liquor, and sometimes seasoned with cinnamon; usually spelled eggnog sp>. It is a traditional drink served at social gatherings during the Christmas season. See also: 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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