NEWS RELEASE:
Yogen Fruz World-Wide Incorporated (TSE: YF.A) the world's
largest franchisor of frozen yogurt outlets, announced today that
it has approached the management and the Board of Directors of
Eskimo Pie Corp., with a proposal to acquire 100% of the
outstanding shares of common stock of Eskimo Pie Corp. for cash,
at a price of $10.25 U.S. per share, in a negotiated transaction.
The price per share proposed by Yogen Fruz reflects the fact that
it has not been given an opportunity to conduct any due diligence
on the business and affairs of Eskimo Pie Corp. Yogen Fruz has
obtained a commitment for the necessary funds required to close
this transaction from its existing lender, The Chase Manhattan
Bank.
Yogen Fruz believes that a combination of its wholly-owned
branded frozen dessert subsidiary Integrated Brands Inc. and
Eskimo Pie Corp. represents an extraordinary opportunity for the
two companies and their respective employees and customers.
Eskimo Pie Corp. markets and manufactures a variety of frozen
novelties, frozen yogurt, ice cream and sorbet products.
Yogen Fruz is the world's largest franchisor of frozen yogurt
outlets, with 4,762 locations in 82 countries, operating a Family
of Brands including Yogen Fruz, I Can't Believe It's Yogurt,
Bresler's Ice Cream and Premium Frozen Yogurt, Swensen's Ice
Cream, Golden Swirl, Paradise, Ice Cream Churn and Java Coast
Fine Coffees. Yogen Fruz directly, and through its subsidiary
Integrated Brands Inc., markets, sells and distributes a variety
of frozen dessert and novelty items under the Betty Crocker,
Trix, Tropicana, Yoplait, Columbo, Lucky Charms and Yoo Hoo brand
names, pursuant to long-term license agreements.
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For further information contact:
Michael Serruya/Richard E. Smith
Co-President and Co-Chief Executive Officer
Yogen Fruz World-Wide Incorporated
Tel: 905-479-8762/Tel: 516-737-9700
Fax: 905-479-5235/Fax: 516-737-9792 |
