Toronto, Dec. 14 - CoolBrands International Inc. provides this status update pursuant to the alternative information guidelines of the Ontario Securities Commission as set out in Canadian Securities Administrators Staff Notice 57-301.
These guidelines contemplate that CoolBrands will normally provide bi-weekly updates on its affairs until such time as the company is current with its filing obligations under Canadian securities laws.
Negotiations related to the potential sale of CoolBrands Dairy, Inc. (as disclosed by press release dated November 17, 2006) continue and are progressing. There has been no material change in the information contained in the notice of default (the "Notice of Default") dated November 30, 2006 and filed on SEDAR.
Subsequent to the filing of the Notice of Default, there has not been any actual further default, nor does CoolBrands anticipate any further default for any financial statement filing requirements.