CoolBrands International Inc. ("CoolBrands") (TSX: COB.A) 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.

About CoolBrands International: CoolBrands International Inc. markets a broad range of ice creams and frozen snacks under a family of brands, including Eskimo Pie(R), Godiva(R) Ice Cream, Whole Fruit(TM) Sorbet, Snapple(R) On Ice Pops, Tropicana(R) Fruit Bars, No Pudge!(TM) Frozen Snacks, Crayola(R) Color Pops, Yoplait(R) Frozen Yogurt and many other well recognized brand names. CoolBrands also markets fresh yogurt products, including Breyers(R) Fruit on the Bottom, Probiotics Plus Light and Creme Savers(R) cup yogurt varieties. Eskimo Pie and Whole Fruit are trademarks of CoolBrands, all other marks are used under license.

For more information about CoolBrands, visit www.coolbrandsinc.com.

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding, among other things, statements relating to goals, plans and projections regarding the Company's financial position and business strategy. These statements may be identified by the fact that they use such words as "anticipate," "estimate," "expect," "intend," "plan," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. Such forward-looking statements are based on current expectations and involve inherent risks and uncertainties, including factors that could delay, divert or change any of them, and could cause actual outcomes and results to differ materially from current expectations. These factors include, among other things, market factors, competitive product development and promotional activity, the level of consumer interest in the Company's products, product costing, the weather, the performance of management, including management's ability to implement its plans as contemplated, the Company's relationship with its customers, franchisees, licensees and licensors, governmental regulations and legislation and litigation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

%SEDAR: 00003887E

For further information: Carla Aedo, Telephone: (905) 479-8762

Source: newswire