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| ICON® LLC |  |
| Joe's Stone Crab
Development Company |
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| KremeWorks USA, LLC | |
| KremeWorks Canada, LP | |
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| SEATTLE – November 7, 2003 – KremeWorks
USA, LLC, the licensed area developer for Krispy Kreme Doughnuts,
Inc. (NYSE: KKD) in the Pacific Northwest, has named Jeri Knox chief
operating officer and managing partner. In the newly created position,
Knox will be responsible for domestic operations in the states of
Washington, Oregon, Hawaii and Alaska. Since joining KremeWorks in 2001 as concept partner, Knox has overseen the introduction and development of the Krispy Kreme Fundraising and Dozens Delivery program, the debut of Krispy Kreme’s frozen blend and espresso beverage programs for KremeWorks’ factory stores, and the development and management of Krispy Kreme Tacoma Mall. She is also responsible for the creation and implementation of the Krispy Kreme grand opening collectibles tent and has served on the opening teams for the six Krispy Kreme factory stores in the state of Washington (Issaquah, Spokane, Burlington, North Seattle, Tacoma Mall, and Puyallup) and the two Krispy Kreme factory stores in Oregon (Clackamas and Beaverton). Knox has over 24 years of experience in the restaurant industry, beginning her career at Nordstrom Inc. where she served in various positions within the company’s line of full-service restaurants, cafes, and espresso bars. She eventually earned the position of divisional manager, where she was responsible for concept creation and leading restaurant opening teams. Knox supervised the openings and operations of over 60 restaurants and espresso bars in Alaska, California, Colorado, Maryland, Oregon, Pennsylvania, Utah, Virginia, the state of Washington, and Washington, D.C. “Establishing the COO position at KremeWorks was the logical step in light of Krispy Kreme’s growth in the Northwest, and Jeri’s experience, creativity, and passion made her the ideal candidate,” said Gerard Centioli, president and CEO of KremeWorks USA, LLC. “Jeri has established and maintained the highest standards for every aspect of KremeWorks she has led.” “It’s an honor to be selected as KremeWorks’ first chief operating officer,” Knox said. “The people of the Pacific Northwest have been tremendously supportive of Krispy Kreme, and I look forward to overseeing the continued growth and maturation of the company in this region and in new markets.” Knox, a Pacific Northwest native, currently resides on Tapps Island in Sumner, Wash., with her husband John and two children, Brandon, 15, and Sean, 11. Founded in 1937 in Winston-Salem, North Carolina, Krispy Kreme is a leading branded specialty retailer of premium quality doughnuts, including the Company’s signature Hot Original Glazed. Krispy Kreme currently operates over 330 stores in 42 U.S. states, Canada, the UK, and Australia. An estimated 7.5 million Krispy Kreme doughnuts are made every day and more than 2.7 billion are produced each year. Krispy Kreme can be found on the World Wide Web at www.krispykreme.com. Media contacts: Information contained in this press release, other than historical
information, may be considered forward-looking in nature and is
subject to various risks, uncertainties and assumptions. Should
one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated or expected. Among
the key factors that may have a direct bearing on Krispy Kreme's
operating results, performance or financial condition are its dependence
on franchisees to execute its store expansion strategy, supply
issues, competition and numerous other factors discussed in Krispy
Kreme's periodic reports, proxy statement and other information
statements filed with the Securities and Exchange Commission.
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