I was reviewing a journal paper recently that is closely related to work a colleague and I are doing. We are currently in the process of writing up our paper, and I plan to cite the paper I reviewed in ours. The paper I reviewed has been accepted after two rounds, but has not appeared in print yet. The author does not have a preprint on their website (or other preprint services). We don't build on the reviewed paper I want to cite directly, but our work is closely related. In the future we will probably start building on the reviewed paper, so I want my co-author to be aware of it as soon as possible.
Can I send the last version of the reviewed paper (that I saw) to my colleague? Can I cite the paper as "(in press)" if I submit our paper before the reviewed paper finally appears in print?