Arctic Glacier Income Fund

Arctic Glacier Income Fund

June 03, 2009 18:14 ET

Bulk of Former Employee's Civil Case Against Arctic Glacier Dismissed by U.S. Judge

WINNIPEG, MANITOBA--(Marketwire - June 3, 2009) - Arctic Glacier Income Fund (TSX:AG.UN) today announced a U.S. judge has dismissed the bulk of a civil case brought by a former employee against the Fund's operating subsidiary, Arctic Glacier Inc.

In a preliminary proceeding on May 29, 2009, Judge Paul D. Borman of United States District Court in Michigan ordered that the majority of claims filed against Arctic Glacier by Martin McNulty be dismissed. Among the actions dismissed were antitrust claims relating to both federal and state jurisdictions.

"Arctic Glacier is gratified that the judge largely agreed with our position that the case had no merit," said Keith McMahon, President and CEO of Arctic Glacier. "With the bulk of the claims having now been dismissed, the company looks forward to seeing the remaining pieces similarly rejected."

Mr. McNulty was an employee of the Party Time Ice group of companies, based in Port Huron, Michigan. Party Time was acquired by Arctic Glacier on December 31, 2004 and Mr. McNulty accepted a settlement when he left the company less than one month afterward.

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 38 productions plants and 47 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail accounts.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 39.0 million trust units outstanding.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.

Contact Information

  • Arctic Glacier Income Fund
    Keith McMahon
    President & CEO
    Toll free investor relations phone: 1-888-573-9237
    Arctic Glacier Income Fund
    Doug Bailey
    Chief Financial Officer
    Toll free investor relations phone: 1-888-573-9237