Arctic Glacier Income Fund

Arctic Glacier Income Fund

March 30, 2009 17:12 ET

Arctic Glacier Announces Suspension of Executive Vice President, Operations and Vice President, Sales and Marketing

WINNIPEG, MANITOBA--(Marketwire - March 30, 2009) - Arctic Glacier Income Fund (TSX:AG.UN) today announced that, effective immediately, Frank Larson, Executive Vice President, Operations and Gary Cooley, Vice President, Sales and Marketing of the Fund's operating subsidiary, Arctic Glacier Inc., have been suspended from their duties with pay at the direction of the Company's Board of Directors.

The Board has been conducting an internal investigation that was precipitated by the ongoing investigation being conducted by the Antitrust Division of the United States Department of Justice ("DOJ"). Based on this internal investigation, the Board believes Mr. Larson and Mr. Cooley may have violated certain of the company's policies. The Board may take further action regarding Mr. Larson and Mr. Cooley prior to or following the conclusion of the internal investigation.

The Antitrust Division of the DOJ and the attorneys general of Florida and 18 other states are conducting ongoing investigations of possible antitrust violations in the U.S. packaged ice industry. Arctic Glacier continues to cooperate with the authorities, as it has since it first learned of these investigations.

"Arctic Glacier will continue to provide our clients with first-class product quality and industry-leading customer service," said Keith McMahon, President and CEO of Arctic Glacier. "A team of senior executives will assume the duties and responsibilities of Mr. Larson and Mr. Cooley on an interim basis under my supervision and operations will proceed normally."

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 production plants and 51 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: 1-888-573-9237
    Arctic Glacier Income Fund
    Doug Bailey
    Chief Financial Officer
    Toll Free Investor Relations: 1-888-573-9237