Arctic Glacier Income Fund

Arctic Glacier Income Fund

February 01, 2011 18:08 ET

Arctic Glacier Commences Next Phase of Review Process

WINNIPEG, MANITOBA--(Marketwire - Feb. 1, 2011) - Arctic Glacier Income Fund (TSX:AG.UN) today announced next steps to be taken in its previously announced comprehensive review and evaluation of financing and strategic alternatives available to the Fund.

Since its initial announcement on September 17, 2010, Arctic Glacier, under the supervision of a special committee of the board of trustees, has reviewed and analyzed various financing and strategic alternatives. "We are pleased with the progress to date and remain committed to delivering value to unitholders," said Gary Filmon, Chairman of the special committee. 

Arctic Glacier, with the assistance of its financial advisor TD Securities Inc., will now make select information available to third parties who wish to participate in the process and enter into a confidentiality agreement. Arctic Glacier will then seek submission of proposals from interested parties regarding a financing or strategic transaction. All proposals received as a result of this process will then be considered and evaluated.

"I am very optimistic that this review will improve Arctic Glacier's position as we seek to lay the foundation for continued growth and a strong future," said Keith McMahon, President and CEO of Arctic Glacier Inc., the Fund's operating subsidiary. "During this process, the company continues to be focused on manufacturing premium quality product, delivered with the high level of service that our customers expect from Arctic Glacier."

The process is expected to require a period of several months to complete. While there can be no assurance that any particular alternative will be pursued, or of the specific nature of any transaction that may occur, the Fund will continue to act with a view to enhancing unitholder value. 

Forward-Looking Statements

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, and there is no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as at the date of this news release, and the Fund assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.

About Arctic Glacier

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, primarily under the brand name of Arctic Glacier(R) Premium Ice. Arctic Glacier operates 39 production plants and 48 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations.

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
    Arctic Glacier Income Fund
    Doug Bailey
    Chief Financial Officer
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