Arctic Glacier Income Fund
CNSX : AG.UN

Arctic Glacier Income Fund

June 22, 2012 09:29 ET

Arctic Glacier Income Fund Announces Canadian Court Approval and Vesting Order

WINNIPEG, MANITOBA--(Marketwire - June 22, 2012) - Arctic Glacier Income Fund (CNSX:AG.UN) ("Arctic Glacier") announced today it has obtained an order (the "Canadian Court Approval and Vesting Order") of the Manitoba Court of Queen's Bench (the "Canadian Court") pursuant to the Companies' Creditors Arrangement Act (Canada) approving the previously announced sale of substantially all Arctic Glacier's business and assets (the "Transaction") to an affiliate of H.I.G. Capital (the "Purchaser").

The Transaction will be effected pursuant to an asset purchase agreement dated June 7, 2012 (the "Agreement") between Arctic Glacier, its subsidiaries and the Purchaser. The Canadian Court Approval and Vesting Order also extends the stay of proceedings as against Arctic Glacier and its subsidiaries until September 14, 2012. It also provides for the vesting in the Purchaser of the rights, title and interest in Arctic Glacier's assets, free and clear of all liens (subject to certain limited exceptions) upon closing of the Transaction in accordance with the terms of the Agreement.

Completion of the Transaction is expected to occur by July 31, 2012. Closing remains subject to approval of the U.S. Bankruptcy Court for the District of Delaware, pre-merger clearance in the United States, and the satisfaction of certain closing conditions customary in transactions of this nature, including the absence of a material adverse change in respect of Arctic Glacier.

Forward-Looking Statements

Certain statements included herein constitute "forward-looking statements". All statements, other than statements of historical fact, included in this release that address future activities, events, developments or financial performance are forward-looking statements. These forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "will", "could", "expect", "intend", "plan", "estimate", "anticipate", "believe", "future" or "continue" or the negative thereof or similar variations. In particular, statements about the proposed Transaction, including the expected timetable for completing the Transaction and the receipt of court and other approvals are or involve forward-looking information. These forward-looking statements are based on certain assumptions and analyses made by Arctic Glacier and its management, in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. Investors are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties, assumptions and other factors, many of which are outside the control of H.I.G. and Arctic Glacier, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, among other things, the parties' ability to consummate the Transaction; the parties' ability to satisfy the conditions to the completion of the Transaction, including that the receipt of court approval, or regulatory approval for the Transaction may not be obtained, or may not be obtained on the terms expected or on the anticipated schedule; general economic and market factors (including changes in global, national or regional financial, credit, currency or securities markets), changes or developments in global, national or regional political conditions (including any act of terrorism or war), changes in government laws or regulations (including tax laws) and changes in GAAP or regulatory accounting requirements.
Readers are cautioned that the foregoing lists are not exhaustive. Such forward-looking statements should, therefore, be construed in light of such factors. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. All forward-looking statements attributable to Arctic Glacier, or persons acting on its behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Readers are cautioned not to place undue reliance on forward-looking statements contained herein, which reflect the analysis of the management of Arctic Glacier, as appropriate, only as of the date of this release. For more information regarding these and other risks, readers should consult Arctic Glacier's reports on file with applicable securities regulatory authorities accessible online by going to SEDAR at www.sedar.com or by going to the Arctic Glacier website at www.arcticglacier.com. Arctic Glacier is under no obligation, and Arctic Glacier expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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® Premium Ice. Arctic Glacier operates 39 production plants and 47 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 Canadian National Stock Exchange under the trading symbol AG.UN. There are 350.3 million trust units outstanding.

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
    www.arcticglacier.com