Arctic Glacier Income Fund
TSX : AG.UN

Arctic Glacier Income Fund

March 21, 2011 17:22 ET

Arctic Glacier Income Fund: Civil Division of U.S. Justice Department Concludes Investigation Without Taking Action Against Arctic Glacier

WINNIPEG, MANITOBA--(Marketwire - March 21, 2011) - Arctic Glacier Income Fund (TSX:AG.UN) announced today its counsel has been informed by the Civil Division of the U.S. Department of Justice ("DOJ") that it has concluded its investigation of the packaged ice industry and will take no action against the Fund or its subsidiaries.

The DOJ first advised Arctic Glacier of its commencement of a civil investigation under the U.S. False Claims Act on November 25, 2008. The purpose of the investigation was to determine whether the U.S. government or its contractors were unlawfully overcharged in connection with purchases of packaged ice. The DOJ's Antitrust Division had initiated an investigation into the state of competition among the major packaged ice manufacturers and the Civil Division followed suit. Since learning of the investigation, the Fund has cooperated with the DOJ and provided all requested information.

"We are pleased to learn the DOJ will not be taking any action against Arctic Glacier," said Keith McMahon, President and CEO of Arctic Glacier Inc., the Fund's operating company. "Arctic Glacier takes its commitment to abide by all laws very seriously, and we believe the government's action validates that commitment."

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.

Contact Information

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