Arctic Glacier Income Fund
CNSX : AG.UN

Arctic Glacier Income Fund

February 28, 2012 16:44 ET

Arctic Glacier Initiates Sale and Investor Solicitation Process

WINNIPEG, MANITOBA--(Marketwire - Feb. 28, 2012) - Arctic Glacier Income Fund (CNSX:AG.UN) ("the Fund") announced today that a sale and investor solicitation process ("SISP") has been initiated with respect to the Fund and its subsidiaries ("Arctic Glacier").

TD Securities Inc., financial advisor to Arctic Glacier has commenced contacting prospective strategic and financial partners interested in participating in the SISP. A notice ("Notice") was published yesterday in The Globe & Mail, The Wall Street Journal and The New York Times seeking expressions of interest in connection with a potential sale of all property, assets and businesses of Arctic Glacier, or an equity investment in and recapitalization of the Fund. The Notice was issued pursuant to the terms of the initial order (the "Initial Order") of the Winnipeg Court of Queen's Bench (the "Court"). The full text of the Notice is set out below.

TAKE NOTICE THAT pursuant to an order (the "Order") of the Court of Queen's Bench (Winnipeg Centre) (the "Court") issued on February 22, 2012 under the Companies' Creditors Arrangement Act, the Arctic Glacier Companies obtained Court approval to conduct a sale and investor solicitation process (the "SISP"). Pursuant to the SISP, TD Securities Inc. is soliciting proposals from prospective strategic and financial parties to acquire the property, assets and business of, or to invest in the Arctic Glacier Companies.
The Arctic Glacier Companies are the largest producers and distributors of packaged ice in Canada and the second largest in the United States. The packaged ice is marketed under the "Arctic Glacier® Premium Ice" brand. The companies service approximately 75,000 customer locations across 6 provinces in Canada and 23 states in the United States, and operate a network of 39 production facilities and 47 distribution centres which are centrally located throughout Canada and the northeastern, central and western United States.
The Order appointed Alvarez & Marsal Canada Inc. as the Monitor of the Arctic Glacier Companies and confirmed TD Securities Inc. as their financial advisor. Interested parties can obtain additional information by contacting TD Securities Inc. at:
TD Securities Inc.
Attention Mr. Michael Arblaster
416-982-4720
Email: Michael.arblaster@tdsecurities.com

The timing and procedures governing the sale and investor solicitation process, the terms of participation by prospective purchasers or prospective strategic or financial investors, and the criteria for the submission, evaluation and selection of bids are set out in the Initial Order. Alvarez & Marsal Canada Inc., the Court-appointed monitor in the CCAA proceedings, will supervise the SISP in accordance with the terms of the Initial Order. For further information, please refer to the monitor's website at www.alvarezandmarsal.com/arcticglacier.

There can be no assurance that the SISP will lead to a transaction, or as to the terms of any such transaction.

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.

Forward-Looking Information

Certain matters set forth in this news release, including statements with respect to the potential sale of all property, assets and businesses of, or an equity investment in and recapitalization of the Fund, are forward looking. These forward-looking statements reflect management's current views and are based on certain assumptions including assumptions as to future operating conditions and courses of action, recapitalization alternatives, economic conditions and other factors management believes are appropriate. Such forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those contained in these statements, including the risk that sale, equity investment or recapitalization alternatives may not be available to Arctic Glacier or may not be available on terms favourable to Arctic Glacier and its security holders, as well as those risks and uncertainties identified under the heading "Risks Management" in Arctic Glacier's management's discussion and analysis for each of the year ended December 31, 2010, and for the third quarter ended September 30, 2011 available at www.sedar.com 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.

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