THE ARCTIC GROUP ANNOUNCES $5-MILLION PRIVATE PLACEMENT

Chairman and CEO of The Arctic Group Inc., Robert Nagy, announced March 19th, 1998 the Company has completed a $5-million private placement by way of special warrants to be cleared by prospectus.

Upon prospectus approval (to be within 150 days of closing), the warrants will be converted one for one into common shares of The Arctic Group Inc. The net proceeds of the offering will be used for acquisition purposes.

Groome Capital Advisory Inc. and Wellington West Capital Inc. placed the issue as agents for The Arctic Group Inc.

As Canada's largest ice company, The Arctic Group Inc. is committed to building an internationally recognized ice company by focusing on an aggressive strategy of growth through acquisition and consolidation of the ice industry in North America.

For further information, call The Arctic Group Inc. TOLL FREE at 1-888-573-9237.

(Signed)
On behalf of the Management and the Board of Directors of The Arctic Group Inc.,
Robert Nagy, Chairman & CEO.

The Alberta Stock Exchange has not reviewed and does not approve or disapprove of the adequacy or accuracy of this release.