THE ARCTIC GROUP ACCEPTS $30-MILLION FINANCING FROM ROYNAT INC.

April 20, 1998 - Winnipeg, Manitoba – The Arctic Group Chairman and CEO, Robert Nagy, announced today the Company has accepted an offer of financing from RoyNat Inc. by way of a $30-million debenture, secured by a first charge on assets.

The financing is subject to normal due diligence and the completion of a $25-million private placement of special warrants previously announced.

The combined $55-million will be used for acquisition of ice companies in North America and for general working capital purposes.

“This financing will aid The Arctic Group with its successful growth strategy through acquisition of ice companies in Canada and the U.S.,” The Arctic Group’s Chairman and CEO, Robert Nagy said. “With the support of groups such as RoyNat, The Arctic Group has become a major player in the North American ice industry.”

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
or visit The Arctic Group’s Web Site at – http://www.arcticgroup.com

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