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THE ARCTIC GROUP CONTINUES U.S. EXPANSION WITH CLOSE OF ANOTHER KANSAS ACQUISITION June 1, 1998 - Winnipeg, Manitoba – The Arctic Group Inc. Announced today it has completed the transaction to acquire the assets of Arctic Ice & Water Co., based south east of Wichita in the town of Independence, Kansas. An established producer and distributor of ice and water products, Arctic Ice & Water Co. recorded annual sales of approximately US$400,000 last year. The Arctic Group’s acquisition of this company was an all cash purchase, effective May 29, 1998. The Arctic Group Inc. intends to merge the operations of Arctic Ice & Water Co. with that of Party Pak, Inc., a leading Kansas-based ice producer and distributor acquired by The Arctic Group Inc. in a deal that closed on March 17, 1998. “This acquisition once again strengthens our position in this part of the United States,” said Robert Nagy, The Arctic Group Chairman and CEO. “We are continuing with our strategy of consolidation in the North American packaged 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 (Signed) |