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ARCTIC GROUP COMPLETES ACQUISITION OF NORTH STAR ICE October 26, 1998 - Winnipeg, Manitoba – The Arctic Group Inc. has announced that the Company has concluded a transaction to acquire 100 percent of North Star Ice Inc., of St. Paul, Minnesota. North Star, based in the Twin Cities, is one of the largest independent ice producers in the United States. From its state-of-the-art plant, the company services Minnesota, Wisconsin, North Dakota and South Dakota. “The acquisition of North Star is a very significant development in our ongoing program to expand operations throughout the United States,” said Robert Nagy, Arctic Group Chairman and CEO. “Having the capabilities of North Star founders John Rooney and Bill Lancaster in our organization will certainly add depth to the Arctic team, and will enhance our position as industry leader.” The Arctic Group acquired all of the issued and outstanding shares of North Star in the Company’s largest single transaction to date. Arctic Group’s sales are expected to increase by approximately 25 percent as a result of the transaction. The investment in North Star was completed through credit facilities provided by RoyNat Inc., Arctic Group’s lead lender. The Arctic Group is one of North America’s largest ice companies with operations that encompass all of the major markets in Canada and service a substantial segment of the central United States. The acquisition of North Star is a further step in the execution of Arctic’s business plan to consolidate the North American industry. Consistent with past acquisitions, the North Star transaction maintains Arctic’s focus on product quality and profitability. 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) The Alberta Stock exchange has not reviewed and does not approve
or disapprove of the accuracy of this release |