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THE ARCTIC GROUP COMPLETES ACQUISITION OF NEBRASKA-BASED VALLEY ICE March 12, 1999 - Winnipeg, Manitoba. The Arctic Group Inc. has announced that the Company has completed a transaction to acquire 100 percent of Valley Ice Co., the largest ice manufacturer/distributor in Nebraska. Valley Ice has production facilities in Omaha and Lincoln, Nebraska as well as distribution facilities in Grand Island and Norfolk, Nebraska. From these locations, Valley Ice services customers in Nebraska, Missouri and Kansas. "The acquisition of Valley Ice is an ideal fit with our previous acquisitions of North Star Ice in Minnesota and Krieg Boys Ice in Iowa. Valley Ice, with annualized revenues of approximately $7,000,000 CDN is a significant acquisition for Arctic,"said Robert Nagy, Arctic Group Chairman and CEO. " The manager of Valley Ice, Dave Potter, will continue to lead the operation and is another excellent addition to the management team of Arctic." "This acquisition further enables The Arctic Group Inc. to service accounts on a national basis and will enhance our position as an industry leader." The Arctic Group acquired all of the issued and outstanding shares of Valley Ice . The investment in Valley Ice 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 the major markets in Canada and service a substantial segment of the United States. The acquisition of Valley Ice is a further step in the execution of Arctic’s business plan to consolidate the North American industry. Consistent with past acquisitions, the Valley Ice 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 (Signed) The Alberta Stock Exchange has not reviewed and does not approve or disapprove of the adequacy or accuracy of this release. |