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ARCTIC GROUP COMPLETES ACQUISITION OF THE ICE DIVISION OF FINNEGAN'S INC. Winnipeg, Manitoba - The Arctic Group Inc. announced today that the Company has completed a transaction to acquire the assets of the ice division of Finnegan's Inc., an ice producer and distributor with manufacturing and distribution facilities in Kansas and Iowa. Finnegan's ice division services southern Kansas and northern Iowa from production and distribution centers in Salina, Kansas and Oskaloosa, Iowa. The company has annual ice sales of approximately $1,400,000. Keeping with its acquisition strategy, Arctic plans to consolidate Finnegan's territory with its existing Iowa operation, Krieg Boys Ice, and its Kansas territory with Arctic's existing Kansas operation, Party Pak Ice. "The acquisition of Finnegan's in conjunction with our earlier purchases of Party Pak Ice in Wichita, Kansas and Krieg Boys Ice in Dubuque, Iowa creates operational and distribution efficiencies in the Kansas and Iowa markets," said Robert Nagy, Chairman and CEO of The Arctic Group Inc. "Finnegan's is an excellent fit geographically with our existing operations in that it broadens our distribution base and increases our market penetration. We are consolidating and strengthening our position in the Mississippi Valley area through each purchase we make." 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 purchase of Finnegan's Inc. is an excellent fit with Arctic's strategy of doing accretive acquisitions in markets contiguous to those in which the Company already has a presence. (Signed) The Alberta Stock Exchange has not reviewed and does not approve or disapprove of the adequacy or accuracy of this release. |