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ARCTIC GROUP TO COMMENCE TRADING ON THE TSE Shares Issued 36,213,233 The Arctic Group is pleased to announce that its common shares will commence trading on the Toronto Stock Exchange at the opening on December 31, 1999 under the stock symbol "AGP". The Arctic Group Inc. has been trading on the Alberta Stock Exchange (now the Canadian Venture Exchange) since April 9, 1997. The Arctic Group Inc. is the largest producer of packaged ice in Canada and one of the largest in North America. It operates out of 47 locations, produces 2300 tons daily and distributes to over 35,000 customers. The Arctic Group´s principal markets include Canada, North Dakota, South Dakota, Minnesota, Wisconsin, Iowa, Nebraska, Kansas and western Texas. The progression to a listing on Canada's senior exchange represents a natural evolution in Arctic's growth. The Company recently released its results for the nine months ended September 30, 1999. Revenue for that period was $64.9 million compared to $38.5 million for the first nine months of 1998. EBITDA more than doubled for that period to $19.4 million compared to $9.2 million in the prior year. EBITDA, as a percentage of sales, increased to 30% from 24% year over year, representing an improvement in margin of 25 %. The Arctic Group Inc. will continue to build an internationally
recognized ice company by following a focused acquisition and consolidation
strategy concentrating on geographically contiguous markets. |