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ARCTIC GLACIER ACQUIRES OPERATIONS OF UNION ICE OF LOS ANGELES Acquisition Enhances Market Leadership In California WINNIPEG, March 2, 2007 – Arctic Glacier Income Fund (TSX:AG.UN) today announced its operating subsidiary, Arctic Glacier Inc., has acquired the assets and operations of Union Ice-Pacific L.P. of Los Angeles, California, which operates as Union Ice. Servicing the greater Los Angeles market since 1882, Union Ice is the second largest ice company in California, with annual revenues of approximately US$10 million. "This acquisition enhances the market leadership of Arctic Glacier in California," said Keith McMahon, President and Chief Executive Officer of Arctic Glacier. "The expanded coverage of the key southern California market will provide us with an additional platform for further growth and allow us to leverage operational efficiencies with our existing business." Union Ice operates two manufacturing plants in the greater Los Angeles area. The Vernon facility, located near downtown Los Angeles, is a new state-of-the-art facility that was built in 2006. The Van Nuys facility is the largest producer of 300 pound block ice on the west coast and is the primary source for block ice, snow scenes, ice sculptures and other ice products for the television and movie industries in Hollywood. Brett Willberg, President of Union Ice, has agreed to join the Arctic Glacier management team. "We are pleased that Arctic Glacier, with its excellent operational reputation, is acquiring Union Ice," said Mr. Willberg. "We will be in a position to fully realize the potential of the increased operating capacity from the new Vernon plant." Arctic Glacier first entered the California market in May 2006 with the acquisition of California Ice, which consisted of six companies that as a group represented the leading independent manufacturer and distributor of packaged ice in the state. About Arctic Glacier Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 36 manufacturing plants and 50 distribution facilities across Canada and the northeast, central and western United States servicing more than 70,000 retail accounts. Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 38.5 million trust units outstanding. Forward-Looking Statements This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, and there is no assurance that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as at the date of this news release, and the Fund assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances. -- 30 -- Contact Information For further information please contact Keith McMahon, President & CEO or Doug Bailey, Chief Financial Officer at Arctic Glacier Income Fund. The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release. |