 |
|
||||||
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
|
|
ARCTIC GROUP REVENUES INCREASE 25 PERCENT WITH NEW YORK ACQUISITION June 5, 1998 – Winnipeg, Manitoba – The Arctic Group Inc. announced today the Company has signed a Letter of Intent to acquire 100 percent of the common shares of A.T. Reynolds & Sons Inc. The acquisition includes wholly owned subsidiary Leisure Time Spring Water Inc. (d.b.a. Leisure Time), a major ice producer and distributor in southern New York and Northern New Jersey. Leisure Time, based in Kiamesha Lake, New York, has annual sales of approximately CDN$13 million. Leisure Time manufactures and distributes packaged ice and bottled spring water and serves the southern half of New York State, the northern half of New Jersey and parts of Pennsylvania and Connecticut. The Arctic Group’s consolidated sales will now be approximately CDN$65 million. This latest acquisition will be completed through a combination of cash and shares. Subject to final due diligence and regulatory and Board approvals, the transaction is scheduled to close in 60 days. Senior management at Leisure Time will be retained following the acquisition. “The Arctic Group’s growing prominence in the U.S. packaged ice industry will be significantly enhanced by the purchase of the Leisure Time business,” said Robert Nagy, The Arctic Group Chairman and CEO. The Arctic Group Inc. is Canada’s largest ice company and is committed to building an internationally recognized ice company by focusing on an aggressive strategy of growth through acquisition and consolidation of the ice industry in North America. 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) |