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Arctic Glacier Forms Special Committee to Evaluate Financing and Strategic Alternatives Winnipeg, Manitoba -- September 17, 2010 – Arctic Glacier Income Fund (TSX:AG.UN) today announced its Board of Trustees has initiated a comprehensive review and evaluation of financing and strategic alternatives available to the Fund with the objective of enhancing unitholder value. A special committee of the board will oversee the process, comprised of the Fund’s independent trustees: Gary Filmon, James Clark and David Swaine and will be chaired by Mr. Filmon. The special committee has engaged TD Securities Inc. to act as exclusive financial advisor. This process is expected to require a period of several months to complete. While there can be no assurance that any particular alternative will be pursued or a transaction will occur, the Fund will continue to act with a view to maximizing unitholder value. The Fund will make further announcements regarding this process once the board has approved a financing or strategic course of action or if it otherwise deems disclosure of developments is appropriate. 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. 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, primarily under the brand name of Arctic Glacier® Premium Ice. Arctic Glacier operates 39 production plants and 48 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail locations. Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 39.0 million trust units outstanding. 625 Henry Avenue, Winnipeg, Manitoba R3A 0V1 Tel: 204-772-2473 Fax: 204-783-9857 Contact Information The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release. |