AG.UN Arctic Glacier Income Fund

Arctic Glacier Income Fund (CNSX:AG.UN) ("Arctic Glacier") announced today that
it has entered into a binding agreement (the "Agreement") to sell substantially
all of its business and assets (the "Transaction") to an affiliate of H.I.G.
Capital (the "Purchaser"), a prominent private equity investment fund
headquartered in Miami, Florida. The Purchaser submitted its proposal in
accordance with Arctic Glacier's court approved Sale and Investor Solicitation
Process ("SISP") under the Companies' Creditors Arrangement Act (Canada) (the
"CCAA"). 


Alvarez & Marsal Canada Inc., the CCAA Court-appointed monitor (the "Monitor"),
recommended, after consultation with Arctic Glacier's financial advisor, TD
Securities Inc., the Chief Process Supervisor and Arctic Glacier, the Qualified
Bid (as defined in the SISP) submitted by the Purchaser as the most favourable
Qualified Bid and that it should be selected. The Special Committee of Arctic
Glacier's Board of Trustees accepted the Monitor's recommendation in accordance
with the SISP. 


The Agreement and completion of the Transaction remain subject to court approval
in Canada and the United States, pre-merger clearance in the United States, and
the satisfaction of certain closing conditions customary in transactions of this
nature, including the absence of a material adverse change in respect of Arctic
Glacier. The Purchaser has arranged committed financing for the completion of
the Transaction, which is expected to close by July 31, 2012.


Upon completion of the Transaction, Arctic Glacier will be a financially
stronger company that is well positioned for growth. The Purchaser intends to
partner with senior management of Arctic Glacier to implement growth initiatives
that will enhance profitability and increase the value of the business. On
closing, all Arctic Glacier employees will be offered employment and the
company's head office will remain in Winnipeg. The Agreement provides that the
Purchaser will assume Arctic Glacier's current trade payables, its leases and
certain contractual obligations. Arctic Glacier's existing secured lenders will
be paid in full on closing. Arctic Glacier expects that the net proceeds of the
sale will be sufficient to pay all of its remaining known creditors and may be
sufficient to permit a distribution to its unitholders after all creditor claims
have been proven and satisfied. The timing and amount of any distributions to be
paid to creditors and unitholders cannot be determined at this time. 


Keith McMahon, President and CEO of Arctic Glacier, commented, "this transaction
is the result of the tremendous effort and dedication of our employees who
should be proud of their efforts. We look forward to working with H.I.G. to
complete this sale, which we expect will put us in a strong competitive position
to grow our business and strengthen our position as an industry leader in the
packaged ice business."


Forward-Looking Statements 

Certain statements included herein constitute "forward-looking statements". All
statements, other than statements of historical fact, included in this release
that address future activities, events, developments or financial performance
are forward-looking statements. These forward-looking statements can be
identified by the use of forward-looking words such as "may", "should", "will",
"could", "expect", "intend", "plan", "estimate", "anticipate", "believe",
"future" or "continue" or the negative thereof or similar variations. In
particular, statements about the proposed Transaction between H.I.G. and Arctic
Glacier, including the expected timetable for completing the Transaction, the
receipt of court and other approvals, the anticipated outcomes of the
Transaction set out in paragraph 4 hereof and any other statements regarding
H.I.G. and Arctic Glacier's future expectations, beliefs, goals or prospects are
or involve forward-looking information. These forward-looking statements are
based on certain assumptions and analyses made by Arctic Glacier and its
management, in light of their experiences and their perception of historical
trends, current conditions and expected future developments, as well as other
factors they believe are appropriate in the circumstances. Investors are
cautioned not to put undue reliance on such forward-looking statements, which
are not a guarantee of performance and are subject to a number of uncertainties,
assumptions and other factors, many of which are outside the control of H.I.G.
and Arctic Glacier, which could cause actual results to differ materially from
those expressed or implied by such forward-looking statements. Important factors
that could cause actual results to differ materially from those expressed or
implied by such forward-looking statements include, among other things, the
parties' ability to consummate the Transaction; the parties' ability to satisfy
the conditions to the completion of the Transaction, including that the receipt
of court approval, or regulatory approval for the Transaction may not be
obtained, or may not be obtained on the terms expected or on the anticipated
schedule; general economic and market factors (including changes in global,
national or regional financial, credit, currency or securities markets), changes
or developments in global, national or regional political conditions (including
any act of terrorism or war), changes in government laws or regulations
(including tax laws) and changes in GAAP or regulatory accounting requirements. 


Readers are cautioned that the foregoing lists are not exhaustive. Such
forward-looking statements should, therefore, be construed in light of such
factors. If any of these risks or uncertainties were to materialize, or if the
factors and assumptions underlying the forward-looking information were to prove
incorrect, actual results could vary materially from those that are expressed or
implied by the forward-looking information contained herein. All forward-looking
statements attributable to Arctic Glacier, or persons acting on its behalf, are
expressly qualified in their entirety by the cautionary statements set forth
above. Readers are cautioned not to place undue reliance on forward-looking
statements contained herein, which reflect the analysis of the management of
Arctic Glacier, as appropriate, only as of the date of this release. For more
information regarding these and other risks, readers should consult Arctic
Glacier's reports on file with applicable securities regulatory authorities
accessible online by going to SEDAR at www.sedar.com or by going to the Arctic
Glacier website at www.arcticglacier.com. Arctic Glacier is under no obligation,
and Arctic Glacier expressly disclaims any intention or obligation, to update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by applicable law.


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, primarily under the brand name of Arctic Glacier(R) Premium Ice.
Arctic Glacier operates 39 production plants and 47 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 Canadian National Stock
Exchange under the trading symbol AG.UN. There are 350.3 million trust units
outstanding.


About H.I.G. Capital

H.I.G. is a leading global private equity investment firm with more than $8.5
billion of equity capital under management. Headquartered in Miami, and with
offices in Atlanta, Boston, Chicago, Dallas, New York, and San Francisco in the
U.S., as well as international affiliate offices in London, Hamburg, Madrid,
Paris, and Rio de Janeiro, H.I.G. specializes in providing capital to small and
medium-sized companies with attractive growth potential. H.I.G. invests in
management-led buyouts and recapitalizations of profitable and well managed
manufacturing or service businesses. H.I.G. also has extensive experience with
financial restructurings and operational turnarounds. Since its founding in
1993, H.I.G. invested in and managed more than 200 companies worldwide. The
firm's current portfolio includes more than 50 companies. For more information,
please refer to the H.I.G. website at www.higcapital.com.

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