AG.UN Arctic Glacier Income Fund

Arctic Glacier Income Fund (CNSX:AG.UN) ("Arctic Glacier") announced today that
the Monitor, Alvarez & Marsal Canada Inc. has obtained an order (the "U.S. Court
Order") of the U.S. Bankruptcy Court for the District of Delaware pursuant to
Chapter 15 of the U.S. Bankruptcy Code. 


The U.S. Court Order recognizes and gives effect in the United States to the
approval and vesting order of the Manitoba Court of Queen's Bench previously
obtained by Arctic Glacier, which approved the previously announced purchase and
sale of substantially all of Arctic Glacier's business and assets (the
"Transaction") to affiliates of H.I.G. Capital (the "Purchaser").  


The Transaction will be effected pursuant to an asset purchase agreement dated
June 7, 2012 (the "Agreement") between Arctic Glacier, its subsidiaries and the
Purchaser. The U.S. Court Order also provides for the transfer of Arctic
Glacier's assets to the Purchaser, free and clear of all liens (subject to
certain limited exceptions) upon closing of the Transaction in accordance with
the terms of the Agreement.


Completion of the Transaction is expected to occur on or before July 31, 2012.
Closing remains subject to the satisfaction of certain closing conditions
customary in transactions of this nature.


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, including the expected
timetable for completing the Transaction. 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 the
Purchaser 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; 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 generally accepted accounting principles 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.

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