Arctic Glacier Income Fund Completes Sale of its Business to H.I.G. Capital

Arctic Glacier Income Fund (CNSX:AG.UN) ("Arctic Glacier") announced today it
has completed the previously announced sale of substantially all of its business
and assets (the "Transaction") to affiliates of H.I.G. Capital (the
"Purchaser"). The Transaction was effected pursuant to the Companies' Creditors
Arrangement Act (Canada) ("CCAA") and the U.S. Bankruptcy Code.


The business continues to be carried on under the Arctic Glacier name and
substantially all employees, including senior management, have accepted
employment with the Purchaser. "This transaction makes Arctic Glacier
financially stronger and better positioned to compete and grow" said Keith
McMahon, President and CEO of the new company, Arctic Glacier Holdings, Inc. "We
look forward to carrying on our proud tradition of product quality and service
excellence. We wish to thank our customers, suppliers and employees for their
support throughout this process".


Prior to closing of the Transaction, Arctic Glacier agreed to certain amendments
to the asset purchase agreement between Arctic Glacier and the Purchaser. As a
result of the amendments and because Arctic Glacier did not purchase the land
and buildings of its Arizona facility, the cash proceeds available on closing
were $413.35 million subject to certain post-closing working capital and other
adjustments under the asset purchase agreement. A copy of the agreement setting
out the amendments will be filed on SEDAR and may be viewed at www.sedar.com.


A portion of the cash proceeds received by Arctic Glacier on closing of the
Transaction was used to satisfy all amounts owing to Arctic Glacier's existing
secured lenders. The remainder of those proceeds is being held by Alvarez &
Marsal Canada Inc., the CCAA Court-appointed monitor (the "Monitor"). Arctic
Glacier expects that those remaining proceeds of sale will be sufficient to pay
all of its known unsecured creditors and may be sufficient to permit a
distribution to its unitholders after all unsecured creditor claims have been
proven and satisfied. Prior to any distribution of the balance of funds held by
the Monitor to the unsecured creditors of Arctic Glacier and its subsidiaries, a
court-approved claims process will be undertaken to identify creditor claims
against Arctic Glacier and its subsidiaries and adjudicate or resolve claims
filed. 


Following the completion of that claims process, the trustees of Arctic Glacier
expect to determine whether sufficient funds exist to make a further
distribution to unitholders. The timing and amount of any distributions to be
paid to unsecured creditors and unitholders cannot be determined at this time.


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 expected timetable for determination and
payment of creditor claims, the ability of Arctic Glacier to pay all of its
known unsecured creditors and any distribution to unitholders after all
unsecured creditor claims have been proven and satisfied, 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 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 ability of Arctic
Glacier to complete the unsecured creditors claims process and distribute any
amounts in connection with that process and the availability of funds sufficient
to make further distributions to its unitholders following completion of the
claims process.

Readers are cautioned that the foregoing list is 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 trust units are listed on the Canadian National Stock
Exchange under the trading symbol AG.UN. There are 350.3 million trust units
outstanding.