Arctic Glacier Income Fund Provides Market Update Regarding Its Proposed Sale Transaction

Arctic Glacier Income Fund (CNSX:AG.UN) ("Arctic Glacier") today provided an
update on the proposed sale of substantially all of its business and assets (the
"Transaction") to an affiliate of H.I.G. Capital.


The Transaction will be carried out by way of a court approved sale under the
Companies' Creditors Arrangement Act ("CCAA"). The agreement and completion of
the Transaction remain subject to court approval 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 Transaction is expected to close by no later than July 31, 2012. 


As previously disclosed, on closing, all of the employees of Arctic Glacier will
be offered employment and the company's head office will remain in Winnipeg. The
purchaser will assume Arctic Glacier's current trade payables and all of its
leases and certain contractual obligations. Based upon a total purchase price of
US$434.5 million (subject to a customary closing working capital adjustment and
other adjustments), Arctic Glacier's existing secured lenders will be paid in
full on closing and 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 pursuant to a court-ordered claims process. The
timing and amount of any distributions to 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 proposed Transaction, including the expected
timetable for completing the Transaction and the receipt of court and other
approvals 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.