Tuesday, MAY 25, 1999
ARCTIC GROUP TO ADD KINGSTON-BASED HOME TOWN ICE TO THEIR LIST OF CANADIAN
ACQUISITIONS
Winnipeg, Manitoba - The Arctic Group Inc. announced today that it has
signed a letter of intent to acquire all the related assets of Home Town
Ice Division of Jack French Limited ("Home Town"). Home Town Ice, a
packaged ice manufacturer and distributor, services the Kingston area of
South-Eastern Ontario.
Subject to final due diligence and regulatory approvals, the transaction is
expected to close within 60 days.
"Given that Home Town is strategically located between Arctic's operations
in Ottawa and Mississauga, this acquisition provides a logical geographic
extension to our current territory," said Robert Nagy, The Arctic Group
Chairman and CEO. "We are seeing a growing acceptance of The Arctic
Group's business plan by independent owners/operators of ice companies
wherever we go. The Home Town acquisition will further strengthen ability
to service accounts on a national basis."
As Canada's largest ice company, The Arctic Group Inc. is committed to
building an internationally recognized ice company by focusing on an
aggressive strategy of growth through acquisition and consolidation of the
ice industry in North America.
For further information, call The Arctic Group Inc. TOLL FREE at
1-888-573-9237 or visit The Arctic Group's Web Site at -
arcticgroup.com.
(Signed) On behalf of the Management and the Board of Directors of The
Arctic Group Inc., Robert Nagy, President & CEO.
The Alberta Stock Exchange has not reviewed and does not approve or
disapprove of the adequacy or accuracy of this release.
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