here is leter sent to the stockmens forum
Hi Leroy,
Here's the latest news release from the Arctic Group
AGP-ASE. (warrants also trade AGP.WT) This is the companies
first public financing since the IPO. The C.E.O. of AGP Mr.
Robert Nagy said the sales target for April 98 is $40M & the
four year revenue target is $250M. These are very high
sales goals, but I believe are attainable in the extremely
fragmented packaged ice industry they operate in. According
to the Packaged Ice Association of North America, 1995
wholesale packaged ice sales were approx. $2.5 billion U.S.
It will be interesting to see how further developments
unfold.
ARCTIC GROUP ANNOUNCES $6-MILLION FINANCING
November 6, 1997
Winnipeg, Manitoba - The Arctic Group Inc. today announced
that the company has engaged Wellington West Capital Inc. of
Winnipeg, Manitoba to raise up to $6-million by way of a
five year convertible debenture on a "best efforts basis."
Subject to final approval by the Manitoba Securities
Comission, it is anticipated that this offering will close
on or before November 14, 1997. Proceeds of this financing
are to be used to complete the previously announced
acquisition of "Host Ice", a Texas based ice production &
distribution company. "Host Ice" currently operates five
centers across Texas & New Mexico. "Completion of this
financing transaction will provide The Arctic Group with the
funds to complete its acquisition of Host Ice and provide
additional operating capital to further pursue its
acquisition program," said Arctic Group Chairman of the
Board and CEO, Mr. Robert Nagy. The Arctic Group is one of
Canada's largest ice companies with manufacturing &
distribution centres in all four Western Canadian
Provinces. The Arctic Group Inc. is committed to building
an internationally recognized ice company by focusing on an
aggressive strategy of growth through consolidation of the
ice industry.
For further information, call The Arctic Group Toll Free at
1-888-573-9237
(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. |
