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Gold/Mining/Energy : ARCTIC GROUP AGP-ASE

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To: Roy Cetlin who wrote (10)	12/4/1997 1:13:00 PM
From: Ice-Man	Read Replies (1) of 101

Letter of intent to acquire Kansas ice producer Arctic Group Inc (The) AGP Shares issued 12,666,667 Dec 3 close $2.45 Thu 4 Dec 97 News Release Mr Robert Nagy reports The Arctic Group has signed a letter of intent to acquire the assets and operations of a leading Kansas-based ice producer and distributor, Party Pak, Inc. Based in Wichita, Kansas, Party Pak has annual sales of approximately vC$2.25 million. As part of The Arctic Group's strategy of consolidation in the North American packaged ice industry, this next acquisition stands to increase the company's overall annualized gross revenue to approximately C$21 million. This acquisition stands to significantly expand The Arctic Group's foothold in the US market. Party Pak services an area adjoining that of Clinton Ice of Clinton, Oklahoma and Sheppard's C&C Ice of Perry, Oklahoma - two companies that signed letters of intent with The Arctic Group just last week. The acquisition of Party Pak will be made through a combination of cash and issuance of common shares. Subject to final due diligence and regulatory approvals, the transaction is scheduled to close early in 1998. (c) Copyright 1997 Canjex Publishing Ltd. canada-stockwatch.com

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