Arctic Group Inc (The) - News Release
Arctic Group Completes Acquisition in Texas
Arctic Group Inc (The) AGP
Shares issued 12,666,667 Dec 8 close $2.70
Tue 9 Dec 97 News Release
Mr Robert Nagy reports,
WINNIPEG, MANITOBA (December 9, 1997) - The Arctic Group Inc. has formally closed its acquisition of "Host Ice", a Texas-based ice production and distribution company, President Robert Nagy announced today.
In conjunction, The Arctic Group Inc. has completed previously announced financing transactions with both Wellington West Capital Inc. and RoyNat Inc. which total $11-million. A portion of these funds was allocated to the closing of the Texas acquisition.
As a result of this acquisition and other recently announced Letters of Intent, President Robert Nagy says The Arctic Group Inc. stands to achieve annualized revenues of approximately $21-million, up from $5-million as of April 30 of this year.
One of Canada's largest ice companies, The Arctic Group Inc. operates manufacturing and distribution centres in all four Western Canadian Provinces. "Host Ice" services West Texas and New Mexico with operating distribution facilities located in Lubbock, Amarillo, Midland, and San Angelo as well as Roswell, New Mexico.
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.
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.
The Arctic Group Inc.
Trading Symbol: AGP (ASE)
625 Henry Ave.
Winnipeg, Manitoba R3A 0V1
Web Site: www.arcticgroup.com
E-Mail: info@arcticgroup.com
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