AG.UN Arctic Glacier Income Fund

Arctic Glacier Income Fund (CNSX:AG.UN) ("Arctic Glacier") announced today it
has obtained an order (the "Canadian Court Approval and Vesting Order") of the
Manitoba Court of Queen's Bench (the "Canadian Court") pursuant to the
Companies' Creditors Arrangement Act (Canada) approving the previously announced
sale of substantially all Arctic Glacier's business and assets (the
"Transaction") to an affiliate of H.I.G. Capital (the "Purchaser"). 


The Transaction will be effected pursuant to an asset purchase agreement dated
June 7, 2012 (the "Agreement") between Arctic Glacier, its subsidiaries and the
Purchaser. The Canadian Court Approval and Vesting Order also extends the stay
of proceedings as against Arctic Glacier and its subsidiaries until September
14, 2012. It also provides for the vesting in the Purchaser of the rights, title
and interest in Arctic Glacier's assets, free and clear of all liens (subject to
certain limited exceptions) upon closing of the Transaction in accordance with
the terms of the Agreement.


Completion of the Transaction is expected to occur by July 31, 2012. Closing
remains subject to approval of the U.S. Bankruptcy Court for the District of
Delaware, pre-merger clearance 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.


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.

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