Arctic Glacier Comments on Delisting Review Initiated by Toronto Stock Exchange
(firmenpresse) - WINNIPEG, MANITOBA -- (Marketwire) -- 10/20/11 -- Arctic Glacier Income Fund (TSX: AG.UN) (the "Fund") has been advised by Toronto Stock Exchange (the "TSX") that TSX is reviewing the eligibility for continued listing of the units of the Fund.
The Fund is being reviewed under TSX's Remedial Review Process and has been granted 30 days, subject to any further extensions that may be granted by TSX in its discretion, to comply with all TSX requirements for continued listing. If the Fund is unable to demonstrate on or before November 21, 2011 that it meets, or is expected to meet within a reasonable period of time, all TSX requirements for continued listing, the units will be delisted 30 days from such date.
TSX initiated its delisting review due to (i) the Fund's difficult financial condition, including its current default under its credit facilities with its lenders and (ii) the trading price of the Fund's units has been so reduced as to potentially not warrant continued listing.
The Fund is continuing to actively pursue financing and strategic alternatives to resolve its current financial situation and hopes to have secured transactions in place prior to November 21, 2011 that will satisfy TSX that continued listing of the Fund's units on TSX is warranted. In the event that the Fund cannot satisfy TSX that continued listing on TSX is warranted, it will consider submitting an application to an alternative marketplace for trading of the Fund's units.
The Fund will advise unitholders of the status of the Fund's TSX listing and other developments affecting the Fund as the process advances.
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® Premium Ice. Arctic Glacier operates 39 production plants and 48 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 Toronto Stock Exchange under the trading symbol AG.UN. There are currently 350.3 million trust units outstanding.
Forward-Looking Information
This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in these forward-looking statements, and there is no assurance that actual results will be consistent with these forward-looking statements. There can be no guarantee that the Fund will secure transactions prior to November 21, 2011, or at any time thereafter, that will satisfy the TSX that continued listing of the Fund's units on the TSX is warranted, that the TSX will grant the Fund any extensions of the initial 30 day review period or that the Fund will be able to successfully list its units on an alternative marketplace. These forward-looking statements are made as at the date of this news release, and the Fund assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances.
The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.
Contacts:
Arctic Glacier Income Fund
Keith McMahon
President & CEO
Toll free investor relations phone: 1-888-573-9237
Arctic Glacier Income Fund
Doug Bailey
Chief Financial Officer
Toll free investor relations phone: 1-888-573-9237
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Datum: 20.10.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 1048126
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Beverages
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