Arctic Glacier Income Fund Announces Court Order to Terminate CCAA Proceedings Following Satisfaction of Court's Conditions

WINNIPEG, Manitoba, Nov. 19, 2021 (GLOBE NEWSWIRE) -- Arctic Glacier Income Fund (CSE:AG.UN) (the "Fund") announces that the Manitoba Court of Queen's Bench has issued an order terminating the Companies' Creditors Arrangement Act ("CCAA") proceedings affecting the Fund and its subsidiaries upon the satisfaction of certain conditions, including, but not limited to, receipt of three clearance certificates from the applicable taxation authorities and final distribution of the net cash assets of the Fund. As previously disclosed, it is the current intention of the trustees of the Fund to wind-up and dissolve the Fund upon the satisfaction of these conditions. The Fund's court-appointed monitor, Alvarez & Marsal Canada Inc., will, following satisfaction of these conditions, file a Case Completion Certificate and be discharged from its duties as monitor.

More information about the CCAA proceedings is available on the website of the Fund's court-appointed monitor, Alvarez & Marsal Canada Inc., at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries.

Forward-Looking Information

This press release contains forward-looking information within the meaning of Canadian securities legislation. In general, forward-looking information refers to disclosure about possible conditions, events, or financial performance that is based on future economic conditions and courses of action, and includes disclosure that is presented as a forecast, plan, or projection. More particularly and without limitation, this press release contains forward-looking information concerning the intent of the trustees of the Fund to wind-up and dissolve the Fund following the termination of the CCAA proceedings against the Fund and its subsidiaries.

The Fund is subject to various risks and uncertainties that could cause the trustees of the Fund to adopt a different course of action than the one currently intended. Readers are, therefore, cautioned not to place undue reliance on the forward-looking information in this press release. The Fund undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events, or otherwise, except as required by Canadian securities legislation.

About the Fund

The Fund's trust units are listed on the Canadian Securities Exchange under the trading symbol AG.UN.

For further information, contact:

Hugh A. Adams, Corporate Secretary
Telephone: 204.781.4496