Arctic Glacier Issues Default Status Report Pursuant to National Policy 12-203

WINNIPEG, Manitoba, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Arctic Glacier Income Fund (CSE: AG.UN) (the "Fund") is providing a default status report, in accordance with the alternative information guidelines set out in National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("National Policy 12-203").

On August 15, 2012, the Fund announced (the "Default Announcement") that it would not be able to file an interim financial report and interim management's discussion and analysis for the period ended June 30, 2012, together with the related certification of filings under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings (collectively, the "Continuous Disclosure Documents") by August 29, 2012, the deadline prescribed by securities legislation (the "Specified Requirement").

Except as discussed below, there have been no material changes to the information contained in the Default Announcement or any other changes required to be disclosed under National Policy 12-203.

On March 14, 2022, the Fund's court-appointed monitor notified the Manitoba Court of Queen's Bench that Alberta Finance has issued the last remaining required clearance certificate, namely the clearance certificate for AGI CCAA Inc. It is the current intention of the trustees of the Fund to seek to wind-up and dissolve the Fund upon the satisfaction of certain conditions including, but not limited to, final distribution of the cash assets of the Fund and termination of its Companies' Creditors Arrangement Act ("CCAA") proceedings. There can be no guarantee that these remaining conditions will be satisfied.

On September 30, 2022, the Fund announced its intent to make a final distribution (the "Final Distribution") of CAD$0.00549502 per unit of the Fund (each, a "Unit"), representing an aggregate value of CAD$1,925,000, payable on November 7, 2022 (the "Final Distribution Date"), to unitholders of record on October 14, 2022 (the "Record Date") with such amount being payable on the Final Distribution Date.

The Fund has submitted an application to de-list the Units from trading on the CSE and it is anticipated that such de-listing will occur at the close of business on the Final Distribution Date. The Fund has also instructed the CSE to halt trading of the Units on October 13, 2022 so that the Units will cease trading on October 13, 2022.

The Units are also quoted on the OTC Pink Sheets. Concurrent with the delisting from the CSE, the Fund expects that the Units will be delisted from OTC Pink Sheets. OTC Pink Sheets has notified the Fund that it will not halt the trading of the Units and trading may continue to occur on OTC Pink Sheets following the ex-dividend date and Record Date. However, as noted above, only unitholders of record on the Record Date will be entitled to receive the Final Distribution and no future distributions will be made after the Final Distribution. The ex-dividend date for the Final Distribution will be October 13, 2022. Any persons that acquire Units on or after the ex-dividend date will not receive the Final Distribution or any other distributions from the Fund.

The Fund will only file the Continuous Disclosure Documents if required by the Manitoba Court of Queen's Bench pursuant to the Fund's CCAA proceedings. However, the Fund intends to continue to file bi-weekly default status reports containing the alternative information required by National Policy 12-203 until completion of the Final Distribution.

More information about the Fund's CCAA proceedings and plan of compromise and arrangement can be found on the website of its Court-appointed monitor at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries.

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 Fund's intentions to satisfy the provisions of the alternative information guidelines and file information with the applicable securities regulatory authorities, as well as statements about the intention of the Fund's trustees to terminate the Fund. These forward-looking statements are based on certain assumptions and analyses made by the Fund 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 the Fund, 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 CCAA process and the Fund's ability to secure sufficient resources to prepare the Continuous Disclosure Documents and its ability to obtain clearance certificates from Canadian regulators and satisfy the conditions to the termination of the Fund. Readers are cautioned that the foregoing list is 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 the Fund, 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 the Fund, as appropriate, only as of the date of this release. For more information regarding these and other risks, readers should consult the Fund's reports on file with applicable securities regulatory authorities accessible online by going to SEDAR at www.sedar.com or by going to the website of its Court-appointed monitor at http://www.alvarezandmarsal.com/arctic-glacier-income-fund-arctic-glacier-inc-and-subsidiaries. The Fund is under no obligation, and Fund 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 the Fund

Arctic Glacier Income Fund trust units are listed on the Canadian Securities Exchange under the trading symbol AG.UN. There are 350.3 million trust units outstanding.

Contact:

Hugh Adams
Direct: 204-925-5391
[email protected]

Adam Rock, Partner
Lindsey MacCarthy LLP
Direct: 403-536-0025
[email protected]