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THE ARCTIC GROUP ANNOUNCES 1998 ANNUAL AND 1999 FIRST QUARTER RESULTS Thursday, September 17—Winnipeg, Manitoba--The Arctic Group has reported a net loss of $1,016,214 or $0.07 per share for the fiscal year ended April 30th, 1998. This compares with net earnings of $218,279 or $0.02 per share in the prior year. Chairman and CEO, Robert Nagy indicated that the loss experienced during fiscal 1998 reflects the timing of major acquisitions in Texas, Oklahoma and Kansas concluded during the winter. Given the seasonal nature of the business, the investments adversely impacted the results of operations for the year. Mr. Nagy stated that the businesses acquired are key elements of The Arctic Group’s expansion program and in fact, the true performance potential of the Company has been demonstrated in the first quarter. Net earnings for the first quarter of fiscal 1999, the period ended July 31st 1998 were $3,599,000 or $0.17 per share, compared to $553,000 or $0.04 per share last year. Revenue for the first quarter increased by $17.3 million to $19.9 million. “The enhanced performance this quarter reflects the inclusion of a number of key acquisitions which have solidified the company’s presence in Canada and moved the business into target markets in the United States. The additions to The Arctic Group include companies in Ontario, Quebec, Alberta and Iowa,” Mr. Nagy said. “In addition to the significant improvements in revenue and profitability during the quarter, the Company was able to strengthen the balance sheet through the expansion of the capital base. This was accomplished with a special warrants offering and a long term debt issue.” As one of North America’s largest ice companies, 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 across Canada and the United States. For further information, call The Arctic Group Inc. TOLL FREE at 1-888-573-9237 or visit The Arctic Group’s Web Site at – http://www.arcticgroup.com. (Signed) |