Concerned Unitholders of Arctic Glacier Income Fund Announce Nominees to Replace Current Trustees and Directors

TORONTO, Sept. 7, 2011 /CNW/ - Significant unitholders of Arctic Glacier Income Fund (TSX:AG.UN) (the "Fund"), including Coliseum Capital Partners, L.P. and Tålamod Master Fund, LP (collectively, the "Concerned Unitholders"), announced today the nominees who will be proposed to replace the current board of trustees of the Fund and the board of directors of its wholly-owned subsidiary, Arctic Glacier Inc.

Based on discussions with other unitholders it has become clear that a majority of the outstanding units of the Fund are strongly in favour of the initiative to change the composition of the trustees and directors.

The Concerned Unitholders' nominees to become the new trustees of the Fund and directors of Arctic Glacier Inc. are: Lorie Waisberg, Gerry Miller, Mark Bromberg, Wendy King and Chris Shackelton.

All of the nominees named above are highly experienced with excellent reputations in the business community. A brief biography of each nominee follows further below.

The Concerned Unitholders are hopeful that the current board of trustees will embrace this slate of nominees and begin an immediate transition to new leadership of the Fund, with the primary objective of increasing unitholder value.  However, if the current board of trustees does not support this slate of nominees, the Concerned Unitholders intend to file a dissident proxy circular that will provide compelling reasons to support their nominees at the Fund's annual and special meeting of unitholders, which has been scheduled for October 17, 2011.

Furthermore, the Concerned Unitholders wish to reiterate that they have the financial resources and the resolve to sponsor, on behalf of all unitholders, a financial solution for the Fund, having already communicated to the current board of trustees a willingness to backstop a rights offering.  The Concerned Unitholders believe that, through new leadership and access to financing on favourable terms, considerable value can be unlocked in the Fund's units.

In support of their efforts, the Concerned Unitholders have engaged Norton Rose OR LLP and Kingsdale Shareholder Services Inc.  This news release does not constitute a solicitation of proxies.

Nominee Profiles

Lorie Waisberg

Mr. Waisberg is a corporate lawyer, having practiced law at Goodmans LLP for over 30 years in the areas of corporate governance and mergers and acquisitions.  Mr. Waisberg has served as a Director on the Boards of approximately 15 Canadian public companies, including Co-Steel, Centrefund Realty, Harris Steel, Keyston and Microcell.  Mr. Waisberg is currently a Director on the Boards of Chantrell Ventures, Chemtrade Logistics, Noront Resources, Metalex, Primary Energy Recycling, RX Exploration and Tembec.  Mr. Waisberg holds a BA, MA and LLB from the University of Toronto and a LLM from Harvard University.

Gerry Miller

Mr. Miller held numerous executive positions during his 25 year career with West Fraser Timber Co. Ltd., including Executive VP of Finance and CFO and Executive VP of Operations.  Mr. Miller has been a member of the Institute of Chartered Accountants of British Columbia and the Canadian Institute of Chartered Accountants for over 30 years. Prior to joining West Fraser, Mr. Miller was a Senior Audit and Tax Manager with KPMG.  Mr. Miller is a Director on the Board of MI Developments Inc., and is the Chair of its Audit Committee.  Mr. Miller holds a BComm from the University of British Columbia.

Mark Bromberg

Mr. Bromberg has over 30 years of experience as a founder and executive of numerous US and Canadian restaurant companies, including acting as President and CEO of Pinnacle Restaurant Group, East Side Mario's Restaurant, Prime Restaurant Group, Lime Rickey's Restaurants and Mr. GreenjeansMr. Bromberg also served as Chairman of Metromedia Restaurant Group.  Mr. Bromberg currently serves as the Chairman and CEO of Apex Restaurant Group, managing brands such as Blue Chalk Café, Left at Albuquerque and Semolina International Pasta.  Among others, Mr. Bromberg has served as Chairman of the Canadian Restaurant Association, and as a Director on the Boards of Quiznos and the National Restaurant Association.  Mr. Bromberg holds a BA and MBA from Cornell University.

Wendy King

Ms. King is Senior Legal Counsel of Weyerhaeuser Company Limited.  Prior to joining Weyerhaeuser, Ms. King was a corporate lawyer with Borden Ladner Gervais LLP.  Ms. King is a Director on the Board of Via Rail Canada, as well as a Director for the Canadian Corporate Counsel Association.  Ms. King holds a BA from the University of British Columbia, a LLM from the London School of Economics and an MBA from the dual program between Columbia University and the University of California Berkeley.

Chris Shackelton

Mr. Shackelton is a Managing Partner and co-founder of Coliseum Capital Management, LLC.  Prior to Coliseum, Mr. Shackelton was an Analyst at Watershed Asset Management.  Earlier in his career, Mr. Shackelton worked in the investment banking division of Morgan Stanley & Co.  Mr. Shackelton was Chairman of the Board of Rural/Metro Corp until the sale of the Company in 2011.  In addition, Mr. Shackelton served as a Director on the Board of Interstate Hotels & Resorts Inc. until the sale of the company in 2010.  Mr. Shackelton is currently a Trustee for the Walter Johnson Foundation.  Mr. Shackelton holds a BA from Yale University.

SOURCE Concerned Unitholders of Arctic Glacier Income Fund

For further information:

Beverly Brooks
Kingsdale Communications Inc.
1-416-867-2304
bbrooks@kingsdalecommunications.com

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Concerned Unitholders of Arctic Glacier Income Fund

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