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Market: TSX
Sector: Food Retailers & Wholesalers
EPIC: AG.UN
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Arctic Glacier Income Fund
www.arcticglacierinc.com

Arctic Glacier Income Fund is an open-ended mutual fund trust that invests in the packaged ice manufacturing and distribution business in Canada and the United States.

Full Arctic Glacier Income Fund profile here
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Arctic Glacier settles anti-trust state investigation with Michigan authorities; shares up 7%

3rd Sep 2010, 6:10 pm
Arctic Glacier settles anti-trust state investigation with Michigan authorities; shares up 7%

Arctic Glacier Income Fund (TSX: AG.UN) has announced that its U.S. subsidiary, packaged ice producer Arctic Glacier International, has agreed with Michigan authorities to resolve all allegations that it violated the state`s antitrust laws.

Under terms of the settlement, the subsidiary has agreed to pay the sum of $350,000 in two installments in September and December of 2010, without admitting to any wrongdoing.

"The settlement concludes and resolves all investigations, inquiries, claims and proceedings by the Michigan Attorney General related to any alleged violations of applicable state and federal antitrust laws," the company said in a statement.

The company has reinforced its ongoing competition compliance program, which requires all managers and staff to fully comply with such requirements always, it said, adding that it has adopted a company-wide system of training and education.

In 2009, Arctic Glacier struck a $9 million deal with the U.S. Department of Justice to settle antitrust charges related to the business in southeastern Michigan and the Detroit area.

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a producer, marketer and distributor of packaged ice in North America, primarily under the brand name of Arctic Glacier Premium Ice.

It 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.

The company was up nearly 7.3% on the news to $1.77 on the Toronto Stock Exchange as of 1:00pm ET on Friday.

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