Arctic Glacier Announces Extension of Credit Facility

WINNIPEG, MANITOBA--(Marketwire - Dec. 31, 2009) - Arctic Glacier Income Fund (TSX:AG.UN) today announced its operating subsidiary, Arctic Glacier Inc. ("the Company"), has negotiated an amendment to its financing agreement with John Hancock Life Insurance Company.

The amendment extends the maturity of the US$60 million senior secured notes previously scheduled to mature on January 4, 2010. The revised maturity date is now March 1, 2010, which provides the Company additional time to refinance its maturing debt. Arctic Glacier is currently in advanced discussions with prospective lenders to refinance these notes.

Arctic Glacier Income Fund, through its operating company, Arctic Glacier Inc., is a leading producer, marketer and distributor of high-quality packaged ice in North America under the brand name of Arctic Glacier(R) Premium Ice. Arctic Glacier operates 38 production plants and 48 distribution facilities across Canada and the northeast, central and western United States servicing more than 75,000 retail accounts.

Arctic Glacier Income Fund trust units are listed on the Toronto Stock Exchange under the trading symbol AG.UN. There are 39.0 million trust units outstanding.

The Toronto Stock Exchange does not approve or disapprove of the adequacy or accuracy of this release.

 FOR FURTHER INFORMATION PLEASE CONTACT:         Arctic Glacier Income Fund         Keith McMahon         President & CEO         Toll free investor relations phone: 1-888-573-9237          Arctic Glacier Income Fund         Doug Bailey         Chief Financial Officer         Toll free investor relations phone: 1-888-573-9237         www.arcticglacier.com  Source: Arctic Glacier Income Fund