- Announces Agreement to Acquie Versacold for CAN $12.25 per Unit

Hf. Eimskipafélag Islands, through its wholly owned Canadian subsidiary Eimskip
Holdings Inc (“Eimskip”), has agreed to make an offer to acquire all of the
outstanding trust units of Versacold Income Fund (the “Versacold”) for cash at
a price of CAN$12.25 per unit (the “Offer”). The Board of Trustees of Versacold
has unanimously agreed to support the Offer and has entered into a support
agreement with Eimskip (the “Support Agreement”) and recommends that
unitholders accept the Offer and tender their units pursuant to the Offer. 

“The opportunity to acquire Versacold fits well within our long term strategy
to build a worldwide network of temperature controlled transportation and
warehousing services.  The Versacold facilities are complimentary to ours and
the combined company would have a presence in the temperature controlled
transportation and warehousing services market in every continent, except
Africa” says Baldur Gudnason, CEO of Eimskip.  “We have great respect for the
management of Versacold and the business that they have so successfully built.” 
 
 In connection with the Offer, Clarke Inc., Versacold's largest unitholder, has
entered into a lock-up agreement to tender, subject to the terms of such
agreement, all of the 8,259,284 units it owns to the Offer, representing 19.1%
of the total outstanding units. 

In connection with the Offer, KingSett Real Estate Growth LP No. 2 has entered
into a lock-up agreement to tender, subject to the terms of such agreement, all
of the 2,697,720 units it owns to the Offer, representing 6.2% of the total
outstanding units. 

The Offer will be made by way of take-over bid circular that is expected to be
mailed to unitholders of Versacold on or before June 13, 2007. The Offer will
be open for acceptance for a period of not less than 35 days and will be
conditional upon, among other things, more than 66 2/3% of the units of
Versacold (on a fully-diluted basis) being validly deposited under the Offer
and not withdrawn.  In addition, the Offer will be subject to other customary
conditions, including the absence of any material adverse change and the
obtaining of certain regulatory approvals.  Under the Support Agreement,
Versacold has agreed to cease any ongoing discussions, and not to solicit or
engage in any further discussions relating to a competing proposal, except to
accept a superior proposal to the Offer if Eimskip does not exercise its right
to match a superior proposal and subject to the payment by Versacold to Eimskip
of a termination fee of $20 million. 

The Offer is fully financed by Eimskip and with underwritten commitments for
senior secured credit facilities from Royal Bank of Canada, to be arranged by
RBC Capital Markets (collectively "RBC") and with real estate secured financing
to be provided by KingSett Real Estate Growth LP No. 3 ("KingSett"). The Offer
has been structured by KingSett, with RBC acting as advisor to Eimskip. 



About Versacold Income Fund

Versacold Income Fund is an unincorporated, open ended limited purpose trust.
The trust was created to invest in public refrigerated warehousing,
distribution and related businesses, initially through the acquisition of
Versacold Holdings Corp. 

Versacold is a leading public refrigerated warehousing (PRW) company in the
United States and in the world, with 72 facilities in the U.S., Canada,
Australia, New Zealand and Argentina. Versacold's operations provide global
refrigerated storage capacity of approximately 290 million cubic feet to a
diverse group of food producers, processors, and wholesale and retail
distributors. Versacold also provides fully integrated refrigerated
distribution services. 

Versacold Income Fund's units and convertible debentures trade on the Toronto
Stock Exchange under the respective symbols of ICE.UN, ICE.DB, ICE.DB.A,
ICE.DB.B and ICE.DB.C. To find out more about Versacold (TSX: ICE.UN), visit
our website at www.versacold.com. 

About Eimskip

HF Eimskipafelag Islands is one of the largest companies in Iceland and is
publicly listed on the Icelandic Stock Exchange. The company has over 90 years
of experience in providing transportation, warehousing and logistics services
in Europe, primarily in the North Atlantic region. 

Operating with 200 locations around the world in over 30 countries with a total
of 10,000 employees, HF Eimskipafelag Islands has global reach. It has an
annual turnover exceeding C$ 2 billion and estimated 2007 EBITDA of C$ 200
million.  It owns or operates 50 vessels, 100 cold-store facilities, 25 wide
body cargo aircraft and 2,000 trucks and trailers. 

Eimskip is traded on the Icelandic Stock Exchange under the symbol of HFEIM. To
find out more about Eimskip, visit our website at www.eimskip.is.