Eimskip Holdings Inc., an indirect, wholly-owned subsidiary of HF. Eimskipafélag Íslands (“Eimskip”) and the Board of Trustees of Versacold Income Fund (TSX:ICE.UN) (the “Fund” or “Versacold”), jointly announce that as of the expiry of Eimskip's previously announced offer to acquire all the outstanding units of Versacold, on July 27, 2007, all of the conditions for the completion of the offer have been satisfied including the receipt of all required regulatory approvals and approximately 54.1 million trust units (the “Units”) of the Fund, representing approximately 93% of the issued and outstanding units and 87% of the issued and outstanding Units on a fully-diluted basis, had been deposited to Eimskip's offer. Eimskip also announced that it intends to take up the deposited Units on July 30, 2007 for payment as soon as possible thereafter and, in any event, within three business days of July 30, 2007. In accordance with its purpose of acquiring 100% of the outstanding Units, Eimskip intends to take immediate steps to acquire all remaining outstanding Units, which it expects to complete on or about July 30, 2007. Accordingly, as previously announced by the Fund, unitholders will not be entitled to receive the distribution declared payable to holders of record on July 31, 2007. The Fund also announced that it expects to de-list its units and convertible debentures from the Toronto Stock Exchange (the “TSX”) as soon as possible, subject to and in accordance with the requirements of the TSX. The Fund also announced that it will file appropriate notices and applications with the Canadian Securities Administrators to enable it to cease to be a reporting issuer immediately following completion of the acquisition of the remaining outstanding Units of the Fund. Eimskip worked with Toronto-based KingSett Capital to structure and finance the acquisition. KingSett, through KingSett Real Estate Growth LP No. 3, is providing structured real estate secured financing to the transaction. For further information please contact: Eimskipafélag Baldur Gudnason President and Chief Executive Officer Stefan A. Magnusson, Chief Financial Officer Dogg Hjaltalin Director - Investors Relations HF. Eimskipafélag Íslands Korngordum 2 104 Reykjavik Iceland Telephone: +354-525-7000 Fax: +354-525-7009 Website: www.eimskip.is Versacold Brent Sugden President and Chief Executive Officer Roger Dall'Antonia Vice President, Treasury and Investor Relations Versacold Income Fund 2115 Commissioner Street Vancouver, British Columbia, V5L 1A6 Telephone: (604) 255-4656 Fax: (604) 255-4330 Website: www.versacold.com
- Completes offer to acquire all of the units of Versacold income fund
| Source: Eimskipafélag Íslands ehf.