TORONTO, ONTARIO, VANCOUVER, B.C., August 1, 2007 - Eimskip Holdings Inc., an indirect, wholly-owned subsidiary of HF. Eimskipafélag Íslands (“Eimskip”) announced today that Eimskip has successfully completed its previously announced offer (the “Offer”) to acquire all the issued and outstanding trust units (the “Units”) of Versacold Income Fund. On July 30, 2007, Eimskip took up all the Units deposited to its Offer, representing approximately 93% of the issued and outstanding Units and, in accordance with the terms of Versacold's declaration of trust, as amended, effected a compulsory acquisition (the “Compulsory Acquisition”) of all the remaining Units held by non-tendering unitholders. Accordingly, on July 30, 2007, Eimskip had taken up, pursuant to its Offer and Compulsory Acquisition, a total of 58,950,024 Units, representing all of the issued and outstanding Units of the Fund. On August 1, 2007, Eimskip effected payment for all the issued and outstanding Units acquired by Eimskip by depositing funds with Computershare Trust Company of Canada, the depositary under the Offer. Also on August 1, 2007, the issued and outstanding convertible debentures of Versacold (the “Debentures”) were defeased in accordance with the terms of the trust indentures dated January 21, 2005, November 25, 2005 and August 9, 2006, respectively, between Versacold and Computershare Trust Company of Canada. Versacold has applied to de-list the Units and the Debentures from the Toronto Stock Exchange and will apply to the Canadian Securities Administrators to cease to be a reporting issuer. Baldur Gudnason, CEO of Eimskip commented: “Versacold is a great company with a dedicated management team that has enjoyed a number of successes and accomplishments that we intend to build upon. I believe that Eimskip's complementary and extensive operations in shipping, trucking and storage will facilitate Versacold's current plans to expand their presence in public refrigerated warehousing, third party logistics and transportation. The combination of our companies will allow us to pursue and accelerate this vision, ensuring Versacold's existing customers are offered the same quality of service across an even broader spectrum of the supply chain.” Brent Sugden, CEO of Versacold commented: “This is an exciting time for Versacold as we join forces with an expansive and quickly growing international transportation and cold storage company. I am particularly pleased that we are joining forces with a company that recognizes our accomplishments at Versacold and supports our plans for continued growth. I am impressed with the drive and energy of Baldur and the team at Eimskip, and I believe they are very well placed to accelerate the expansion of our supply chain offering to existing and new customers.” This news release may contain certain forward-looking statements. These forward-looking statements include, among others, statements with respect to the Fund's beliefs, plans, expectations, anticipations, estimates and intentions. By their nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist those predictions, forecasts, projections and other forward-looking statements will not be achieved. The Fund cautions readers not to place undue reliance on these statements as a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. When relying on forward-looking statements to make decisions, investors and others should carefully consider the risk factors identified from time to time in the Fund's filings with Canadian securities regulators, in reports to unitholders and in other communications, and other uncertainties and potential events. The Fund does not undertake to update any forward-looking statements contained in this news release. Unitholders may also obtain a copy of the Offer materials at www.sedar.com. 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