Glacier Ventures International Corp.

Since amalgamating with Specialty Technical Publishers in 2000, Glacier Ventures International Corp. has been an information communications company focused on expanding across North America with the goal of providing essential information through print, electronic and online media. Glacier operates through its subsidiaries in two core business channels. Specialty and CD-Pharma Interactive Medical Productions Ltd. compete in the business and professional information market while Western Producer Publications (WPP), Farm Business Communications (FBC) and the Community Newspaper Group participate in the newspaper and trade sector.

Business and Information Sector

Through Specialty, the company publishes technical manuals that supply businesses with necessary legal, audit and compliance information about environmental law, occupational health and safety, transportation, training, and business law. Specialty publishes roughly 120 guides which are sold in both print and electronic format in the U.S., Canada, Mexico and internationally. During 2004, Glacier focused on developing the subsidiary’s electronic content solutions, and as a result, sales in this area grew to comprise 25% of Specialty’s revenues. The company expanded its professional information sector in January 2005, when it paid $5.1 million to acquire 85% of the assets of CD-Pharma, a developer of interactive multi-media continuing medical education programs on CD-ROM, as well as interactive videos and print media packages focused toward the healthcare community. CD-Pharma’s revenues are generated through the sale of sponsorship of its education programs to pharmaceutical companies that wish to acquire access to medical professionals. Management expects that as the population ages, the need to access the medical system will only increase, making the healthcare information industry a lucrative market.

Newspaper and Trade Sector

WPP publishes The Western Producer, the nation’s largest weekly agricultural newspaper with a paid circulation of 75,000 across western Canada. WPP also publishes several related supplements including buyer’s guides, seed guides and publications that cater to the tourism industry. FBC publishes a number of targeted farm business magazines, periodicals and regional magazines including the Canadian Cattlemen and several others. During 2004 and early 2005, Glacier made several key acquisitions making the company the largest publisher of community newspapers and related publications in Saskatchewan, as well as the largest agricultural publisher in Canada. Glacier purchased 29 community newspaper publications in Saskatchewan and Manitoba with a distribution of 240,000, plus four printing facilities in western Canada for a total cost of $16 million. One of these acquisitions included the purchase of 100% ownership of Pennand Inc. for $9 million in February 2005. Pennand is a Winnipeg, Manitoba-based company which owns a group of community newspapers and related printing operations in Saskatchewan. Through these transactions, the company has increased the total combined distribution of its community newspapers and agricultural publications to approximately 575,000.

In addition, although the WPP and FBC publications are targeted primarily to western Canadian farmers and ranchers Glacier feels that its overall performance resulted in a strong increase in the trading price of its shares despite some challenging economic and industry situations such as several years of severe drought conditions and declining populations in these provinces and the closure of the U.S. border to Canadian beef shipments.

Private Placement & Acquisition of Madison Publishing Group

During July 2005, the company raised nearly $20 million in a private placement whereby roughly 8.3 million shares were sold at a price of $2.40 each. The proceeds of the financing are intended to be used for future acquisitions and will be used to pay down debt in the interim and for general corporate purposes.

Also in July 2005, Glacier completed the purchase of Madison Publishing Group for approximately $15 million from Madison Venture Corporation (MVC), who, along with its affiliates, owns 14,984,221 common shares of the company, which represents approximately 36.4% of Glacier’s outstanding common shares. MVC also owns warrants to acquire an additional 1,115,000 common shares of the company. The publishing group, who runs community newspapers and specialty magazines in B.C. including the weekly Business in Vancouver and the Better Business Bureau Pages telephone directory, posted revenues of $14.7 million in the year ended February 28, 2005. To date, Glacier’s publications now have a combined distribution of approximately three million copies. The purchase of Madison is expected to be accretive to the company’s earnings per share by 6%. Management also predicts that the acquisition will increase investor interest in Glacier, and that it will also have a positive affect on the company’s market capitalization.

Managing Risk and Debt

Management believes that Glacier has managed risk carefully while building its business. During fiscal 2004, the company borrowed $21.1 million which was used for acquisitions and raised Glacier’s pro forma debt to EBITDA ratio to roughly three times. The company’s strategy is to pay down its debt as quickly as possible and then releverage itself for future acquisitions.