Cold-filtering is a way of clarifying beer with a shortened lagering
     time. Beer (lager particularly) becomes clearer with extended storage
     which allows proteins and other particles to coagulate and settle out
     of suspension. The beer can then be drawn off and bottled. One way to
     reduce the time required is to chill the beer causing these molecules
     to "clump" and be easily filtered out. The up-side is that the time
     from brewing to finished product is shortened, thereby boosting
     productivity. The down-side is that cold-filtering also removes many
     components which contribute flavor and body to beer.

     Heat Pasteurized is a redundant phrase since pasteurization means
     heating to kill microbes.

     Some beers are bottle or cask conditioned, meaning that live yeast
     are still in the beer in its container. Most mainstream beers are
     either filtered, to remove all yeast and bacteria, or pasteurized to
     kill all yeast and bacteria. This makes for a more stable product
     with a longer shelf-life.

     Pasteurization is more expensive and tends to alter the flavor.
     Filtration is cheaper, leaves a clearer beer, and has less effect on
     flavor.

     The "ice" beer process (see above) enhances filtration schemes
     because more stuff can be filtered out more quickly using less
     filtration material which shows up directly on the old bottom line.