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EXHIBIT 99
[LOGO OF PAMECO CORP.]
CONTACT:
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Lora Trent Van Negris / Philip J. Denning
Pameco Corporation Kehoe, White, Van Negris & Company, Inc.
(770) 798-0600 (212) 396-0606
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FOR IMMEDIATE RELEASE
Pameco's Board of Directors Approves 1-for-3 Reverse Stock Split
and Elimination of Class B Common Stock
NORCROSS, GA--JULY 21, 2000--Pameco Corporation (NYSE: PCN), a Georgia
corporation (the "Company"), announced today that it completed a
reincorporation of Pameco into the State of Delaware by effecting a merger
with and into its wholly owned subsidiary, Pameco Acquisition Corporation, a
Delaware corporation (the "Surviving Corporation").
In connection with the reincorporation and pursuant to the merger, the holders
of the outstanding shares of Class A and Class B Common Stock of the Company
will each receive one share of Common Stock of the Surviving Corporation for
every three shares of Class A and Class B Common Stock held by them, resulting
in a one-for-three reverse stock split and the elimination of the supervoting
Class B Common Stock. Additionally, the holders of the Company's outstanding
Series A Preferred Stock will be converted into a like number of shares of
Series A Preferred Stock of the Surviving Corporation having the same terms
and conditions except that, in order to give effect to the one-for-three
reverse stock split, the initial conversion price of the Surviving
Corporation's Series A Preferred Stock equaled three times the conversion
price of the Company's Series A Preferred Stock in effect at the tie of the
merger. Pursuant to the merger, the number of authorized shares of Common
Stock was decreased to 20,000,000 while the number of authorized shares of
preferred stock remained at 5,000,000.
In connection with the merger, the Surviving Corporation changed its name to
Pameco Corporation and its Common Stock trades on the New York Stock Exchange
under the symbol "PCN".
Pameco is one of the largest national distributors of HVAC systems and
equipment and refrigeration products in the United States, with predecessor
corporations dating back to 1931, and has established a leading position in
the consolidating distribution segment of the climate control industry.
Pameco's products include a complete range of heating, air conditioning and
refrigeration ("HVAC/R") equipment, parts and supplies for the light
commercial and residential HVAC markets and commercial refrigeration market.
The products sold by Pameco are used principally for the repair and
replacement of existing HVAC/R and for new construction.
Note: Additional information about Pameco Corporation is available on Pameco's
World Wide Web site on the Internet located at http://www.pameco.com.
