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Exhibit 99
[LOGO] PAMECO
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CORP
CONTACT:
Cindi Rogers Joseph W. McDonnell
Pameco Corporation Broadgate Consultants, Inc.
(303) 568-1203 (212) 232-2222
FOR IMMEDIATE RELEASE
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Pameco Corporation Secures $12.5 Million Private Equity Financing
DENVER, CO - December 6, 2000 - Pameco Corporation (NYSE: PCN) today announced
that it has received an additional $12.5 million of new equity investments,
bringing the total equity investment that the company has received over the past
10 months to $60 million. The $12.5 million investment announced today consists
of a $10 million investment from Littlejohn Fund II, L.P. and a $2.5 million
investment from Quilvest American Equity Ltd. Pursuant to the existing February
18, 2000 Securities Purchase Agreement, Pameco has provided these investors with
a new series of the Company's Preferred Stock, which is convertible into shares
of the Company's Common Stock at an initial conversion price per share of $1.65
and will have the right to vote with the Common Stock on an as-converted basis.
Dixon R. Walker, President and Chief Executive Officer of Pameco, stated: "This
capital contribution marks the latest funding of a series of restructuring
initiatives developed earlier this year that have positioned the company for
future growth and profitability. Over the last several months, we have revamped
our infrastructure by eliminating excess fixed costs, optimizing our
distribution network and rebuilding much of the company's sales and service
capabilities. We are now well-positioned for sales growth while serving our
customers needs going into the upcoming busy season."
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.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Certain statements contained in this press release are "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995, including without limitation, the Company's plans for future business
development, industry position and industry condition, the Company's financial
condition and structure, and the Company's ability to engage in an acquisition
program as well as the outcome thereof. Such forward-looking statements are
subject to risk, uncertainties and other factors that could cause actual results
to differ materially from future results expressed or implied by such
forward-looking statements. Investors are cautioned than any forward-looking
statements are not guarantees of future performance and involve risks and
uncertainties and that actual results may differ materially from those
contemplated by such forward-looking statements. Such risks include, without
limitation, risks associated with the Company not being able to successfully
implement its new strategies, the risk that new acquisitions, if any will not be
successfully integrated into the Company, the seasonality and cyclicality of the
Company's sales, the Company's competition, the Company's dependence on supplier
relationships, the increased presence of buying groups and risks related to the
Company's borrowings.
Note: Additional information about Pameco Corporation is available on Pameco's
World Wide Web site on the Internet located as http://www.pameco.com.
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