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EXHIBIT 99
News
Contact:Dixon R. Walker
Pameco Corporation
(303) 568-1201
Joseph W. McDonnell
Broadgate Consultants,
Inc
(212) 232-2222
FOR IMMEDIATE RELEASE
Pameco Receives Offer For Outstanding Shares of Common Stock
DENVER, CO-January 16, 2001--Pameco Corporation (OTCBB: PAMC) today
announced that the Company has received a cash offer from Littlejohn Fund II LP
and Quilvest American Equity Ltd. to acquire all of the outstanding shares of
common stock of Pameco for $0.40 per common share. The offer contemplates that
the transaction will be structured as a merger of a newly formed entity wholly-
owned by the buyers with and into Pameco. Littlejohn and Quilvest beneficially
own approximately 85 percent of the common stock and their representatives hold
a majority of the seats on the Company's Board of Directors.
The proposal is conditioned upon its acceptance by Pameco on or prior to
February 7, 2001 and to certain other conditions, including approval by the
Special Committee of the Board of Directors of Pameco and by the Investment
Committees and Boards of Directors of each of the buyers and receipt of
necessary consents from Pameco's lenders.
In response to the offer, the Board of Directors of Pameco has established a
special committee of the board to evaluate the proposal. The special committee
is made up of non-management directors who are not affiliated with Littlejohn
or Quilvest. The special committee intends to retain an independent investment
banking firm to advise it and to render an opinion on the fairness of this
proposal. The special committee is also authorized to engage independent
counsel to assist it.
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.
