Watsco Announces Successful Completion of the Acquisition of ACR Group, Inc.

  
    
  
  
    
      Watsco, Inc. (NYSE:WSO) today announced the successful completion of the 
      acquisition of ACR Group, Inc. (AMEX:BRR) through a cash tender offer 
      and a subsequent short-form merger of Coconut Grove Holdings, Inc., a 
      wholly-owned subsidiary of Watsco, with and into ACR.
    
    
      As a result of the merger, all outstanding shares of ACR common stock 
      not validly tendered and accepted for payment in the tender offer or 
      purchased pursuant to Sale and Support Agreements with ACR’s 
      executive officers and certain of their respective affiliates were 
      converted into the right to receive $6.75 per share (the same price 
      offered in the tender offer) in cash, without interest. The Depositary 
      for the tender offer and the Disbursing Agent for the merger will mail 
      to stockholders that have not yet validly tendered their shares 
      materials necessary to exchange their ACR stock certificates for such 
      payment. Effective with the merger, Watsco will delist ACR shares from 
      the American Stock Exchange.
    
    
      Watsco is the largest independent distributor of air conditioning, 
      heating and refrigeration equipment and related parts and supplies in 
      the HVAC industry and operates 440 locations serving over 40,000 
      customers in 34 states. The Company's goal is to build a national 
      network of locations that provide the finest service and product 
      availability for HVAC contractors, assisting and supporting them as they 
      serve the country's homeowners and businesses. Additional information 
      about Watsco may be found on the Internet at http://www.watsco.com.
    
    
      This document includes certain "forward-looking statements" within the 
      meaning of the Private Securities Litigation Reform Act of 1995. These 
      statements are based on management's current expectations and are 
      subject to uncertainty and changes in circumstances. Actual results may 
      differ materially from these expectations due to changes in economic, 
      business, competitive market, regulatory and other factors, including, 
      without limitation, the effects of supplier concentration, competitive 
      conditions within Watsco's industry, seasonal nature of sales of 
      Watsco's products, insurance coverage risks and final GAAP adjustments. 
      Forward-looking statements speak only as of the date the statement was 
      made. Watsco assumes no obligation to update forward-looking information 
      to reflect actual results, changes in assumptions or changes in other 
      factors affecting forward-looking information. Detailed information 
      about these factors and additional important factors can be found in the 
      documents that Watsco files from time to time with the Securities and 
      Exchange Commission, such as Form 10-K, Form 10-Q and Form 8-K.