ACR Group Extends Revolving Credit Facility to $45 Million
14 Settembre 2006 - 11:03PM
PR Newswire (US)
HOUSTON, Sept. 14 /PRNewswire-FirstCall/ -- ACR Group, Inc.
(AMEX:BRR), a leading national wholesale distributor of heating,
ventilating, air conditioning and refrigeration equipment and
supplies, today announced it has increased its revolving credit
facility from $40 million to $45 million. The Company's collateral
base is sufficient for the entire $45 million to be available to
the Company. Houston-based ACR Group said the revolving credit
facility expansion increases working capital for operational
purposes, and provides additional resources for potential branch
expansion and acquisitions. The credit facility is through Wells
Fargo Bank. "Our record of strong revenue growth and sustained
profitability has allowed us increased access to capital during the
past year," said Alex Trevino, Jr., President and CEO of ACR Group.
"As we evaluate the current competitive landscape, we remain
opportunistic acquirers of appropriately priced HVAC
distributorships operated by experienced management teams, in line
with our decentralized operating model. "By combining our 'buy and
build' approach with our strategic investment in new, organic
growth initiatives, as illustrated by our recent entrance into the
Arizona market, we are well positioned to grow our regional
footprint in key geographies throughout the country. This
additional financing capacity provides us an added level of
flexibility to pursue these growth opportunities." About ACR Group,
Inc. ACR Group, Inc. is a wholesale distributor of
air-conditioning, heating, and refrigeration ("HVACR") equipment,
parts and supplies. Houston-based ACR Group, Inc.
(http://www.acrgroup.com/ ) owns and operates 54 branch locations
that are organized into five business units covering ten states.
The Company's sales are made substantially to contractor dealers
and institutional end- users. Forward-Looking Statements Statements
in this release that relate to management's expectations or beliefs
concerning future plans, expectations, events, and performance are
"forward-looking" within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Actual results or
events could differ materially from those anticipated in the
forward-looking statements due to a variety of factors including,
without limitation, weather conditions, the effects of competitive
pricing, general economic conditions, and availability of capital.
For more detailed information on the risks and uncertainties
associated with these forward-looking statements and the Company's
other activities, see the periodic reports filed by the Company
with the Securities and Exchange Commission such as Form 10-K, Form
10-Q and Form 8-K. DATASOURCE: ACR Group, Inc. CONTACT: Noel R.
Ryan III of Lambert, Edwards & Associates, Inc.,
+1-616-233-0500, for ACR Group, Inc. Web site:
http://www.acrgroup.com/
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