ACR Group Expands, Extends Revolving Credit Facility
June 19 2006 - 9:39AM
PR Newswire (US)
HOUSTON, June 19 /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 $35 million to $40 million and extended the term an
additional year to August 31, 2008. As of May 31, 2006, the
Company's collateral base was sufficient for the entire $40 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. "The additional financing capacity gives
the Company more capability to pursue business opportunities as
they arise," said Alex Trevino, Jr., president and CEO of ACR
Group. "Our growth plans include both organic startups and
strategic, targeted acquisitions. The availability of capital
enables us to react quickly to such 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 51 branch locations
that are organized into five business units covering nine 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 Ryan
or Erica Noll of Lambert, Edwards & Associates, Inc.,
+1-616-233-0500, for ACR Group, Inc. Web site:
http://www.acrgroup.com/
Copyright