Newsroom

For Immediate Release

Noland Acquires Assets of Heat-Cool Specialties in Charlotte

CHARLOTTE, N.C., March 3, 2005 – Noland Company (NOLD) today announced the purchase of certain assets of Heat-Cool Specialties, a wholesale distributor of heating and cooling products in Charlotte, and the Feb. 28 opening of a Noland branch in the former Heat-Cool Specialties location.

Heat-Cool Specialties, operating from its single location at 4403 Wilkinson Blvd., served HVAC contractors in the Charlotte area with Ruud Air Conditioning equipment and supplies. Noland is a Virginia-based wholesale distributor that already operates 15 branch locations in North Carolina, but none in Charlotte.

Noland is leasing the Heat-Cool facility and has hired many Heat-Cool Specialties employees to staff the new Noland branch. Noland also gained distribution rights in the area to the complete line of Ruud brand heating and cooling products.

“This represents a strategically important move for us,” said Matt Weaver, Noland’s southeastern regional manager. “It allows us to enter a major market with the winning combination of Ruud products – a brand that’s built its reputation for reliability over more than 100 years – Noland’s strong commitment to customer service, and a top-notch crew of experienced Heat-Cool professionals in Charlotte.”

Weaver added he expects the new Charlotte branch to grow, “since it also gives us an important base for increasing our business in western North Carolina.”
Tim G. Kress, who was manager of Noland’s Hanover, Pa., branch, has been appointed manager of Noland’s Charlotte operations.

Financial terms of the sale were not disclosed.

Ruud is a premium brand of the Air Conditioning Division of Rheem Manufacturing Company. Ruud heating and cooling products have been highly ranked by the leading national consumer product testing magazine as having a low incidence of consumer reported repairs among the 14 leading brands.

Noland operates 101 branches in 13 states, and distributes products in the plumbing, HVAC, water systems, electrical and industrial fields. The company's stock is traded on NASDAQ's SmallCap Market.

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