MIAMI, FLORIDA, March 2, 1998 -- Watsco, Inc. (NYSE: WSO) today announced that it has closed the acquisition of Nevada Supply, Inc. and also has recently closed or will shortly complete the acquisition of five other wholesale distributors of air conditioning and heating equipment or related parts and supplies. Combined revenue of these companies for their most recently completed fiscal year was approximately $33 million. The purchase prices were not disclosed. These transactions are each expected to be accretive to earnings.

The largest transaction was the acquisition of Nevada Supply, Inc., a distributor of "Comfortmaker" brand-name equipment manufactured by International Comfort Products. The company operates from one location in Las Vegas, Nevada. Nevada Supply was founded in 1963, has 50 employees and will continue to operate under its present trade name. Revenue for its most recent fiscal year was approximately $18 million.

"Nevada Supply is a premier distributor of air conditioning equipment and related products in Las Vegas, one of the fastest growing markets in the country", said Albert H. Nahmad, Watsco Chairman and Chief Executive Officer. "We are pleased that the present team of management and employees at Nevada Supply will continue to operate the business after the completion of this transaction and look forward to them realizing the tremendous opportunities for growth available in their market."

In other transactions, Watsco acquired A.V. Supply Company, which serves markets in northern Alabama; Belknap Company, which serves markets in Nebraska and Iowa; and A Distributor Company, Inc., which serves markets in eastern Tennessee. Watsco expects to shortly complete the acquisitions of Air Supply, Inc., which serves the Los Angeles, California market, and A/C Parts & Equipment Company, Inc., which serves markets in eastern North Carolina. These acquisitions together generated revenue of $15 million for their most recent fiscal year.

"These relatively small acquisitions enhance the growth opportunities of our subsidiaries by filling in their existing market position or enabling them to establish a market presence more quickly than a start-up location", said Mr. Nahmad. "In addition, the acquisitions in California and North Carolina will allow us to begin distribution of 'Tempstar' and 'American Standard' brand-name equipment, respectively, for which we were recently granted distribution rights by the equipment manufacturers."

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission. All forward-looking statements should be considered in light of these risks and uncertainties.