Hudson
Technologies, Inc., Announces Sale of Majority Interest in
Environmental Support Solutions
Company
Continues to Emphasize Its Unique, On-Site Emergency Recovery and
Preventative Maintenance Service Business
PEARL RIVER, New York––Hudson Technologies, Inc.,
(NASDAQ: HDSN), a leading refrigerant services company that
specializes in emergency recovery and energy-saving system
decontamination services for large comfort and process cooling
systems, today announced it has sold a majority interest in a
subsidiary company, Environmental Support Solutions (ESS), to its
founder.
Hudson
has sold seventy-five percent of its interest in ESS for
approximately $480,000, paid in a combination of cash and notes.
The company will no longer be involved with the day-to-day
operations of ESS, but will continue as a strategic partner through
its minority ownership stake.
“In addition to this divestiture, we recently raised $6.5
million from the sale of series A preferred stock.
The financing allows us to focus resources on the development
of our unique refrigerant service business through a network of
depots,” said Kevin J. Zugibe, Hudson’s chairman and chief
executive officer. “Today's
announcement is a reflection of our effort to reduce involvement in
non-core operations that do not support the growth of our higher
margin service sales business.”
Founded in 1991, Hudson Technologies, Inc., has developed
proprietary technology that greatly reduces the downtime and costs
associated with maintaining, operating and repairing large chiller
and reciprocating systems for process and comfort cooling.
Safe harbor statement under the Private Securities Litigation
Act of 1995: The
statements, which are not historical facts, contained in this press
release are forward-looking statements that involve risks and
uncertainties, including but not limited to, changes in the markets
for refrigerants, regulatory and economic factors, increased
competition, the nature of supplier or customer arrangements which
become available to the company in the future, adverse weather
conditions, technological obsolescence and potential environmental
liability. The company’s actual results may differ materially from
the results discussed in any forward-looking statements.
Contact:Troy
McCombs
Coltrin & Associates
(212)
221-1616 |
Brian
Coleman
Hudson Technologies
(845) 735-6000 |