HUDSON TECHNOLOGIES AND THE BOC GROUP
ANNOUNCE
EXCLUSIVE TECHNOLOGY AND MARKETING ALLIANCE
Hudson’s Technology and Processes to be Launched Internationally
PEARL RIVER,
N.Y. – June 26, 2003 –
Hudson Technologies, Inc. (Nasdaq: HDSN), a leading refrigerant
services company, and The BOC Group (NYSE: BOX), a worldwide
industrial gases, vacuum technologies and distribution services
company, today announced the signing of an exclusive, long-term
global technology and marketing agreement.
Using
Hudson’s
leading-edge technology and BOC’s global presence as a world leader
in the distribution and marketing of refrigerants, the two companies
plan to develop the market for refrigerant reclamation and
Hudson’s
RefrigerantSide® and performance optimization services. The
exclusive agreement launches Hudson’s technology outside the U.S.
for the first time.
Under the
agreement,
Hudson will
license its patented and proprietary equipment and technology to BOC
in return for ongoing license fees and royalties based on revenues
derived from the performance of all RefrigerantSide® services,
including performance optimization. Hudson estimates the
international market for these services to be similar in size to the
U.S. market. The agreement provides a global opportunity of over 20
countries.
BOC, which is
one of the
UK’s leading
refrigerant reclaimers, also announced that it will use Hudson’s
state of the art equipment at its newly upgraded refrigerants
processing and filling facility in Immingham, England.
Kevin J.
Zugibe, Hudson’s chairman and chief executive officer, commented,
“We are thrilled to enter into a technology alliance with such a
pre-eminent company as BOC, which has a long history of pursuing
technological leadership and innovation.
“BOC’s
worldwide marketing network will provide the perfect foundation from
which to launch
Hudson’s
RefrigerantSide® Services business internationally. Through BOC’s
extensive global network, our services can be marketed and delivered
cost-effectively to large industrial end-users throughout the
world. We are delighted to have BOC launch Hudson’s system of
optimization services internationally, which can significantly
increase energy efficiency while simultaneously reducing global
warming gases.”
Kevin Baudhuin,
BOC’s global director, special products, said, “In just a few years,
BOC has developed a significant global presence in refrigerants,
growing from only three countries five years ago to having a
refrigerants business in 20 countries across five continents.
“We see a
marketing alliance with Hudson Technologies as having potentially
significant benefit to BOC’s rapidly expanding business and to our
customers. Our strategy is built on providing a wide product range
and a quality service offering based on strong environmental
principles that naturally include recovery, recycling and
reclamation of all refrigerants.
“We have
recognized the superiority of
Hudson’s
technology and look forward to developing a technology alliance with
the leading edge equipment and service experts.”
About
Hudson Technologies
Hudson Technologies, Inc., is a
leading provider of innovative solutions to recurring problems
within the refrigeration industry. Hudson’s proprietary
RefrigerantSide® Services increase operating efficiency and energy
savings, and remove moisture, oils and other contaminants frequently
found in the refrigeration circuits of large comfort cooling and
process refrigeration systems. Performed at a customer’s site as an
integral part of an effective scheduled maintenance program or in
response to emergencies, RefrigerantSide® Services offer significant
savings to customers due to their ability to be completed rapidly
and at higher purity levels, and can be utilized while the
customer’s system continues to operate. In addition, the company
sells refrigerants and provides traditional reclamation services to
the commercial and industrial air conditioning and refrigeration
markets. For further information on Hudson, please visit the
company’s web site at
www.hudsontech.com.
About The
BOC Group
The BOC Group, which serves two million customers in more than 50
countries, is one of the world’s leading gases companies. It
employs more than 46,000 people worldwide and had annual sales of
approximately $6 billion in 2002 Further information about The BOC
Group may be obtained on the Internet at
www.boc.com.
Safe Harbor Statement under the Private Securities Litigation Act of
1995
Statements contained herein, which are not historical facts
constitute forward-looking statements involve a number of known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited to, changes
in the markets for refrigerants (including unfavorable market
conditions adversely affecting the demand for, and the price of
refrigerants), regulatory and economic factors, seasonality,
competition, litigation, the nature of supplier or customer
arrangements which become available to the company in the future,
adverse weather conditions, possible technological obsolescence of
existing products and services, possible reduction in the carrying
value of long-lived assets, estimates of the useful life of its
assets, potential environmental liability, customer concentration,
the ability to obtain financing and other risks detailed in the
company’s periodic reports filed with the Securities and Exchange
Commission. The words “believe”, “expect”, “anticipate”, “may”,
“plan”, “should” and similar expressions identify forward-looking
statements. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
the statement was made.
Investor Relations Contacts:
Company Contact:
Harriet Fried/John Nesbett
Brian F. Coleman, President & COO
Lippert/Heilshorn & Associates
Hudson Technologies, Inc.
(212) 838-3777
(845) 735-6000
hfried@lhai.com
bcoleman@hudsontech.com
