HUDSON TECHNOLOGIES CLOSES ON NEW $5,000,000 CREDIT FACILITY
PEARL RIVER, N.Y. – June 3, 2003 –
Hudson Technologies, Inc. (Nasdaq: HDSN), a leading refrigerant
services company, today announced a new $5,000,000 senior secured
credit facility with Keltic Financial Partners, LP., which will
replace its current credit facility.
The facility will be used to repay in full the existing indebtedness
Hudson currently owes to The CIT Group/Business Credit, Inc., and
for ongoing working capital purposes. The new facility consists of
a revolving line of credit up to $4,600,000 based upon advances on
eligible accounts receivable and eligible inventory, and a $400,000
Term Loan. The facility matures on
May 30, 2006.
Kevin Zugibe stated, “This facility provides more favorable terms
with increased borrowing capacity than our previous loan, thereby
giving us an improved financial foundation upon which to execute on
our plan to reach consistent profitability.”
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.
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
