Hudson Technologies
Announces Completion of Common Stock Offering
PEARL RIVER, N.Y. –
Dec. 23, 2003--Hudson
Technologies, Inc. (Nasdaq: HDSNC), today announced the successful
completion of its common stock offering on December 19, 2003. As a
result of sales made in the common stock offering and the conversion
of certain indebtedness, Hudson has issued 3,833,300 shares of its
common stock and increased stockholders' equity by $3,468,000.
Kevin J. Zugibe, chairman and chief executive officer, commented,
"We are delighted to announce the successful completion of Hudson's
capital raising efforts, which represents an exceptionally important
step forward for our Company. The new equity we have raised,
particularly in concert with the successful cost reduction program
we implemented earlier this year, will facilitate Hudson's progress
in many ways. First, we are continuing to consolidate our
traditional reclamation operations into one facility, enabling us to
further enhance productivity and quality control. Equally important,
we will continue developing our RefrigerantSide(R)
Services offering, whose focused sales and marketing approach is
showing much promise."
Mr. Zugibe concluded, "We are extremely gratified with the
confidence our investors - including the directors and officers who
participated in the offering - have shown in the Company. All of us
look forward to continuing our alliance with BOC and implementing
the many other initiatives we have developed to strengthen Hudson
Technologies' business and prospects in 2004."
As a result of the Company's successful offering, Hudson's
stockholders' equity now exceeds $2.5 million, which is one of the
minimum listing standards set forth in the Nasdaq Marketplace Rules
for continued listing on the Nasdaq SmallCap Market. The Company is
working with Nasdaq to try to resolve the conditions previously set
forth by Nasdaq for the continued listing of Hudson's common stock
on the Nasdaq SmallCap Market.
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.
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
|
|
|
|
