HUDSON TECHNOLOGIES COMPLETES CONSOLIDATION
OF RECLAMATION OPERATIONS
PEARL RIVER, N.Y. – January 8, 2004 –
Hudson
Technologies, Inc. (Nasdaq: HDSNC), today announced the Company has
completed the consolidation of its traditional refrigerant
reclamation operations into a single, large facility in Champaign,
Illinois. The annual cost savings from the consolidation are
expected to total approximately $400,000.
Kevin J. Zugibe,
chairman and chief executive officer, commented, "Hudson previously
had a facility in Florida dedicated to the separation of different
cross contaminated refrigerants, and maintained separate processing
facilities in Illinois and North Carolina for our traditional
reclamation operations. We have now consolidated all three of those
operations into one new and larger facility, allowing us to close
the Florida facility and to dedicate the North Carolina facility to
the performance of Hudson’s RefrigerantSide® Services.”
Mr. Zugibe
continued, “We expect the consolidation of these facilities,
combined with recent capital expenditures, including patented and
analytical equipment, and a new plant layout, to deliver increased
efficiency, improved quality control and enhanced customer service.
The $400,000 in annual cost savings we expect are in addition to the
$1.6 million in annual savings that Hudson is realizing through the
reorganization we announced in May 2003.
“We are
particularly pleased to have completed the consolidation on schedule
by the end of 2003, so that in 2004 we can take full advantage of
these and all of the other cost saving and efficiency improving
initiatives we implemented last year.”
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
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