HUDSON
TECHNOLOGIES ANNOUNCES CONVERSION OF PREFERRED STOCK
PEARL
RIVER, N.Y. – April 1, 2004 – Hudson Technologies, Inc. (Nasdaq:
HDSNC), today announced that, on March 31, 2004, the holders of
all of its Series A Preferred Stock converted all of their Series A
Preferred Stock, including accrued and unpaid dividends, to common
stock.
Based
upon 125,085 shares of Series A Preferred Stock issued as of
December 31, 2003, together with 4,455 shares of Series A Preferred
Stock issued on March 30, 2004 as paid in-kind dividends thereon,
the holders of the Series A Preferred Stock received a total of
16,397,468 shares of common stock. The conversion price was $0.79
per share.
As a
result of the conversion, Hudson Technologies now has a total of
25,517,594 shares outstanding. Since Hudson no longer has any
preferred stock outstanding, no further dividends will accrue.
The
holders of the Series A Preferred Stock were Fleming US Discovery
Fund III L.P. and Fleming US Discovery Offshore Fund III, L.P.
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.
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
