Hudson
Technologies Opens Second Reclamation Center
New Facility Optimizes Processing Efficiency in Preparation for
Upcoming EPA Phase Out of R-22 Refrigerants
pearl river, ny – June 3, 2009 –
Hudson Technologies, Inc. (NASDAQ: HDSN), a leading distributor and
reclaimer of refrigerants as well as a provider of proprietary
on-site decontamination services for large comfort and process
cooling systems, today announced that it has opened a new 60,000
square foot warehouse and reclamation facility in Champaign,
Illinois. The new facility complements Hudson’s existing 50,000
square foot facility and will increase Hudson’s production capacity
and processing efficiency for the reclamation of refrigerants.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson
Technologies commented, “Hudson is an established leader in the
reclamation industry, and to maintain and strengthen that leadership
position we needed to increase our reclamation capacity in
preparation for what is estimated to be a nearly four-fold increase
in the reclamation of HCFC refrigerants. The upcoming EPA phase out
of HCFCs, now less than 7 months away, will reduce the supply of new
HCFC refrigerants by more than 60% from current levels. As a
result, the EPA has estimated that as of January 1, 2010 the demand
for HCFC refrigerants needed to service existing equipment will
exceed the available supply of new HCFC refrigerants by
approximately 20%. This 20% supply gap is expected to be filled by
reclaimed and recycled refrigerant.
“Earlier this year we announced the introduction of the Hudson
Platinum Program as an all inclusive reclamation offering
specifically designed to assist customers in maximizing the recovery
and reclamation of HCFC refrigerants. We have already had a very
good response from our customers and we believe that our Platinum
Program will continue to demonstrate Hudson’s leadership throughout
the upcoming phase out.
“In preparation for the phase out, we reviewed our operations and
refined our manufacturing processes to recognize greater
efficiencies on a ‘per pound’ basis, and with our proven reclamation
infrastructure and production model, we were able to ramp up the new
facility quickly and with minimal capital investment. With this new
facility we have increased our capacity and have taken a critical
step towards addressing the sweeping changes soon to impact our
industry and the anticipated increase in reclamation activity that
we believe those changes will bring in the coming years. We will
endeavor to remain proactive to the changing market forces by
continuing to evaluate our operation and, where appropriate expand,
our capabilities in order to take advantage of opportunities that
arise as the industry continues to adjust to the mandatory HCFC
phase out.”
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), the Company's ability to source 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.
