HUDSON TECHNOLOGIES CEO
ADOPTS 10B5-1 TRADING PLAN
PEARL RIVER, N.Y.
– May 7, 2008 – Hudson Technologies, Inc. (Nasdaq: HDSN), a
leading refrigerant services company specializing in reclamation of
refrigerants and proprietary on-site decontamination services for
large comfort and process cooling systems, today announced that Kevin
Zugibe, Chairman and CEO of Hudson,
has adopted a
pre-arranged, non-discretionary stock trading plan to sell a portion
of his shares of Hudson stock. The stock trading plan is designed to
permit systematic sales by Mr. Zugibe over time as part of his
individual long-term strategy for asset diversification and estate
planning. The stock trading plan was adopted in accordance with
guidelines specified under Rule 10b5-1 of the Securities Exchange Act
of 1934, as amended, and the Company's policies regarding stock
transactions by insiders. Subject to the terms of the plan, Mr.
Zugibe may sell up to 1,000,000 shares of the Company's stock over a
one year period.
Mr. Zugibe
commented, “During 2007, myself along with other members of senior
management purchased over 9 million shares of stock from the Fleming
Funds, which facilitated the Company’s ability to buy back and retire
6.9 million shares, resulting in a 26% reduction in the total shares
outstanding. My intention is to use the proceeds from my sales of
stock to pay down some of the personal debt that I incurred to
purchase 6,461,500 shares from the Fleming Funds. It is important to
note that I will remain the largest Hudson shareholder, a position I
am very pleased to be in, particularly given the company’s record of
strong growth and profitability.”
Rule 10b5-1
allows corporate officers and directors to adopt written, pre-arranged
stock trading plans when they are not in possession of material,
non-public information. Using these plans, insiders can gradually
diversify their investment portfolios by spreading stock trades out
over an extended period of time to reduce any market impact while
avoiding concerns about the initiation of stock transactions when in
possession of material non-public information.
The transactions
under this plan will commence no earlier than May 9, 2008 and will be
disclosed publicly through Form 144 and Form 4 filings with the
Securities and Exchange Commission.
About Hudson
Technologies
Hudson Technologies, Inc. is a leading provider of
traditional reclamation services and refrigerant sales to the
commercial and industrial air conditioning and refrigeration markets.
In addition, the Company provides 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. 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.
|
Investor Relations Contact:
John Nesbett/Jennifer Belodeau
Institutional Marketing Services (IMS)
(203) 972-9200
jnesbett@institutionalms.com
|
Company Contact:
Brian F. Coleman, President & COO
Hudson Technologies, Inc.
(845) 735-6000
bcoleman@hudsontech.com |
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