HUDSON TECHNOLOGIES REPORTS
FOURTH QUARTER AND FISCAL 2002 RESULTS

PEARL RIVER, N.Y. – March 27, 2003 – Hudson Technologies, Inc. (Nasdaq: HDSN), a leading refrigerant services company specializing in proprietary on-site decontamination services for large comfort and process cooling systems, today announced results for the fourth quarter and year ended December 31, 2002.

Revenues for the fourth quarter of 2002 totaled $3,203,000 compared to $3,932,000 for the same period in 2001.  During the fourth quarter of 2002, the company reported a net loss of $1,352,000 and, after non-cash charges of $197,000 for payment-in-kind preferred stock dividends, a net loss per common share of $0.30.  This compares to a net loss of $1,140,000 for the fourth quarter of 2001 and, after non-cash charges of $190,000 for payment-in-kind preferred stock dividends, a net loss per common share of $0.26.

The company also announced that it had obtained $1.15 million in convertible debt financing from its principal shareholders, Fleming US Discovery Fund III, L.P. and Fleming US Discovery Offshore Fund III, L.P., and from certain officers of Hudson Technologies and their families in December 2002.  The notes, by their terms, will convert to common stock upon the completion of a public offering of $2,000,000 or more, which the company anticipates occurring in 2003.  The company has the right to prepay the convertible notes at any time during their term in shares of the company’s common stock.  The convertible notes have a term of two years from issuance and bear interest at the annual rate of 10%.

Kevin J. Zugibe, chairman and chief executive officer, commented, “Although we are disappointed that our RefrigerantSide® Services business has not gained the momentum we expected over the past year, we remain enthusiastic about its potential.  Our breakthrough technologies, Chiller Chemistry™ and Performance Optimization, are highly differentiated from the current practices in the industry, and our first assignments have demonstrated that we can generate substantial savings for our customers. 

“During the first quarter of 2003, we retained a consulting firm to evaluate the company’s offerings and assist us in creating a plan to achieve profitable growth in our RefrigerantSide® Services business.  We are committed to the success of this effort, which is still ongoing.  In addition, we remain committed to achieving profitability and are exploring cost saving measures that will further reduce our overhead without compromising our national sales initiative.  Through this initiative, we are targeting large, industrial end-users that can benefit the most from the improvements Hudson’s services offer.”

Year-End Results
Revenues for year ended December 31, 2002 totaled $19,963,000 compared to $20,768,000 for the same period in 2001.  For 2002, the company reported a net loss of $2,522,000 and, after non-cash charges of $796,000 for payment-in-kind preferred stock dividends, a net loss per common share of $0.64.  This compares to a net loss of $2,399,000 and, after non-cash charges of $723,000 for payment-in-kind preferred stock dividends, a net loss per common share of $0.61 for 2001.

Conference Call Information
Hudson Technologies will conduct a conference call on Thursday, March 27, at 10:00 a.m. Eastern Time to discuss fourth quarter 2002 results and additional matters.  The dial-in number for the call is 703-871-3073.  A replay of the call will also be available through Saturday, March 29, and can be accessed by dialing 703-925-2533, passcode #6439788.

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, which are provided through a nationwide network of service depots, 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), 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.

   Hudson Technologies, Inc. and subsidiaries
   Consolidated Statements of Operations
  (Amounts in thousands, except for share and per share amounts)
   (unaudited)

                                                                                  Three month period                 For the year ended
                                                                                 ended December 31,                December 31,