PEARL RIVER, N.Y.--(BUSINESS WIRE)--
Hudson Technologies, Inc. (NASDAQ:HDSN), a leading provider of innovative solutions to recurring problems within the refrigeration industry, praised the agreement reached by nearly 200 countries on Friday, October 14, 2016, on an amendment to the Montreal Protocol to phase down hydrofluorocarbon (HFC) compounds by 85% between now and 2047. The agreement was reached at the culmination of the Annual Meeting of the Parties of the Montreal Protocol, held last week in Kigali, Rwanda. The amendment establishes three timetables for all developed and developing countries to freeze and then reduce production and use of HFCs, with the first reductions by developed countries starting in 2019.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “The agreement reached by the parties to the Montreal Protocol is an historic environmental development that enjoys widespread support from the industry. The Alliance for Responsible Atmospheric Policy, the leading voice of manufacturers, businesses and trade associations in the fluorochemical industry, calls this agreement a ‘major policy step forward in the global effort to reduce greenhouse gas emissions’. Hudson, a longtime and active member of the Alliance, applauds the efforts of the Administration, foreign governments and industry who supported the adoption of the HFC amendment.”
Mr. Zugibe further stated, “Since our inception, Hudson has been an advocate for the orderly phase out of refrigerants with a high global warming potential, and we believe a strong refrigerant reclamation program is essential to facilitate and accelerate the phase down of HFCs. As a leading provider of reclaimed refrigerants with significant geographic reach, established infrastructure and growth capacity, we believe that Hudson can continue to play a key role in the orderly and global phase out of these harmful gases and support the development of efficient, next generation, climate and ozone friendly technologies and refrigerants.”
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.
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Statements contained herein which are not historical facts constitute forward-looking statements. Such 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 laws and regulations affecting the industry, changes in the demand and price 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 that 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, any delays or interruptions in bringing products and services to market, the timely availability of any requisite permits and authorizations from governmental entities and third parties as well as factors relating to doing business outside the United States, including changes in the laws, regulations, policies, and political, financial and economic conditions, including inflation, interest and currency exchange rates, of countries in which the Company may seek to conduct business, the Company’s ability to successfully integrate any assets it acquires from third parties into its operations, and other risks detailed in the Company's 10-K for the year ended December 31, 2015 and other subsequent filings 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.
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