PEARL RIVER, N.Y.--(BUSINESS WIRE)--
Hudson Technologies, Inc. (NASDAQ: HDSN) today announced its support for the adoption of an amendment to the Montreal Protocol on Substances that Deplete the Ozone Layer, that would provide for the phasedown of hydrofluorocarbon (HFCs) refrigerants. The proposed amendment will be voted on at the annual meeting of the members of the Montreal Protocol, to be held this month in Kigali, Rwanda.
Hudson was one of more than 500 national and international companies and organizations to sign a statement issued by the White House at the United Nations General Assembly on September 22, 2016 calling on world leaders to adopt the new HFC amendment. A phasedown of virgin HFC production, supported by the use of reclaimed refrigerants, will avoid releasing the equivalent of 100 billion tons of carbon dioxide into the atmosphere and will prevent more than 0.5°C of warming by 2050, according to an October 2015 report by the Lawrence Berkeley National Laboratory.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “As a leading reclaimer, Hudson has been an early and long term supporter of an orderly phase out of refrigerants with high global warming potential. The best way to accomplish the goal of reducing emissions of these high global warming gases is to limit production of virgin refrigerant and establish policies that promote, encourage and provide the right incentives to manage, preserve, reclaim and reuse refrigerant that is already in the installed base.”
Mr. Zugibe continued, “Hudson met with a number of Article 5 countries at the Montreal Protocol meetings in Vienna this past July, to discuss how a strong refrigerant reclamation program can be a tool to facilitate and accelerate the phasedown of HFCs. Every pound of reclaimed refrigerant that is reused in equipment eliminates the need to produce a pound of virgin refrigerant. Reclamation provides an opportunity to achieve dramatic reductions in greenhouse gas emissions almost immediately without having to make immediate investments in new equipment and technology. As a leading provider of reclaimed refrigerants with significant infrastructure and capacity, we believe we can play a critical role in the orderly and global phase out of these gases and in the evolution to more environmentally friendly 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.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
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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