PEARL RIVER, N.Y.--Hudson Technologies, Inc. (NASDAQ: HDSN), a leading provider of innovative solutions to recurring problems within the refrigeration industry, reaffirmed its support for the Kigali Amendment to the Montreal Protocol, which has now been ratified by more than 20 countries and will therefore go into effect in January 2019. Hudson now calls on the U.S. to join our global partners in its ratification.
The Kigali Amendment is an agreement reached at the October 2016 Meeting of the Parties to the Montreal Protocol by the approximately 200 signatory countries to amend the Montreal Protocol to provide for the phase down of hydrofluorocarbon (HFC) compounds by 85% by 2047.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “The ratification of the Kigali Amendment by the required 20 countries is a significant step in the global effort to address HFC emissions. The next step is working toward ratification in the United States. We are pleased with the pronouncement last week by the Department of State, on the occasion of the 30th Anniversary of the Montreal Protocol, praising and supporting the Kigali Amendment stating: ’The United States believes the Kigali Amendment represents a balanced and pragmatic approach to phasing down the production and consumption of HFCs, and therefore we support the goals and approach of the amendment’. The Kigali Amendment has widespread support from U.S. industry, and we look forward to continuing to work with federal agencies and other industry stakeholders to move towards ratification in the U.S.”
“Hudson has long been an advocate of the orderly phase out of virgin HFC production and the development of efficient, next generation, climate and ozone friendly technologies and refrigerants. We believe that a strong refrigerant reclamation program is essential to effective refrigerant management and will assist in the facilitation and acceleration of the HFC phase down. With our recent acquisition of Airgas-Refrigerants, Inc. (“ARI”), we are now the leading reclaimer in the U.S. with significant geographic reach, infrastructure and capacity to assist the industry as it transitions through future phase outs.”
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider of innovative and sustainable solutions for optimizing performance and enhancing reliability of commercial and industrial chiller plants and refrigeration systems. Hudson's proprietary RefrigerantSide® Services increase operating efficiency, provide energy and cost savings, reduce greenhouse gas emissions and the plant’s carbon footprint while enhancing system life and reliability of operations at the same time. RefrigerantSide® Services can be performed at a customer's site as an integral part of an effective scheduled maintenance program or in response to emergencies. Hudson also offers SMARTenergy OPS®, which is a cloud-based Managed Software as a Service for continuous monitoring, Fault Detection and Diagnostics and real-time optimization of chilled water plants. In addition, the Company sells refrigerants and provides traditional reclamation services for commercial and industrial air conditioning and refrigeration uses. 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. These include statements regarding management’s intentions, plans, beliefs, expectations or forecasts for the future including, without limitation, Hudson’s expectations with respect to the benefits, costs and other anticipated financial impacts of the ARI transaction; future financial and operating results of the company; and the company’s plans, objectives, expectations and intentions with respect to future operations and services. 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 ARI’s operations and any assets it acquires from other third parties into its operations, and other risks detailed in the Company's 10-K for the year ended December 31, 2016 and other subsequent filings with the Securities and Exchange Commission. Examples of such risks and uncertainties specific to the ARI transaction include, but are not limited to, the possibility that the expected benefits will not be realized, or will not be realized within the expected time period. 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.