Hudson Technologies Awarded Department of Defense Contract with an Estimated Maximum Value of $400 Million
July 18 2016 - 4:46PM
Business Wire
Hudson Technologies, Inc. (NASDAQ:HDSN) announced that it has
been awarded, as prime contractor, a five-year contract including a
five-year renewal option, by the United States Defense Logistics
Agency (“DLA”) with an estimated maximum value over the term of the
agreement of $400 million in sales to the Department of Defense.
The fixed price contract is for the management and supply of
refrigerants, compressed gases, cylinders and related items to US
Military Commands and Installations, Federal civilian agencies and
Foreign Militaries. Primary users include the US Army, Navy, Air
Force, Marine Corps and Coast Guard.
Kevin Zugibe, Chairman and CEO of Hudson Technologies,
commented, “This award was two years in the making and represents a
transformative win for Hudson. In January of 2015, we executed a
strategic acquisition of a West Coast based supplier of
refrigerants and compressed gases to expand our presence in the
industrial gas sectors. This acquisition provided us with
complementary capabilities to subsequently bid on, and ultimately
win, this large DoD contract. While the ultimate amount of revenue
will depend on order levels, this award solidifies our presence in
the refrigerants and industrial gas sectors and we believe will
contribute considerable future revenue and earnings growth.”
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, order levels pursuant to
the Company’s agreement with DLA, 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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version on businesswire.com: http://www.businesswire.com/news/home/20160718006318/en/
Investor Relations:Institutional Marketing Services
(IMS)John Nesbett/Jennifer
Belodeau203-972-9200jnesbett@institutionalms.comorCompany:Hudson
Technologies, Inc.Brian F. Coleman, 845-735-6000President &
COObcoleman@hudsontech.com
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