Hudson Technologies Supports Amendment to Montreal Protocol; Renews Commitment to the Orderly Phasedown of Refrigerants with ...
October 06 2016 - 10:14AM
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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version on businesswire.com: http://www.businesswire.com/news/home/20161006005890/en/
Investor Relations:Institutional Marketing Services
(IMS)John Nesbett/Jennifer
Belodeau203-972-9200jnesbett@institutionalms.comorCompany:Hudson
Technologies, Inc.Brian F. Coleman, President &
COO845-735-6000bcoleman@hudsontech.com
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