Hudson Technologies Expresses Support for Kigali Amendment to Aggressively Phase Down Virgin HFC Production
October 17 2016 - 10:30AM
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.
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/20161017005891/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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