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WOODCLIFF LAKE, N.J., Sept. 22, 2022 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) a leading provider of innovative and sustainable refrigerant products and services to the Heating, Ventilation, Air Conditioning, and Refrigeration industry – and one of the nation's largest refrigerant reclaimers, today expressed its support of the recently announced ratification of the Kigali Amendment to the Montreal Protocol (“the Kigali Amendment”).
On October 15, 2016, nearly 200 countries agreed to an amendment to the Montreal Protocol to include the phase down of hydrofluorocarbon (HFC) compounds by 85% by 2047. The President of the United States transmitted the Kigali Amendment to the U.S. Senate for its advice and consent on November 16, 2021 and, as ratified yesterday, the Kigali Amendment is now the fifth ratified amendment to the Montreal Protocol.
Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies commented, “We support the ratification of the Kigali Amendment, which, among other initiatives, sets a timeline for the phaseout of HFCs, currently the most commonly used refrigerants. As a result of the ratification of the Kigali Amendment, US businesses, including Hudson Technologies, have an opportunity to market their proprietary expertise to help solve the environmental impacts associated with HFC refrigerants.
“Since our inception, Hudson has advocated for the orderly phase out of high global warming refrigerants, and we believe a strong refrigerant reclamation program is essential to facilitate and accelerate the phase down of HFCs. With our proven reclamation capabilities, significant geographic reach and established infrastructure, we look forward to continuing our leadership role in the orderly phase out of these harmful gases and support the transition to next generation, climate and ozone friendly technologies and refrigerants.
“In the U.S., the AIM Act set forth the path for compliance with the Kigali Amendment. The Aim Act provides a significant opportunity for Hudson, since the installed base of HFC equipment continues to expand, and as virgin supply tightens, we expect the demand for HFCs will drive accelerated reclamation activity to fill the anticipated supply gap. We have long been committed to providing sustainable alternatives to virgin refrigerant production, and our technology is capable of reclaiming all types of refrigerants, including next generation HFO gases. We believe our solutions currently offered in the U.S. can be expanded globally and represent what we believe is an exciting market opportunity for Hudson,” Mr. Coleman concluded.
About Hudson Technologies
Hudson Technologies, Inc. is a leading provider of innovative and sustainable refrigerant products and services to the Heating Ventilation Air Conditioning and Refrigeration industry. For nearly three decades, we have demonstrated our commitment to our customers and the environment by becoming one of the first in the United States and largest refrigerant reclaimers through multimillion dollar investments in the plants and advanced separation technology required to recover a wide variety of refrigerants and restoring them to Air-Conditioning, Heating, and Refrigeration Institute standard for reuse as certified EMERALD Refrigerants™. The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide® Services performed at a customer's site, consisting of system decontamination to remove moisture, oils and other contaminants. The Company's SmartEnergy OPS® service is a web-based real time continuous monitoring service applicable to a facility's refrigeration systems and other energy systems. The Company's Chiller Chemistry® and Chill Smart® services are also predictive and diagnostic service offerings. As a component of the Company's products and services, the Company also generates carbon offset projects.
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, the ability to meet financial covenants under existing credit facilities, 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, the impact of the current COVID-19 pandemic, and other risks detailed in the Company's 10-K for the year ended December 31, 2021 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.
| Investor Relations Contact: |
John Nesbett/Jennifer Belodeau
IMS Investor Relations
| || Company Contact: |
Brian F. Coleman, President & CEO
Hudson Technologies, Inc.
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