Hudson Technologies, Inc. (NASDAQ: HDSN), a leading distributor and
reclaimer of refrigerants as well as a provider of proprietary on-site
decontamination services for large comfort and process cooling systems,
announced today that it has entered into definitive agreements to sell
an aggregate of 2,737,500 shares of its common stock and warrants to
purchase an aggregate of 1,368,750 shares of common stock in a
registered direct offering. The warrants will be exercisable at an
exercise price of $2.60 per share beginning six months after the date of
issuance and will expire five years after they first become exercisable.
Each unit, consisting of one share of common stock and a warrant to
purchase 0.50 of a share of common stock, will be sold for a purchase
price of $2.00. The offering is expected to close on or about July 7,
2010, subject to customary closing conditions.
Hudson Technologies intends to use the net proceeds from this offering
for working capital and general corporate purposes which may include,
among other things, funding acquisitions, although the Company has no
present commitments or agreements with respect to any such transactions.
Hudson may also use a portion of the proceeds to reduce or repay
indebtedness under its loan agreement with its existing commercial
lender.
Canaccord Genuity Inc. is acting as the sole placement agent for the
offering.
A shelf registration statement relating to these securities (File No.
333-151973) previously was filed and declared effective by the
Securities and Exchange Commission. A prospectus supplement relating to
the offering will be filed with the Securities and Exchange Commission.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any security, nor shall there be any
sale of these securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such state. A copy of the base prospectus and
prospectus supplement (once filed) can be obtained at the Securities and
Exchange Commission's website http://www.sec.gov
or by sending a request to the offices of Canaccord Genuity Inc., Attn:
Syndicate Department, 99 High Street, 12th Floor, Boston, MA
02110, phone: (800) 225-6201.
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.
Safe Harbor Statements under the
Private Securities Litigation Act of 1995
Statements contained herein, which are not historical facts, constitute
forward-looking statements and 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 the risks detailed in the Company's periodic reports
filed with the Securities and Exchange Commission. The words "believe",
"expect", "anticipate", "may", 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.
Company:
Hudson Technologies, Inc.
Brian F. Coleman,
President & COO
845-735-6000
bcoleman@hudsontech.com
www.hudsontech.com
or
Investor
Relations:
Institutional Marketing Services (IMS)
John
Nesbett/Jennifer Belodeau
203-972-9200
jnesbett@institutionalms.com
or
Investors:
BPC
Financial Marketing
John Baldissera, 800-368-1217
