Hudson Technologies, Inc. (NASDAQ: HDSN) announced the closing of its
previously announced registered direct offering for gross proceeds of
approximately $5.5 million.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson
Technologies, stated, ?We expect to look back at 2010 as a turning point
in our growth. Near-term, hot temperatures across the U.S. have
increased demand for refrigerants, particularly when compared to last
year's record cool summer. Medium-term, the federally mandated phase out
of R-22 refrigerants, which commenced in 2010, will create a supply gap
that will need to be filled with reclaimed gas. Long-term, we anticipate
continued phase outs of next generation refrigerants and ongoing growth
in our refrigerants business. The augmentation of our balance sheet with
the proceeds of this offering further strengthens our ability to pursue
emerging opportunities in our industry.?
The company sold 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 the offering. The warrants are exercisable at an exercise price
of $2.60 per share beginning January 7, 2011 and expire January 7, 2016.
Each unit, consisting of one share of common stock and a warrant to
purchase 0.50 of a share of common stock, was sold for a purchase price
of $2.00.
Canaccord Genuity Inc. acted 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 was filed with the Securities and Exchange Commission. A
copy of the base prospectus and prospectus supplement 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.
Hudson Technologies, Inc.
Brian F. Coleman, 845-735-6000
President
& COO
bcoleman@hudsontech.com
www.hudsontech.com
or
Investor
Relations Contact:
Institutional Marketing Services (IMS)
John
Nesbett/Jennifer Belodeau
203-972-9200
jnesbett@institutionalms.com
or
Investor
Contact:
BPC Financial Marketing
John Baldissera, 800-368-1217
