Hudson Technologies, Inc. (NASDAQ: HDSN), announced today that it has entered into a commitment letter for the establishment of a new, three year $27 million secured revolving credit facility with one of the nation's largest diversified financial services organizations. The new facility would replace the Company’s current $15 million revolving credit facility with Keltic Financial Partners, LP that is scheduled to mature on June 26, 2012. The closing for the new facility, which is subject to various customary closing conditions and the preparation of definitive documentation, is expected to be completed by mid-June 2012.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies commented, “With the growth we have experienced this year, we believe this new facility should enable us to capitalize on anticipated opportunities arising from recent and dramatic developments in our industry. In addition to building on a strategy for growth in revenues and profitability from the current R-22 refrigerant phase-out, we have also been strengthening our balance sheet to facilitate our continuing long-term growth efforts. This new facility is expected to support the development of our business, at an attractive cost of capital, through 2013 and beyond.”
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 markets 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 which 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, risks associated with the Company’s joint venture which include the ability of the parties to perform their obligations under the joint venture agreement, 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 joint venture may seek to conduct business, and other risks detailed in the Company's periodic reports filed 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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