Hudson Technologies, Inc. (NASDAQ: HDSN), announced that it has acquired from Efficiency Technologies, Inc. (“ETI”) the proprietary Efftrack™ chiller efficiency software, customer list and its related assets to support Hudson’s chiller management and efficiency optimization product and service offering.
EffTrack™ is a state-of-the-art web-based chiller management program that provides in-depth, continual engineering analysis and immediate recommendations for correcting inefficiencies in chiller systems. The EffTrack™ chiller efficiency software is currently in use throughout the United States and in certain other geographies, serving a number of Fortune 500 companies as well as customers in Australia and the Pacific Rim.
Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson commented, “Our acquisition of these assets from ETI, most notably the Efftrack™ proprietary software, expands and diversifies our own proprietary and patented efficiency offerings by providing a solution that enables new and existing customers to monitor and improve chiller performance and to proactively identify and correct system inefficiencies. ETI’s technology, which adds annuity based revenues, complements our ChillSMART® Performance Evaluation and Energy-Saving Assessments, and we look forward to offering this solution through our expanding distribution channels globally.”
Mr. Zugibe continued, “We believe that the acquisition of this technology has significant strategic value to Hudson as it enhances our current suite of efficiency solutions and adds annuity based revenues. As a ‘cloud-based’ software solution, we believe that the Efftrack™ software, integrated with Hudson’s existing offerings, can grow into a source of high margin, recurring revenues.”Financial terms of the transaction were not disclosed. ETI is a subsidiary of EffTec International, Inc. (EFFI.pk) 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, 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 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.