Hudson Technologies, Inc. (NASDAQ: HDSN), announced that the Environmental Protection Agency (EPA) issued its Final Rule on March 27 pertaining to allowances for virgin HCFC (R-22) for 2013 and 2014 and the previously noted recoupment allowances. The Final Rule provides for virgin R-22 allowances of 63 million pounds in 2013 and 51 million pounds in 2014.
Kevin Zugibe, Hudson's Chairman and CEO, stated, "The EPA’s issuance of a final rule has provided certainty to our industry regarding 2013 and 2014 and the clarity needed to fully implement our growth strategy. While the final rule provides for more allowances than the EPA’s 2013 no action assurance letter, we continue to believe that the aftermarket demand for R-22 exceeds the total allowances and that reclaimed R-22 will bridge the supply and demand gap. Lastly, we look forward to the EPA’s issuance next year of its rule for the period 2015 through 2019 and the ultimate phase-out of virgin R-22 by December 31, 2019.”
The final rule will become effective on the date of publication in the Federal Register. A pre-publication copy of the rule is available at http://www.epa.gov/ozone/title6/phaseout/2012-2014HCFCs_web.pdf
About Hudson TechnologiesHudson 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 laws and regulations affecting the industry, 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 ventures which include the ability of the parties to perform their obligations under the joint venture agreements, 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 ventures 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.