Hudson Technologies, Inc. (NASDAQ: HDSN), announced that on March 10, 2014, the comment period closed for the Environmental Protection Agency’s (EPA) proposed rule pertaining to allowances for virgin production of HCFCs, primarily R-22, for 2015 through 2019. The vast majority of the comments posted on the EPA’s website support a more aggressive approach to further limiting virgin R-22 allocations for the 2015-2019 time period than the EPA’s preferred method.
The EPA’s preferred method, according to the proposed rule, would provide for virgin R-22 allowances of approximately 30 million pounds in 2015, 24 million pounds in 2016, 18 million pounds in 2017, 12 million pounds in 2018 and 6 million pounds in 2019, with a final ban of all production effective January 1, 2020.
Kevin Zugibe, Chairman and CEO of Hudson Technologies, noted, “Based on the comments posted to the proposed rule, there is strong support from nearly all segments of the industry, including Hudson, for an even more aggressive phase down of HCFC-22 than the preferred method proposed by the EPA, with only one commenter requesting a more modest phase down. This broad industry support was further recognized by 39 members of Congress who in February signed a letter urging the EPA to adopt a faster phase down schedule.”
A final rule, which is expected to be issued later this year following the EPA’s review and analysis of comments received, will provide the HCFC allowances for years 2015 through 2019.Comments to the proposed rule are available at: http://www.regulations.gov/#!docketBrowser;rpp=50;so=ASC;sb=postedDate;po=0;D=EPA-HQ-OAR-2013-0263 Letter from members of Congress available at: http://scottpeters.house.gov/media-center/press-releases/rep-peters-sen-murphy-bicameral-coalition-call-on-epa-to-reduce-super 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 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 Company 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.