Second graph, last sentence of release should read: A final rule, which is expected to be issued next year... (sted A final rule, which is expected to be issued later this year...). The corrected release reads: HUDSON TECHNOLOGIES REPORTS THE EPA’S ISSUANCE OF PROPOSED RULE ON HCFC ALLOWANCES FOR 2015 THROUGH 2019 Hudson Technologies, Inc. (NASDAQ:HDSN), announced that on December 5, the Environmental Protection Agency (EPA) issued a proposed rule pertaining to allowances for virgin production of HCFCs, primarily R-22, for 2015 through 2019. The proposed rule sets the schedule for the final stage of the phase out of virgin R-22 production, as was agreed to under the Montreal Protocol. R-22 is a widely used refrigerant in the residential and commercial setting, but it is a harmful greenhouse gas if not properly managed. The proposed rule discusses various methods and ranges of allowances under consideration by the EPA – all of which would eliminate virgin R-22 production by 2020. 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. A final rule, which is expected to be issued next year following a comment period and the EPA’s review and analysis of any comments received, will specify the final HCFC allowances for years 2015 through 2019. Kevin Zugibe, Hudson's Chairman and CEO, stated, "The EPA’s proposed rule would return to the step down approach for the phase out of R-22, which, as stated previously, we believe is the best method for the orderly phase out of R-22 and for the establishment of reclamation as the principal, and ultimately the sole source of supply of R-22. Under the EPA’s preferred method, the 2015 allowances of 30 million pounds would represent an approximate 40% reduction from the 2014 levels. We continue to believe that as the R-22 phase out progresses, the aftermarket demand for R-22 will exceed the total allowances and that reclaimed R-22 will bridge the supply and demand gap, we believe creating a significant long term opportunity for Hudson as one of the largest reclaimers in the marketplace. We look forward to the EPA’s issuance next year of its final rule.”
A pre-publication copy of the proposed rule is available at http://www.epa.gov/ozone/downloads/2015-2019_HCFC_Proposed_Rule_Pre-publication_version_12-5-13.pdfAbout 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 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.