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Hudson Technologies Enters Into Extension Letter Related to Interim Waiver and Second Amendment to Its Term Loan Credit and Security Agreement

PEARL RIVER, N.Y., Oct. 15, 2018 (GLOBE NEWSWIRE) -- Hudson Technologies, Inc. (NASDAQ: HDSN) today announced that it has entered into an Extension Letter related to its interim Waiver and Second Amendment to its Term Loan Credit and Security Agreement.  The Extension Letter extends to November 14, 2018 the delivery deadline for the Company to provide the Term Loan Lenders with a certificate setting forth the total leverage ratio as of the four fiscal quarter period ending September 30, 2018.

Additional details regarding the Extension Letter can be found in the Form 8-K filed with the Securities and Exchange Commission today, October 15, 2018.

/EIN News/ -- Timing of 10-Q Filing

Discussions are continuing with the term loan lenders with respect to an amendment of the Term Loan’s existing total leverage ratio financial covenant and certain other terms.  As a result of potential balance sheet impact of foregoing discussions, the Company has not been in a position to file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2018.     

The Company is working diligently to resolve these matters and management believes that the Company will be in a position to file the aforementioned 10-Q by November 14, 2018.

Hudson has submitted a Listing Compliance Plan to Nasdaq in response to the August 15, 2018 deficiency letter the Company received from Nasdaq.  

About Hudson Technologies                                       

Hudson Technologies, Inc. is a leading provider of innovative and sustainable solutions for optimizing performance and enhancing reliability of commercial and industrial chiller plants and refrigeration systems. Hudson's proprietary RefrigerantSide® Services increase operating efficiency, provide energy and cost savings, reduce greenhouse gas emissions and the plant’s carbon footprint while enhancing system life and reliability of operations at the same time. RefrigerantSide® Services can be performed at a customer's site as an integral part of an effective scheduled maintenance program or in response to emergencies. Hudson also offers SMARTenergy OPS®, which is a cloud-based Managed Software as a Service for continuous monitoring, Fault Detection and Diagnostics and real-time optimization of chilled water plants. In addition, the Company sells refrigerants and provides traditional reclamation services for commercial and industrial air conditioning and refrigeration uses. 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 ASPEN Refrigerants, Inc, (formerly Airgas-Refrigerants, Inc.) and any other 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.
  

   

Investor Relations Contact:
John Nesbett/Jennifer Belodeau
IMS Investor Relations
(203) 972-9200
jnesbett@institutionalms.com

Company Contact:
Brian F. Coleman, President & COO
Hudson Technologies, Inc.
(845) 735-6000
bcoleman@hudsontech.com

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