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Hudson Technologies, Inc. (HDSN) Closes $5.5 Million Registered Direct Offering

PEARL RIVER, N.Y.–(BUSINESS WIRE)–Hudson Technologies, Inc. (NASDAQ: HDSN) announced the closing of its previously announced registered direct offering for gross proceeds of approximately $5.5 million.

Kevin J. Zugibe, Chairman and Chief Executive Officer of Hudson Technologies, stated, “We expect to look back at 2010 as a turning point in our growth. Near-term, hot temperatures across the U.S. have increased demand for refrigerants, particularly when compared to last year’s record cool summer. Medium-term, the federally mandated phase out of R-22 refrigerants, which commenced in 2010, will create a supply gap that will need to be filled with reclaimed gas. Long-term, we anticipate continued phase outs of next generation refrigerants and ongoing growth in our refrigerants business. The augmentation of our balance sheet with the proceeds of this offering further strengthens our ability to pursue emerging opportunities in our industry.”

The company sold an aggregate of 2,737,500 shares of its common stock and warrants to purchase an aggregate of 1,368,750 shares of common stock in the offering. The warrants are exercisable at an exercise price of $2.60 per share beginning January 7, 2011 and expire January 7, 2016. Each unit, consisting of one share of common stock and a warrant to purchase 0.50 of a share of common stock, was sold for a purchase price of $2.00.

Canaccord Genuity Inc. acted as the sole placement agent for the offering.

A shelf registration statement relating to these securities (File No. 333-151973) previously was filed and declared effective by the Securities and Exchange Commission. A prospectus supplement relating to the offering was filed with the Securities and Exchange Commission. A copy of the base prospectus and prospectus supplement can be obtained at the Securities and Exchange Commission’s website or by sending a request to the offices of Canaccord Genuity Inc., Attn: Syndicate Department, 99 High Street, 12th Floor, Boston, MA 02110, phone: (800) 225-6201.

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.

Safe Harbor Statements under the Private Securities Litigation Act of 1995 Statements contained herein, which are not historical facts, constitute forward-looking statements and 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 the risks detailed in the Company’s periodic reports filed with the Securities and Exchange Commission. The words “believe”, “expect”, “anticipate”, “may”, 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.

Friday, July 9th, 2010 Uncategorized