Here is some very good news. Liquidity!
Hudson Technologies Establishes New $5 Million Credit Facility
HILLBURN, N.Y.--(BUSINESS WIRE)--May 4, 1998--Hudson Technologies, Inc. (NASDAQ: HDSN - news) today announced the establishment of a $5 million credit facility, that expands to $6.5 million in 1999, with The CIT Group/Credit Finance Group, Inc. The new facility provides for a revolving and a six year term loan. This agreement will replace the Company's prior $3 million arrangement with another bank.
Regarding the new facility, Hudson's President and Chief Operating Officer, Eugene J. Tonkovich, commented: ''The expanded credit facility provided through CIT will immediately enhance the Company's working capital, and provide greater flexibility and growth, at a reduced cost, for the Company's day to day financial needs. It will also help support a number of the Company's projects under development in its engineering division.''
Founded in 1991, Hudson provides refrigerant reclamation and management services, in addition to reclaimed refrigerant products, from its eight regional facilities in New York (two), Florida (two), Illinois, Nevada, North Carolina and Louisiana. Hudson specializes in the rapid recovery and reclamation of all commonly used refrigerants through its patented reclamation equipment. Hudson also provides refrigerant blending, testing, and packaging services, as well as refrigerant management and training and computer software products.
The statements which are not historical facts contained in this press release are forward looking statements that involve risks and uncertainties, including but not limited to, changes in the markets for refrigerants (including current unfavorable market conditions adversely affecting the demand for, and the price of, refrigerants), regulatory and economic factors, increased competition, the nature of supplier or customer arrangements which become available to the Company in the future, adverse weather conditions, technological obsolescence and potential environmental liability. The Company's actual results may differ materially from the results discussed in any forward looking statement. |
