SOURCE: EffTec International, Inc.
TULSA, OK--(Marketwired - Oct 7, 2013) - Efftec International, Inc.(PINKSHEETS: EFFI), is pleased to announce the successful sale of its Efftrack™ technology suite by one of its wholly-owned subsidiaries, Efficiency Technologies, Inc., to the Hudson Technologies Company and its parent, Hudson Technologies, Inc. (NASDAQ: HDSN). After many months of appropriate diligence between the two companies, Efftec and Hudson executed the sale of the Efftrack™ suite for a total purchase price of $750,000.00.
This purchase was paid for by Hudson with a cash payment of $250,000.00 and a number of shares of Hudson Technologies, Inc. common stock with a value of $500,000.00 six months from the closing date. Efftec continues to hold the majority of the HDSN stock position on our books as a tangible asset; we have used the cash portion of the payment to eliminate a significant portion of outstanding debt, further improving our balance sheet while reducing our liabilities.
Dr. Clinton, CEO, provides the following remarks.
"First, we would like to inform our shareholders that the Company is in the final stage of preparing its annual financial statements, which will be posted publicly on the OTCMarkets.com website. As a fundamental aspect and indicator of how we manage our Company affairs, we intend to be fully transparent to the investing public, and as such will attain and maintain a status of 'Fully-Reporting/Pink.' We expect to complete this process within one week."
Dr. Clinton went on to state that "Our development and sale of the Efftrack™ suite by our subsidiary, Efficiency Technologies, Inc., was a major milestone for the Company, and one which certainly sets us apart from many enterprises in our space. With this transaction, we have clearly demonstrated our ability not only to successfully identify, acquire, improve upon and market cutting-edge, market-welcomed technologies, but to recognize when the optimal time to shift our Company's focus to new endeavors is upon us. That said, and stated simply, we believe that our more recent acquisition holds significantly more potential for revenue growth for the Company. We will update our shareholders shortly on our recent endeavors and upcoming business."
About Efftec International, Inc.:
Efftec International, Inc. is a holding company with multiple wholly-owned subsidiaries. Efftec is active in the area of acquisition and proprietary development of novel software, platforms, sustainability technologies.
This Press Release may contain, among other things, certain forward-looking statements, including, without limitation, (i) statements with respect to the Company's plans, objectives, expectations and intentions; and (ii) other statements identified by words such as "may", "could", "would", "should", "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control).