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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001024780-03-000003.txt : 20031212
<SEC-HEADER>0001024780-03-000003.hdr.sgml : 20031212
<ACCEPTANCE-DATETIME>20031212195430
ACCESSION NUMBER:		0001024780-03-000003
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031110
FILED AS OF DATE:		20031212

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FLEMING US DISCOVERY OFFSHORE FUND III L P
		CENTRAL INDEX KEY:			0001236298
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13412
		FILM NUMBER:		031052943

	MAIL ADDRESS:	
		STREET 1:		1221 AVENUE OF THE AMERICAS
		STREET 2:		40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FLEMING US DISCOVERY LLC
		CENTRAL INDEX KEY:			0001271725

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13412
		FILM NUMBER:		031052941

	MAIL ADDRESS:	
		STREET 1:		1221 AVE OF THE AMERICAS 40TH FL
		STREET 2:		C/O JP MORGAN PARTNERS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FLEMING US DISCOVERY PARTNERS LP
		CENTRAL INDEX KEY:			0001271982
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13412
		FILM NUMBER:		031052942

	MAIL ADDRESS:	
		STREET 1:		C/O JP MORGAN PARTNERS
		STREET 2:		1221 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			FLEMING US DISCOVERY FUND III LP
		CENTRAL INDEX KEY:			0001024780
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13412
		FILM NUMBER:		031052944

	BUSINESS ADDRESS:	
		STREET 1:		320 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

	MAIL ADDRESS:	
		STREET 1:		1221 AVENUE OF THE AMERICAS
		STREET 2:		40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HUDSON TECHNOLOGIES INC /NY
		CENTRAL INDEX KEY:			0000925528
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-MACHINERY, EQUIPMENT & SUPPLIES [5080]
		IRS NUMBER:				133641539
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		275 N MIDDLETOWN RD
		CITY:			PEARL RIVER
		STATE:			NY
		ZIP:			10965
		BUSINESS PHONE:		8457356000

	MAIL ADDRESS:	
		STREET 1:		275 N MIDDLETOWN RD
		CITY:			PEARL RIVER
		STATE:			NY
		ZIP:			10965

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	REFRIGERANT RECLAMATION INDUSTRIES INC
		DATE OF NAME CHANGE:	19940617

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			JPMP CAPITAL CORP
		CENTRAL INDEX KEY:			0001243236
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13412
		FILM NUMBER:		031052940

	BUSINESS ADDRESS:	
		STREET 1:		C/O J.P. MORGAN PARTNERS, LLC
		STREET 2:		1221 AVENUE OF THE AMERICAS 40TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
		BUSINESS PHONE:		212 899-3400

	MAIL ADDRESS:	
		STREET 1:		C/O JPMORGAN PARTNERS
		STREET 2:		1221 AVENUE OF THE AMERICAS 40TH FL.
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

	FORMER NAME:	
		FORMER CONFORMED NAME:	JPMP CAPITAL LLC
		DATE OF NAME CHANGE:	20030618

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			J P MORGAN CHASE & CO
		CENTRAL INDEX KEY:			0000019617
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13412
		FILM NUMBER:		031052939

	BUSINESS ADDRESS:	
		STREET 1:		270 PARK AVE
		STREET 2:		39TH FL
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		2122706000

	MAIL ADDRESS:	
		STREET 1:		270 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER NAME:	
		FORMER CONFORMED NAME:	CHASE MANHATTAN CORP /DE/
		DATE OF NAME CHANGE:	19960402

	FORMER NAME:	
		FORMER CONFORMED NAME:	CHEMICAL BANKING CORP
		DATE OF NAME CHANGE:	19920703

	FORMER NAME:	
		FORMER CONFORMED NAME:	CHEMICAL NEW YORK CORP
		DATE OF NAME CHANGE:	19880508
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>primary_doc.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>

<ownershipDocument>

    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2003-11-10</periodOfReport>


    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000925528</issuerCik>
        <issuerName>HUDSON TECHNOLOGIES INC /NY</issuerName>
        <issuerTradingSymbol>hdsnc</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001024780</rptOwnerCik>
            <rptOwnerName>FLEMING US DISCOVERY FUND III LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1221 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2>40TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>
    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001236298</rptOwnerCik>
            <rptOwnerName>FLEMING US DISCOVERY OFFSHORE FUND III L P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O BANK OF BERMUDA, LTD.</rptOwnerStreet1>
            <rptOwnerStreet2>6 FRONT STREET</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON</rptOwnerCity>
            <rptOwnerState>D0</rptOwnerState>
            <rptOwnerZipCode>HM 11</rptOwnerZipCode>
            <rptOwnerStateDescription>BERMUDA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>
    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001271982</rptOwnerCik>
            <rptOwnerName>FLEMING US DISCOVERY PARTNERS LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O JP MORGAN PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>1221 AVENUE OF THE AMERICAS</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>
    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001271725</rptOwnerCik>
            <rptOwnerName>FLEMING US DISCOVERY LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1221 AVE OF THE AMERICAS 40TH FL</rptOwnerStreet1>
            <rptOwnerStreet2>C/O JP MORGAN PARTNERS</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>
    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001243236</rptOwnerCik>
            <rptOwnerName>JPMP CAPITAL CORP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O JPMORGAN PARTNERS</rptOwnerStreet1>
            <rptOwnerStreet2>1221 AVENUE OF THE AMERICAS 40TH FL.</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>
    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000019617</rptOwnerCik>
            <rptOwnerName>J P MORGAN CHASE &amp; CO</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>270 PARK AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10017</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>

        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2003-12-08</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>795454</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.1</value>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1334980</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>

    </nonDerivativeTable>

    <derivativeTable>

        <derivativeTransaction>
            <securityTitle>
                <value>Series A Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>2.375</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2003-09-30</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>4304</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F8"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-09-30</value>
            </exerciseDate>
            <expirationDate>
                <value>2004-03-31</value>
                <footnoteId id="F7"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>181221</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>125086</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F9"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes 3, 4, 5 and 6.</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>

        <derivativeTransaction>
            <securityTitle>
                <value>Series A Convertible Preferred Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>1.1</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2003-11-10</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F10"/>
                <footnoteId id="F11"/>
                <footnoteId id="F12"/>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>0</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F16"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2003-11-10</value>
                <footnoteId id="F13"/>
            </exerciseDate>
            <expirationDate>
                <value>2004-03-31</value>
                <footnoteId id="F14"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>11371455</value>
                    <footnoteId id="F15"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>125086</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F17"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnotes 3, 4, 5 and 6.</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>

    </derivativeTable>

    <footnotes>
        <footnote id="F1">On December 8, 2003, in connection with the Issuer's public rights offering, (a) Fleming US Discovery Fund III, L.P. (US Fund) purchased 684,909 shares of Common Stock at the USD1.10 per share price, for an aggregate purchase price of USD753,400, and (b) Fleming US Discovery Offshore Fund III, L.P. (Offshore Fund) purchased 110,545 shares of Common Stock at the USD1.10 per share price, for an aggregate purchase price of USD121,600.</footnote>
        <footnote id="F2">The amounts shown represent the direct beneficial ownership of the Issuer's equity securities by the US Fund and the Offshore Fund.  In addition, the other reporting owners on this Form 4 have indirect beneficial ownership interests, (which are described in footnotes 3, 4, 5 and 6 below).  The US Fund, as the Designated Reporter, is executing this report on behalf of all reporting owners, each of whom has authorized it to do so.  Each of such persons disclaims beneficial ownership of the securities to the extent it exceeds such person's pecuniary interest therein.</footnote>
        <footnote id="F3">The amounts shown in Table I and Table II represent the beneficial ownership of the Issuer's equity securities by the US Fund and the Offshore Fund, a portion of which may be deemed attributable to Fleming US Discovery Partners, L.P. (Discovery Partners) because Discovery Partners is the general partner of the US Fund and the Offshore Fund.  The actual pro rata portion of such beneficial ownership that may be attributable to Discovery Partners is not readily determinable because it is subject to several variables, including the internal rate of return and vesting of interests within the US Fund and the Offshore Fund.</footnote>
        <footnote id="F4">The amounts shown in Table I and Table II represent the beneficial ownership of the Issuer's equity securities by the US Fund and the Offshore Fund, a portion of which may be deemed attributable to Fleming US Discovery, LLC (Discovery, LLC) because Discovery, LLC is the general partner of Discovery Partners.  Discovery Partners is the general partner of the US Fund and the Offshore Fund.  The actual pro rata portion of such beneficial ownership that may be attributable to Discovery, LLC is not readily determinable because it is subject to several variables, including the internal rate of return and vesting of interests within Discovery Partners, the US Fund and the Offshore Fund.</footnote>
        <footnote id="F5">The amounts shown in Table I and Table II represent the beneficial ownership of the Issuer's equity securities by the US Fund and the Offshore Fund, a portion of which may be deemed attributable to JPMP Capital Corp. because  JPMP Capital Corp. is the controlling member of Discovery, LLC.  Discovery, LLC is the general partner of Discovery Partners.  Discovery Partners is the general partner of the US Fund and the Offshore Fund.  The actual pro rata portion of such beneficial ownership that may be attributable to JPMP Capital Corp. is not readily determinable because it is subject to several variables, including the internal rate of return and vesting of interests within Discovery, LLC, Discovery Partners, the US Fund and the Offshore Fund.  Designees of JPMP Capital Corp. on the Board of Managers of Discovery, LLC have voting and dispositive power over the securities shown in Tables I and II, but no pecuniary interest.</footnote>
        <footnote id="F6">The amounts shown in Table I and Table II represent the beneficial ownership of the Issuer's equity securities by the US Fund and the Offshore Fund, a portion of which may be deemed attributable to J.P. Morgan Chase &amp; Co. because J.P. Morgan Chase &amp; Co. is the sole stockholder of JPMP Capital Corp.  JPMP Capital Corp. is the controlling member of Discovery, LLC.  Discovery, LLC is the general partner of Discovery Partners.  Discovery Partners is the general partner of the US Fund and the Offshore Fund.  The actual pro rata portion of such beneficial ownership that may be attributable to J.P. Morgan Chase &amp; Co. is not readily determinable because it is subject to several variables, including the internal rate of return and vesting of interests within Discovery, LLC, Discovery Partners, the US Fund and the Offshore Fund.</footnote>
        <footnote id="F7">There is no expiration date for the conversion of the Series A Convertible Preferred Stock (Series A Preferred); holders of the Series A Preferred are entitled to convert the Series A Preferred into Common Stock at any time.  However, on March 31, 2004, the Issuer has the option to redeem all, but not less than all, of the outstanding shares of Series A Preferred at the mandatory redemption price (as defined in the designation of the Series A Preferred in the Issuer's Certificate of Incorporation) on March 31, 2004.</footnote>
        <footnote id="F8">On September 30, 2003, the Issuer paid in kind the following dividends in the form of an aggregate of 4,304 shares of Series A Preferred, in accordance with the terms of the Series A Preferred (x) to the US Fund, 3,708 shares of Series A Preferred and (y) to the Offshore Fund, 596 shares of Series A Preferred.</footnote>
        <footnote id="F9">See Footnote 2.</footnote>
        <footnote id="F10">Pursuant to the Agreement, Waiver and Consent dated as of December 19, 2002 between the Issuer and each of the US Fund and the Offshore Fund, each of the US Fund and the Offshore Fund agreed to defer the implementation of the anti-dilution provisions with respect to the conversion price of the Series A Preferred that would otherwise result from the issuance of the 10% Exchange Notes.  However, such waiver of the anti-dilution adjustment does not apply in the event of a conversion of such notes in connection with the Issuer's equity offering or any other event that would result in the adjustment of the conversion price of the Series A Preferred as set forth in the designation of the Series A Preferred in the Issuer's Certificate of Incorporation.</footnote>
        <footnote id="F11">One such event would be the issuance or sale of additional shares of stock in exchange for consideration in an amount per additional share of stock less than the conversion price of the Series A Preferred in effect immediately prior to such issuance or sale of additional shares of stock.    Thus, the issuance of shares of Common Stock on November 10, 2003, in connection with the Issuer's rights offering, at a price of USD1.10 per share triggered the anti-dilution adjustment provisions of the Series A Preferred, resulting in a reduction of the conversion price of the Series A Preferred from USD2.375 per share to USD1.10 per share.    As of the date hereof, the 125,086 shares of Series A Preferred are currently convertible at a conversion price of USD1.10 per share into 11,371,455 shares of Common Stock.</footnote>
        <footnote id="F12">The foregoing calculation of the conversion of the Series A Preferred at USD1.10 per share reflects deemed beneficial ownership with respect to dispositive power.  However, pursuant to Section 4 of the Certificate of Amendment to the Certificate of Incorporation of the Issuer filed January 3, 2003, in determining the number of votes per share of the Series A Preferred, the conversion price shall be the higher of (a) the conversion price then in effect, or (b) USD1.78.  In accordance therewith, the conversion price is USD1.78 solely with respect to voting power of the Series A Preferred.  Therefore, with respect to voting power, as of the date hereof, the 125,086 shares of Series A Preferred are convertible at a conversion price of USD1.78 per share into 7,027,303 shares of Common Stock.</footnote>
        <footnote id="F13">Shares of Series A Preferred are exercisable immediately upon issuance.  Thus, the 125,086 shares of Series A Preferred were exercisable on their respective dates of issuance, as set forth in previous Section 16 filings.</footnote>
        <footnote id="F14">See Footnote 7.</footnote>
        <footnote id="F15">See Footnotes 10, 11 and 12.</footnote>
        <footnote id="F16">See Footnotes 10, 11 and 12.</footnote>
        <footnote id="F17">See Footnote 2.</footnote>
    </footnotes>


    <ownerSignature>
        <signatureName>FLEMING US DISCOVERY FUND III, L.P., By: Fleming US Discovery Partners, L.P., its general partner, By: Fleming US Discovery, LLC, its general partner, By: Richard D. Waters, Jr., Manager</signatureName>
        <signatureDate>2003-12-12</signatureDate>
    </ownerSignature>
    <ownerSignature>
        <signatureName>FLEMING US DISCOVERY OFFSHORE FUND III, L.P., By: Fleming US Discovery Partners, L.P., its general partner, By: Fleming US Discovery, LLC, its general partner, By: Richard D. Waters, Jr., Manager</signatureName>
        <signatureDate>2003-12-12</signatureDate>
    </ownerSignature>
    <ownerSignature>
        <signatureName>FLEMING US DISCOVERY PARTNERS, L.P., By: Fleming US Discovery, LLC, its general partner, By: Richard D. Waters, Jr., Manager</signatureName>
        <signatureDate>2003-12-12</signatureDate>
    </ownerSignature>
    <ownerSignature>
        <signatureName>FLEMING US DISCOVERY, LLC, By: Richard D. Waters, Jr., Manager</signatureName>
        <signatureDate>2003-12-12</signatureDate>
    </ownerSignature>
    <ownerSignature>
        <signatureName>JPMP CAPITAL CORP., By: Richard D. Waters, Jr., Managing Director</signatureName>
        <signatureDate>2003-12-12</signatureDate>
    </ownerSignature>
    <ownerSignature>
        <signatureName>J.P. MORGAN CHASE &amp; CO., By: Anthony J. Horan, Corporate Secretary</signatureName>
        <signatureDate>2003-12-12</signatureDate>
    </ownerSignature>

</ownershipDocument>

</XML>
</TEXT>
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</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
