HIGHLANDS RANCH, Colo., Oct. 22, 2014 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) (the "Company") today announced that on October 21, 2014 it received a letter from The NASDAQ Stock Market LLC ("NASDAQ") indicating that the NASDAQ Hearings Panel (the "Panel") has granted the Company's request to extend the stay of the delisting of the Company's common stock pending the Panel's final determination regarding the Company's listing status following the hearing. At a hearing before the Panel, the Company will present its plan to regain compliance with NASDAQ's Listing Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission ("SEC"), and request that the Panel grant the Company a further extension to file the delinquent periodic reports with the SEC and thereby evidence compliance with NASDAQ's listing rules. The Panel has the authority to continue the Company's listing on NASDAQ through March 27, 2015.
The delay in the filing of the Company's periodic reports is due to the Company's previously disclosed extensive review of its accounting transactions, resulting in the re-audit of its financial statements for 2011 and 2012, the re-assessment of the effectiveness of its internal controls over financial reporting, and the restatement of its previously issued financial statements for the first three quarters of 2013.
The Company's management team and its finance and accounting personnel are working diligently to complete the accounting review, finalize the necessary financial statements and provide the requested information to its auditors so that it may file the delinquent periodic reports and evidence full compliance with the NASDAQ listing rules as soon as possible.
About Advanced Emissions Solutions, Inc.
Advanced Emissions Solutions, Inc. (Nasdaq:ADES) serves as the holding entity for a family of companies that provide emissions solutions to customers in the power generation and other industries.
ADA-ES, Inc. ("ADA") supplies Activated Carbon Injection ("ACI") systems for mercury control, Dry Sorbent Injection ("DSI") systems for acid gases, and technology services and other offerings in support of our customers' emissions compliance strategies. ADA's M-ProveTM technology, which reduces emissions of mercury and other metals from PRB coal, is applied directly to coal at power plants, or offered through a licensing agreement with Arch Coal for application at their mines. In addition, we are developing technologies to advance cleaner energy, including CO2 emissions control technologies through projects funded by the U.S. Department of Energy ("DOE") and industry participants.
Clean Coal Solutions, LLC ("CCS"), is a 42.5% owned joint venture by ADA that provides ADA's patented Refined Coal ("RC") CyClean™ technology to enhance combustion of and reduce emissions of NOx and mercury from coals in cyclone boilers and ADA's patent pending M-45™ and M-45-PC™ technologies for Circulating Fluidized boilers and Pulverized Coal boilers respectively.
BCSI, LLC is a custom designer and fabricator of engineered emissions control technologies, bulk material handling equipment, bulk storage systems, water/waste water treatment equipment, and custom components. BCSI supplies Dry Sorbent Injection ("DSI") systems for acid gas control using its technologically advanced cool, dry conditioned conveying air systems. BCSI's technical solutions serve a wide range of industrial clients including; coal fired utilities, water treatment, wastewater, cement kilns, food processing and industrial boilers. BCSI employs engineers and trade professionals at a 190,000+sq. ft. fabrication and office facility located in McKeesport, PA.
This release includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include statements or expectations regarding the Company's ability to address certain accounting and other matters related to the Company's financial statements, file the delinquent periodic reports within an extended stay that may be granted by the Panel, if any, and maintain listing of the Company's common stock on the NASDAQ Capital Market; and statements and expectations regarding our future growth and ability of our technologies to advance cleaner energy and related matters. These statements are based on current expectations, estimates, projections, beliefs and assumptions of the Company's management. Such statements involve significant risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors, including but not limited to, changes in laws, regulations and accounting rules and their impact; economic conditions and market demand; loss of key personnel; determinations made by the NASDAQ Hearings Panel; inability to commercialize our technologies on favorable terms; technical, start-up and operational difficulties; availability of raw materials and equipment; and other factors discussed in greater detail in the Company's filings with the SEC. You are cautioned not to place undue reliance on such statements and to consult the Company's SEC filings for additional risks and uncertainties that may apply to the Company's business and the ownership of the Company's securities. The Company's forward-looking statements are presented as of the date made, and the Company disclaims any duty to update such statements unless required by law to do so.
CONTACT: Graham Mattison Vice President, Investor Relations (720) 889-6206 firstname.lastname@example.orgSource:Advanced Emissions Solutions, Inc.