SPRINGDALE, Ark., Oct. 20, 2008 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (Nasdaq:AERT) a leading manufacturer of Green building products was today informed that, effective immediately, NASDAQ had suspended enforcement of the rules requiring a minimum $1 closing bid stock price in order to maintain its listing. In addition, NASDAQ will not take any action to delist any security for this concern during the suspension. The suspension will remain in effect through Friday, January 16, 2009. The minimum $1.00 bid rule will be reinstated on Monday, January 19, 2009.
AERT, which was granted a grace period on June 18, 2008, was given until December 15th, 2008 to take actions necessary to maintain compliance with the minimum $1.00 bid price on its common stock or risk delisting by the NASDAQ Capital Markets Exchange. AERT has been informed that around January 19, 2009, the Company will get a new letter granting them the "unused" portion of their existing grace period.
According to AERT Chairman & CEO Joe Brooks, "We are pleased that, in light of the current market turmoil, NASDAQ has temporarily relaxed its listing requirements. AERT is but one of over 150 NASDAQ listed companies that are currently out of compliance. We are hopeful that when the listing requirement rules are put back into effect next year, AERT's share price will accurately reflect the progress being made towards our goal of becoming the industry leader in the business of collecting and revaluing waste plastic."
For more detailed information, please see the following internet links:
NASDAQ Rule Providing Temporary Suspension: http://www.nasdaq.com/about/SR-NASDAQ-2008-082.pdf
NASDAQ Stock Market Rules: http://www.cchwallstreet.com/NASDAQTools/PlatformViewer.asp?selectednode=chp%5F1%5F1%5F4%5F1&manual=%2Fnasdaq%2Fmain%2Fnasdaq%2Dequityrules%2F
About Advanced Environmental Recycling Technologies, Inc.
Since 1989, AERT (Nasdaq:AERT) has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials. With its constantly evolving portfolio of patented and proprietary recycling technologies, AERT has been widely recognized as a leader in resource conservation innovation and received the EPA Award for Environmental Excellence for its process of converting scrap plastic to composite outdoor decking. AERT converts reclaimed plastic and wood fiber waste into quality outdoor decking systems, fence systems, and door and window components.
The AERT, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4905
The Company is the exclusive manufacturer of Weyerhaeuser ChoiceDek(r) decking, which is available in multiple colors and is sold in all Lowe's Home Improvement stores. See http://www.choicedek.com for more information. AERT's MoistureShield(r) decking program is expanding and products are available in many parts of the U.S. now, with national distribution planned for 2008. See http://www.moistureshield.com for product information or to find a regional distributor or dealer. AERT operates manufacturing facilities in Springdale and Lowell, with a raw materials facility in Junction, Texas and a state-of-the-art recycling facility under construction in Watts, Oklahoma. This LEED certified recycling facility is expected to be operational in the first quarter of 2009. For more information on the Company, visit http://www.aertinc.com.
Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as "forward-looking statements" within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause AERT, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. AERT currently is considering, but may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
AERT, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The above-mentioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect AERT, Inc., see AERT, Inc.'s filing with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for the fiscal year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the quarter ended June 30, 2008.