SPRINGDALE, Ark., July 2, 2009 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (Nasdaq:AERT), a leading plastics recycler and manufacturer of Green building products, today announced that the company received a Nasdaq Staff Determination on June 26, 2009 notifying the company that its request for continued listing on The Nasdaq Capital Market had been denied, and that the company must appeal to a Nasdaq Listing Qualifications Panel for additional time to regain compliance and complete its recapitalization plan.
On April 2, 2009 the company was notified by NASDAQ that it was out of compliance with Listing Rule 5550(b) (the "Rule"), and subsequently submitted a complicated plan to regain compliance with the Rule. On May 22, 2009, in follow up correspondence with NASDAQ, the company stated their opinion that the 105 day compliance requirement was an unrealistic timeline for the company to implement its recapitalization plan. At that time AERT, under the Rules, formally requested a staff delisting determination and a formal hearing before the hearings Panel (the NASDAQ Panel) to present its plan with its proposed timeframe beyond the 105 day period allowed in Nasdaq Listing Rule 5801(c)(2)(B)(i). The company recently filed a timely response with NASDAQ and requested a formal oral hearing before the Panel and has submitted the $5,000.00 fee requirement to NASDAQ. The company expects to receive a formal hearing date in the near future. There can be no assurance the Panel will grant the Company's request to complete its plan or for continued listing; however, the hearing request will allow the company's stock to continue to be listed on the Nasdaq Capital Market pending the Panel's decision.
AERT also previously reported a deficiency for the minimum $1 bid price and received an extension until September 19, 2009 to regain compliance. On June 2, 2009 the company's shareholders authorized management to implement up to a 20 to 1 reverse stock split if necessary to regain compliance. "AERT understands and respects the rules and will submit its plan to the Nasdaq Listing Qualifications Panel and intends to regain and maintain compliance with NASDAQ requirements," stated AERT CEO Joe Brooks. NASDAQ makes available to investors a list of all non-compliant companies, which is posted at http://www.nasdaq.com/services/insidenasdaq.stm. As of June 29, 2009, there were 172 companies listed as out of compliance.
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 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 2009. 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. For more information on the Company, visit http://www.aertinc.com.
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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, 2008 and its Quarterly Report on Form 10-Q for the quarter ended March 31, 2009.