SPRINGDALE, Ark., April 1, 2010 (GLOBE NEWSWIRE) -- Advanced Environmental Recycling Technologies, Inc. (OTCBB:AERT), a leading plastic recycler and manufacturer of Green building products, announced today that it has filed an 8-K concerning the restructuring of the company's notes and payments with Allstate Investments.
On March 26, 2010, Advanced Environmental Recycling Technologies, Inc. (AERT) entered into an agreement with Allstate Insurance Company (Allstate) extending the maturity date of a loan in the amount of $800,000 from July 1, 2009 to July 15, 2010. The loan bears interest at a fixed rate of 19.75%. Principal payments of $200,000 per month for four months begin April 15, 2010. All other terms of the loan were substantially unchanged.
On March 26, 2010, AERT also entered into an agreement with Allstate extending the maturity date of a loan in the amount of $5,668,056 from July 1, 2009 to December 15, 2011. The loan bears interest at a fixed rate of 10%. Payments of $63,000 per month begin April 15, 2011, with the remaining balance of the loan due at maturity, along with a premium of 5% of the original principal amount of the loan. All other terms of the loan were substantially unchanged.
About Advanced Environmental Recycling Technologies, Inc.
Since 1989, AERT (OTCBB: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 Lowe's Home Improvement stores nationwide. See http://www.choicedek.com/">http://www.choicedek.com for more information. AERT's MoistureShield(r) decking program is expanding and products are now available throughout the U.S. See http://www.moistureshield.com/">http://www.moistureshield.com for product information or to find a regional distributor or dealer. AERT operates manufacturing facilities in Springdale and Lowell, Arkansas and recently commenced operations at its Green Age recycling facility in Watts, Oklahoma. For more information on the Company, visit http://www.aertinc.com/">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, 2009.