HIGHLANDS RANCH, Colo., May 20, 2014 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) (the "Company") today announced it received a notice from the NASDAQ Capital Market on May 14, 2014 indicating that the Company is not in compliance with NASDAQ Listing Rules (the "Rules") because its Form 10-Q for the period ended March 31, 2014 was not filed by May 12, 2014, and because the Company remains delinquent in filing its Form 10-K for the period ended December 31, 2013. The notice, which the Company expected, was issued due to NASDAQ Marketplace Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission.
The Company's delay in filing these periodic reports is due to its previously disclosed review of its historical revenue recognition policy for equipment contracts in its Emission Control segment, its verification of its accounting for interest expense accruals related to taxes on deferred installment gain and certain other accounting transactions, the process of assessing the effectiveness of its internal control over financial reporting, the restatement of its previously issued financial statements for the first three quarters of 2013, and the re-audit of its financial statements for 2011 and 2012.
The Company's management team and its finance and accounting personnel are working diligently to complete this process, provide the requested information to its auditors, and finalize the necessary reviews so that its delinquent periodic reports can be filed.
In accordance with the Rules, the Company expects to submit its plan to regain compliance to NASDAQ no later than June 2, 2014. If NASDAQ accepts the Company's plan, then NASDAQ may grant the Company an extension until as late as September 29, 2014 to regain compliance.
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. Advanced Emissions Solutions consolidates the results of CCS in its financial statements.
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 press release contains 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 timing and results of the Company's assessment of the effectiveness of its internal controls over financial reporting, review of its accounting practices and re-audit of its 2011 and 2012 financial statements, its ability to regain compliance with the Rules 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, the Company's assessment and review could take longer than anticipated or result in a conclusion that the Company has additional material weaknesses in its internal controls or that the Company needs to restate its previously issued financial statements for 2011 or 2012, it may take longer than expected to regain compliance with the Rules, NASDAQ could issue a Staff Delisting Determination and other factors discussed in greater detail in the Company's filings with the Securities and Exchange Commission ("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.