HIGHLANDS RANCH, Colo., June 11, 2014 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) (the "Company") today announced that NASDAQ has granted the Company an exception to NASDAQ Listing Rule 5250(c)(1) ("the Rule") to enable the Company to regain compliance with the Rule. As previously announced, the Company is not in compliance with the Rule because its Form 10-K for the fiscal year ended December 31, 2013 (the "Form 10-K") and Form 10-Q for the period ended March 31, 2014 (the "Form 10-Q") were not filed on a timely basis.
On June 2, 2014, the Company submitted to NASDAQ its plan to regain compliance with the Rule. Based on this submission, NASDAQ granted an exception under the terms that on or before September 29, 2014, the Company must file any and all delinquent periodic reports as required by the Rule. In the event the Company does not satisfy the terms, NASDAQ will provide written notification that its securities will be delisted. At that time, the Company may appeal NASDAQ's determination to a Hearings Panel.
The Company's management team, Audit Committee, and recent appointments including the Audit Committee Chairman, Chief Accounting Officer, and Corporate Controller, and all finance and accounting personnel continue to work diligently to expedite providing any requested information to its auditors and finalize the necessary reviews so that the Form 10-K and Form 10-Q can be filed and the Company can regain compliance with the Rule as swiftly 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. 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.