ADA-ES Appoints Kim B. Clarke to Board of Directors
Company Reiterates Optimism for Refined Coal Segment
HIGHLANDS RANCH, Colo. -- February 11, 2013
ADA-ES, Inc. (NASDAQ: ADES) (“ADA” or the “Company”) is pleased to announce
the appointment of Kim B. Clarke to the Company’s Board of Directors. Ms.
Clarke, an independent director, will be a member of the Compensation, and
Nominating and Governance Committees of the Board. Ms. Clarke’s term will run
until ADA’s next annual meeting of shareholders at which directors are
elected. Ms. Clarke and Alan Bradley Gabbard, who was appointed to the Board
in November 2012, will be members of a slate of nine directors that the Board
plans to propose at the next annual meeting of shareholders. In connection
with proposing this slate of nine directors, the Board plans to reduce the
size of the board from 11 directors to nine to reflect the retirement of two
current directors effective as of such meeting.
Ms. Clarke has over 35 years of experience in human resources, safety and
information technology, and has significant experience in energy and a number
of service industries. Ms. Clarke has served as Senior Vice President and
Chief Administrative Officer of Key Energy Services, Inc. (NYSE: KEG) since
2008 and served as Vice President and Chief People Officer from 2004 through
2007. Prior to Key Energy Services, Inc., she served as the Vice President of
Human Resources for GC Services LP and Vice President Human Resources for
Browning-Ferris Industries. Ms. Clarke received a Bachelor of Science degree
in human resources from the University of Houston in 1982 and completed the
Director Development Program at the Kellogg School of Management at
Northwestern University. She currently serves as Chairperson of the University
of Houston College of Technology Dean’s Board of Advisors.
The Company is currently operating eight Refined Coal (RC) facilities, four of
which are leased to two different RC investors. ADA continues to expect to
complete a contract for a fifth RC facility with a new RC investor later this
month, which will follow the completion of a debt restructuring associated
with the sale of the power plant where this RC facility is operating.
Commenting on the outlook for the RC business, Dr. Michael D. Durham,
President and CEO, said “We look forward to closing this transaction with the
new RC investor and expect to work with them and other RC investors on future
projects. In addition, we are encouraged by indications that the IRS is
planning to release clarifications regarding potential recommended structures
for tax-financing partnerships. We also understand that the IRS will resume
the process for releasing Private Letter Rulings for RC, which was halted in
August 2012. We expect that this clarity will help accelerate the closing of
contracts for a number of RC facilities throughout this year and into 2014.”
The Company expects to provide further updates on its RC business later this
month, with additional details to be released when the Company reports its
2012 results in early March.
ADA is a leader in clean coal technology and the associated specialty
chemicals, serving the coal-fueled power plant industry. Our proprietary
environmental technologies and specialty chemicals enable power plants to
enhance existing air pollution control equipment, minimize mercury, CO[2 ]and
other emissions, maximize capacity, and improve operating efficiencies, to
meet the challenges of existing and pending emission control regulations.
With respect to mercury emissions:
*Through our consolidated subsidiary, Clean Coal Solutions, LLC (“CCS”), we
provide our patented Refined Coal (“RC”) CyClean™ technology to enhance
combustion of and reduce emissions of NOx and mercury from coals in
cyclone boilers and our patent pending M-45™ and M-45-PC™ technologies for
Circulating Fluidized Boilers and Pulverized Coal boilers respectively.
*We supply Activated Carbon Injection (“ACI”) and Dry Sorbent Injection
(“DSI”) systems, mercury measurement instrumentation, and related
*Under an exclusive development and licensing agreement with Arch Coal, we
are developing and commercializing an enhanced PRB coal with reduced
emissions of mercury and other metals.
In addition, we are developing CO emissions technologies under projects
funded by the U.S. Department of Energy (“DOE”) and industry participants.
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 expected future RC
contracts, the timing and impact of expected future IRS guidance on Section 45
tax credits and related matters. These statements are based on current
expectations, estimates, projections, beliefs and assumptions of our
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, changes in laws, regulations and IRS interpretations or guidance,
economic conditions and market demand; timing of laws, regulations and any
legal challenges to or repeal of them; failure of the RC facilities to
produce coal that qualifies for tax credits; termination of or amendments to
the contracts for RC facilities; decreases in the production of RC; failure to
lease or sell the remaining RC facilities on a timely basis; failure of the
new RC investor to close on its debt restructuring; inability to commercialize
the new M-45-PC technology on favorable terms; availability, cost of and
demand for alternative tax credit vehicles and other technologies; technical,
start-up and operational difficulties; availability of raw materials and
equipment; loss of key personnel; intellectual property infringement claims
from third parties; and other factors discussed in greater detail in our
filings with the Securities and Exchange Commission (SEC). You are cautioned
not to place undue reliance on such statements and to consult our SEC filings
for additional risks and uncertainties that may apply to our business and the
ownership of our securities. Our forward-looking statements are presented as
of the date made, and we disclaim any duty to update such statements unless
required by law to do so.
Graham Mattison, 646-319-1417
Vice President, Investor Relations
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