ADA-ES Announces Results of 2013 Annual Shareholders Meeting
HIGHLANDS RANCH, Colo., June 14, 2013 (GLOBE NEWSWIRE) -- ADA-ES, Inc.
(Nasdaq:ADES) ("ADA" or the "Company") announced that shareholders have
approved all resolutions presented at its annual meeting of shareholders
including the reorganization of the Company in Delaware, creation of a holding
company structure, change of the Company's name to Advanced Emissions
Solutions, Inc. ("ADES") and the related Agreement and Plan of Merger.
Shareholders also ratified the Audit Committee's selection of KPMG LLP as the
Company's independent registered public accounting firm for the fiscal year
ending December 31, 2013, approved on an advisory basis the compensation paid
to named executive officers by the Company, approved on an advisory basis an
annual nonbinding advisory vote to approve compensation paid to named
executive officers of the Company, and elected nine directors of the Company:
Kim B. Clarke, Michael D. Durham, Alan Bradley Gabbard, Derek C. Johnson, W.
Phillip Marcum, Mark H. McKinnies, Robert E. Shanklin, Jeffrey C. Smith, and
Richard J. Swanson.
The Company expects to complete the reorganization on or around July 1^st,
2013, at which time ADES will replace the present company as the publicly held
corporation and it and its subsidiaries will conduct all of the operations we
currently conduct.The officers of ADES will be the current President and
Chief Executive Officer, Senior Vice President, Chief Financial Officer and
Secretary, Executive Vice President, Chief Operating Officer, Chief Technology
Officer, Vice President and General Counsel and Vice President of Investor
Relations of ADA.The directors of ADA prior to the reorganization will be the
same as the directors of ADES following the reorganization.We expect that the
shares of ADES common stock will trade on the NASDAQ Capital Market under the
ticker symbol "ADES."
Dr. Michael Durham, President and CEO of ADA, stated, "We believe the name
Advanced Emissions Solutions more accurately reflects the scope of our current
operations and our future direction.Since ADA spun out from Earth Sciences in
2003, we've become a prominent player in the pollutant control industry
including emission control technology, equipment and chemicals that reduce
emissions of mercury, CO and other pollutants from coal-fired power plants,
industrial boilers and cement kilns.Implementing the holding company
structure will provide us with strategic, operational and financing
flexibility and, by incorporating ADES in Delaware, we will be in a better
position to take advantage of the flexibility, predictability and
responsiveness that Delaware corporate law provides.We are enthusiastic about
the significant near-term opportunities for the Company in our Refined Coal
business and from the Mercury and Air Toxics Standards rule ("MATS") and other
emission regulations. We believe the reorganization and new name better
positions the Company to capitalize on these opportunities."
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 the timing of, and the
anticipated benefits expected to be provided by, the Company's pending
reorganization; and the trading symbol, stock market and directors and
officers of ADES after the reorganization.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 and regulations and legal
challenges to them and other factors discussed in greater detail in the proxy
statement for the annual meeting and our other 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
ADES and ADA have filed a registration statement that includes a definitive
proxy statement/prospectus and other relevant documents in connection with the
pending Delaware holding company reorganization.
This press release is being made pursuant to and in compliance with the
Securities Act of 1933, as amended, and does not constitute an offer of any
securities for sale or a solicitation of an offer to buy any securities, nor
shall there be any sale of the securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state or
jurisdiction. Any offer of the securities will be made solely by means of a
prospectus included in the registration statement and any prospectus
supplement that may be issued in connection with such offering.
CONTACT: Graham Mattison
Vice President, Investor Relations
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