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GREENWOOD VILLAGE, Colo., May 10, 2021 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the "Company" or "ADES"), the parent company of ADA-ES, Inc. and ADA Carbon Solutions, LLC (collectively, "ADA"), today announced that the Company has initiated a strategic review to assess a range of strategic alternatives to maximize shareholder value.
“Due to our manufacturing assets, product and technology expertise, along with the strategic transactions completed during the last twelve months, we are in an advantaged positioned within the activated carbon market,” said Greg Marken, Interim Chief Executive Officer. “This unique position offers us the opportunity to evaluate the best use of our strategic assets. With our RC cash flows scheduled to cease at the end of this year and the expected elimination of our remaining term loan balance during the second quarter of this year, we feel that today’s announcement is a prudent step toward ensuring we maximize shareholder value. We will remain highly focused on executing our business plan throughout this process.”
In connection with the strategic review process, the Company has engaged Ducera Partners, LLC as its financial advisor and Gibson, Dunn & Crutcher LLP to serve as its legal advisor to assist with the evaluation process.
The intention is to complete the strategic review process in a timely fashion. However, there is no assurance that the review process will result in pursuing or completing any transaction, and no timetable has been set for completion of this process. The Company will provide an update when further disclosure is necessary or appropriate.
About Advanced Emissions Solutions, Inc.
Advanced Emissions Solutions, Inc. serves as the holding entity for a family of companies that provide emissions solutions to customers in the power generation and other industries.
ADA brings together ADA Carbon Solutions, LLC, a leading provider of powder activated carbon ("PAC") and ADA-ES, Inc., the providers of ADA® M-Prove™ Technology. We provide products and services to control mercury and other contaminants at coal-fired power generators and other industrial companies. Our broad suite of complementary products control contaminants and help our customers meet their compliance objectives consistently and reliably.
CarbPure Technologies LLC, (“CarbPure”), formed in 2015 provides high-quality PAC and granular activated carbon ideally suited for treatment of potable water and wastewater. Our affiliate company, ADA Carbon Solutions, LLC manufactures the products for CarbPure.
Tinuum Group, LLC (“Tinuum Group”) is a 42.5% owned joint venture by ADA that provides patented Refined Coal (“RC”) technologies to enhance combustion of and reduce emissions of NOx and mercury from coal-fired power plants.
Caution on Forward-Looking Statements
Statements in this press release regarding the Company's business that are not historical facts, including statements concerning forecasted cash flows, debt reduction timing and results from the Company's review of strategic alternatives are forward-looking statements that involve risks and uncertainties. You are cautioned not to place undue reliance on the forward-looking statements and to consult filings we have made and will make with the SEC for additional discussion concerning risks and uncertainties that may apply to our business and the ownership of our securities. The forward-looking statements speak only as to the date of this press release.
Source: Advanced Emissions Solutions, Inc.
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