SAO PAULO, May 18, 2018 /PRNewswire/ -- Estre Ambiental, Inc. (ESTR) (the "Company" or "Estre"), the largest waste management company in Latin America, announced on May 1, 2018 that it expects to issue its full year 2017 results before the market opens on Wednesday, May 30, 2018. However, on May 11, 2018, the Company received a letter from the NASDAQ Stock Market ("NASDAQ") (the "Delinquency Letter") notifying the Company that it is not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did not timely file its annual report on Form 20-F for the year ended December 31, 2017 (the "2017 Annual Report").
In accordance with the NASDAQ Listing Rules, the Company has 60 calendar days from the date of the Delinquency Letter to submit a plan to regain compliance with NASDAQ Listing Rules (the "Compliance Plan"). If NASDAQ accepts the Compliance Plan, NASDAQ may grant the Company an extension until October 29, 2018 to regain compliance and the Company intends to file its 2017 Annual Report before that date.
The Deficiency Letter has no immediate impact on the listing of the Company's ordinary shares on NASDAQ. This announcement is made in compliance with NASDAQ Listing Rule 5810(b) which requires prompt disclosure of receipt of a deficiency notification.
Estre is one of the leading waste management companies in Brazil and Latin America, as measured by disposal capacity, collection volume and market share. Estre provides collection, transfer, recycling and disposal services to more than 31 million people in seven Brazilian states where approximately 50% of Brazil's population is concentrated. Estre's landfill operations, which are currently focused around 13 strategically located landfills, dispose of approximately 6.0 million tons of waste annually. Estre also expects to add five additional landfills to its operations over the next several years. Estre's waste management infrastructure also includes two landfill gas-to-energy facilities with an installed capacity of approximately 14 MW, as well as three hazardous and medical waste facilities. Additional information on Estre is available at http://www.estre.com.br/en/.
This press release may contain forward-looking statements. These statements are not historical facts, and are based on management's current view, estimates and projections of future events and trends that currently affect or might affect the Company's business, results and operations. Statements regarding the implementation of future actions, including with respect to the release of its financial results, plans or strategies, and the factors or trends affecting financial condition, liquidity or results of operations, are examples of forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, failure to comply with laws or regulations; the outcome of ongoing investigations and any new facts or information that may arise in relation thereto; the effectiveness of the Company's risk management policies and procedures, including operational risk; and litigation, such as class actions or tax assessments brought by governmental and regulatory agencies, general economic and market conditions, industry conditions, and operating factors. Forward-looking statements are based on many assumptions and factors, and any changes in such assumptions or factors could cause future events, including the Company's results of operations, to differ materially from current expectations.
+55 11 3709-2358
+55 11 3709-2421