Advanced Emissions Solutions Announces Financial, Accounting and Information Technology Team Updates
March 02 2015 - 4:29PM
Advanced Emissions Solutions, Inc. (the "Company") announced today
that its Chief Financial Officer, L. Heath Sampson, continues to
build out the Company's Finance, Accounting and Information
Technology teams with the recent appointments of a new Corporate
Controller, Director of SEC Reporting and Technical Accounting,
Director of Financial Planning and Analysis and Vice President of
Information Technology. In conjunction with Mr. Sampson's efforts,
the Board of Directors of the Company eliminated the position of
Chief Accounting Officer, and Rachel A. Smith, who has served as
Chief Accounting Officer since April 21, 2014, has resigned
effective March 2, 2015 to resume her position as President of
Smith Financial Consulting on a full-time basis.
Dr. Michael D. Durham, President and CEO of the Company, stated
"We congratulate Heath on building a strong team and thank Rachel
for her contributions. Since joining the Company in January of 2014
as Director of Finance and Systems and acting interim Corporate
Controller, and later stepping into the role of Chief Accounting
Officer, she has played an important role in helping the Company
through the accounting review process and transitions in the
accounting department. We wish her well in her future
endeavors."
Mr. Sampson commented "Since I joined the Company in August of
2014, I have had the complete support of the CEO and the Board of
Directors to build Accounting, Finance and Information Technology
groups that will support the Company through its future growth.
With these key people in place, and supported by many other
internal and external resources, we continue to make significant
progress toward the completion of the restatements. We are in
discussions with firms to be our new independent auditor and look
forward to working with a new audit team to deliver the audited
financial statements and become fully compliant with the Company's
SEC periodic reporting requirements as expeditiously as
possible."
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-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.
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.
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 information include statements
or expectations including, but not limited to, the Company's
ability and timing to engage a new auditor, complete the
restatement and deliver audited financial statements and become
fully compliant with its SEC periodic reporting requirements and
related matters. 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 loss of key
personnel or inability to engage accounting and finance personnel
as needed; inability to address the previously disclosed accounting
matters; identification of additional material weaknesses or
significant deficiencies; failure to engage an independent public
accounting firm, complete the audits and re-audits and file any
required restatements and periodic reports; risks relating to the
substantial costs and diversion of personnel's attention and
resources due to these matters and related litigation; failures or
issues with the Company's information technology systems and other
factors discussed in greater detail in our filings with the 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.
CONTACT: Graham Mattison
Vice President, Investor Relations
(720) 889-6206
graham.mattison@adaes.com
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