Advanced Emissions Solutions Announces Planned Corporate Restructuring
August 01 2016 - 4:45PM
Advanced Emissions Solutions, Inc. (NASDAQ:ADES) (the "Company" or
"ADES") today announced that it has executed the next step of its
previously announced cost containment strategy. Specifically, the
Company has executed a workforce reduction plan affecting
approximately 38% of the Company’s employees, many of which were
servicing long-term equipment contracts that were recently
completed.
Heath Sampson, President and CEO stated “As
previously communicated, we continue to evaluate the changing needs
of our business. The decisions made around this restructuring have
been difficult, but were consistent with our plan and necessary to
position the Company to succeed in a changing marketplace, meet the
current and future needs of our customers and provide a platform
for future growth. As a result of these actions, we expect to
generate annualized expense savings of approximately $2.1 million -
$2.4 million, primarily from savings in employee salaries and
benefits."
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”) is a wholly-owned subsidiary of Advanced
Emissions Solutions, Inc. (“ADES”) that provides emissions control
solutions for coal-fired power generation and industrial boiler
industries. With more than 25 years of experience developing
advanced mercury control solutions, ADA delivers proprietary
environmental technologies, equipment and specialty chemicals that
enable coal-fueled boilers to meet emissions regulations. These
solutions enhance existing air pollution control equipment,
maximizing capacity and improving operating
efficiencies. Our track record includes securing more
than 30 US patents for emissions control technology and systems and
selling the most activated carbon injection systems for power plant
mercury control in North America. For more information on ADA, its
products and services, visit www.adaes.com or the ADA Blog
(http://blog.adaes.com/).
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.
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 expectations
regarding the amount of expense savings resulting from the executed
workforce reduction plan and source of such savings s. These
statements are based on current expectations, estimates,
projections, beliefs and assumptions of the Company’s 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, potential claims from terminated
employees, unanticipated expenses related to former employee
benefit payments, and disruption to business operations due to the
workforce reduction. You are cautioned not to place undue reliance
on such statements and to consult the Company’s SEC filings for
additional risks and uncertainties that may apply to the Company’s
business and the ownership of its securities. The Company’s
forward-looking statements are presented as of the date made, and
the Company disclaims any duty to update such statements unless
required by law to do so.
Investor Contact:
Alpha IR Group
Nick Hughes or Chris Hodges
312-445-2870
ADES@alpha-ir.com
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