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 2 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." About ADA 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 services.
- 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.