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HIGHLANDS RANCH, Colo., May 20, 2014 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (Nasdaq:ADES) (the "Company") today announced it received a notice from the NASDAQ Capital Market on May 14, 2014 indicating that the Company is not in compliance with NASDAQ Listing Rules (the "Rules") because its Form 10-Q for the period ended March 31, 2014 was not filed by May 12, 2014, and because the Company remains delinquent in filing its Form 10-K for the period ended December 31, 2013. The notice, which the Company expected, was issued due to NASDAQ Marketplace Rule 5250(c)(1), which requires timely filing of periodic reports with the Securities and Exchange Commission.
The Company's delay in filing these periodic reports is due to its previously disclosed review of its historical revenue recognition policy for equipment contracts in its Emission Control segment, its verification of its accounting for interest expense accruals related to taxes on deferred installment gain and certain other accounting transactions, the process of assessing the effectiveness of its internal control over financial reporting, the restatement of its previously issued financial statements for the first three quarters of 2013, and the re-audit of its financial statements for 2011 and 2012.
The Company's management team and its finance and accounting personnel are working diligently to complete this process, provide the requested information to its auditors, and finalize the necessary reviews so that its delinquent periodic reports can be filed.
In accordance with the Rules, the Company expects to submit its plan to regain compliance to NASDAQ no later than June 2, 2014. If NASDAQ accepts the Company's plan, then NASDAQ may grant the Company an extension until as late as September 29, 2014 to regain compliance.