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HIGHLANDS RANCH, Colo, March 29, 2017 -- Advanced Emissions Solutions, Inc. (NASDAQ:ADES) today announced that it has reached a settlement with the Securities and Exchange Commission (“SEC”) to resolve the previously disclosed investigation into certain accounting issues, as described in the company’s 2014 Form 10-K filing. Without admitting or denying the SEC’s allegations, the company has agreed to the terms of the settlement and agreed to pay a civil monetary penalty of $500,000. The company previously established a reserve for the potential settlement of this matter which will not require adjustment.
The SEC’s order alleges certain negligence-based financial reporting and internal controls claims dating from 2011 to 2014. As noted in the order, the company has since made significant leadership changes, including a new senior management team and new finance and accounting personnel. The SEC also recognized the company’s cooperation during the investigation.
“We are pleased to resolve this matter without any claims against any current officers or employees of the company,” said L. Heath Sampson, President and CEO of ADES. “The accounting errors, which were identified through the company’s own internal investigation, date back several years. Since then, Advanced Emissions Solutions has significantly strengthened its system of internal controls to mitigate the risk of such errors in the future, and to allow us to remain focused on providing shareholder returns through the continued monetization of our refined coal and emissions control businesses.”
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, and its products and services, visit www.adaes.com or the ADA Blog (http://blog.adaes.com/).
Tinuum Group, LLC is a 42.5% owned joint venture by ADA that provides ADA’s patented Refined Coal CyClean™ technology to enhance combustion of and reduce emissions of NOx and mercury from coal in cyclone boilers and ADA’s patented M-45™ and patent pending M-45-PC™ technologies for Circulating Fluidized boilers and Pulverized Coal boilers respectively. www.tinuumgroup.com
Investor Contact: Alpha IR Group Chris Hodges or Ryan Coleman 312-445-2870 [email protected]
