Advanced Emissions Solutions Announces Resolution of SEC Inquiry
March 29 2017 - 5:03PM
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
ADES@alpha-ir.com
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