Advanced Emissions Solutions Announces CEO Transition
April 01 2020 - 08:30AM
Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the "Company" or
"ADES") today announced that L. Heath Sampson notified the Board of
Directors of ADES that he plans to resign as Chief Executive
Officer (CEO) effective June 30, 2020 to pursue other interests.
Greg Marken, the Company’s current Chief Financial Officer,
Treasurer and Secretary, has been appointed to take over as Interim
President and CEO on July 1, 2020, upon successful completion of an
orderly transition process.
L. Spencer Wells, Chairman of the Board said,
“On behalf of everyone on the Board, I'd like to thank Heath for
his leadership and service to our company, employees and
shareholders. Heath led ADES through a very difficult turnaround,
helped us leverage the cash generation power of our Refined Coal
(“RC”) assets, and reset our long-term vision on the activated
carbon and specialty chemicals opportunity. Most importantly, Heath
built a strong management team who is ready to execute against our
strategy.”
L. Heath Sampson, President and CEO of ADES,
commented, “It has been a privilege to lead ADES for the last five
years. I am extremely proud of our employees and what we have
accomplished in turning this Company around and resetting its
vision. We navigated a number of regulatory and industry headwinds
to maximize our RC cash flows, while acquiring the premier
activated carbon asset in the industry, which has pivoted the
Company’s long-term strategic direction. Throughout that time, I
worked closely with Greg, and there is no one with a more intimate
knowledge of the Company, its strategy and its customers. Over the
next few months I will continue to focus on our strategic
priorities, including securing additional tax equity partners for
our RC segment, diversifying our emissions control product
portfolio away from coal-based solutions, executing against our
capital allocation and shareholder return initiatives, and ensuring
an orderly transition to Greg."
Greg Marken concluded, “The opportunity to work
with and lead a team whom I already know well and greatly respect
is an exciting one which I am honored to accept. I would like to
thank Heath for the guidance and mentoring he has provided over the
past five years, and I am excited to build on the progress this
Company has achieved under his leadership. Looking ahead, our
strategy remains unchanged and we continue to expect future net RC
cash flows to ADES as of December 31, 2019, of between $150 million
and $175 million through year-end 2021. We will remain intently
focused on nurturing and optimizing our RC cash flows as well as
leveraging our Red River plant to capture the low-cost
characteristics of the asset. Additionally, we will seek to
maximize shareholder value while navigating today's dynamic market
environment.”
Greg Marken Background
Mr. Marken has served as the Company’s Chief
Financial Officer and Treasurer since March 1, 2018. Previously, he
was the Company’s Chief Accounting Officer, a position he held from
June 2016 until his appointment as the Company’s Chief Financial
Officer. Mr. Marken has served as the Company’s Secretary since
August 2016. Mr. Marken joined the Company in January 2015 as the
Director of SEC Reporting and Technical Accounting. Prior to
joining the Company, Mr. Marken held various positions at Ernst
& Young, LLP from 2005 through 2015 including Senior Manager,
assurance services. He received his BBA in accounting and MS in
finance from Texas A&M University. Mr. Marken is a CPA.
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
brings together ADA Carbon Solutions, LLC, a leading provider of
powder activated carbon ("PAC") and ADA-ES, Inc., the providers of
ADA® M-Prove™ Technology. We provide products and services to
control mercury and other contaminants at coal-fired power
generators and other industrial companies. Our broad suite of
complementary products control contaminants and help our customers
meet their compliance objectives consistently and reliably. |
|
CarbPure
Technologies LLC, (“CarbPure”), formed in 2015 provides
high-quality PAC and granular activated carbon
ideally suited for treatment of potable water and wastewater. Our
affiliate company, ADA Carbon Solutions, LLC manufactures the
products for CarbPure. |
|
Tinuum
Group, LLC (“Tinuum Group”) is a 42.5% owned joint venture by ADA
that provides patented Refined Coal (“RC”) technologies to enhance
combustion of and reduce emissions of NOx and mercury from
coal-fired power plants. |
Caution on Forward-Looking
StatementsThis 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 projection on future RC cash flows, our expectations about
the potential for leveraging our Red River plant capabilities and
ways to maximize shareholder value. These forward-looking
statements involve 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, timing of new and pending
regulations and any legal challenges to or extensions of compliance
dates of them; the success of our technical and commercial
infrastructure in opening and competing new markets; the U.S.
government’s failure to promulgate regulations or appropriate funds
that benefit our business; changes in laws and regulations,
accounting rules, prices, economic conditions and market demand;
impact of competition; availability, cost of and demand for
alternative energy sources and other technologies; technical, start
up and operational difficulties; failure of the RC facilities to
produce RC; termination of or amendments to the contracts for sale
or lease of RC facilities; decreases in the production of RC; our
inability to commercialize our technologies on favorable terms; our
inability to ramp up our operations to effectively address recent
and expected growth in our business; loss of key personnel;
potential claims from any terminated employees, customers or
vendors; availability of materials and equipment for our
businesses; intellectual property infringement claims from third
parties; as well as other factors relating to our business, as
described in our filings with the SEC, with particular emphasis on
the risk factor disclosures contained in those filings. You are
cautioned not to place undue reliance on the forward-looking
statements and to consult filings we have made and will make with
the SEC for additional discussion concerning risks and
uncertainties that may apply to our business and the ownership of
our securities. The forward-looking statements speak only as to the
date of this press release.
Source: Advanced Emissions Solutions, Inc.
Investor Contact:
Alpha IR GroupChris Hodges or Ryan
Coleman312-445-2870ADES@alpha-ir.com
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