ADA-ES Inc: Reorganization Proposals Have Been Withdrawn
ADA-ES, Inc. (NASDAQ: ADES) today announced that it has rescheduled its 2012 annual meeting of shareholders for 9:00 a.m. (local time) on July 19, 2012 at the Company's offices located at 9135 South Ridgeline Boulevard, Suite 200, Highlands Ranch, Colorado 80129. At the annual meeting, shareholders of record as of May 31, 2012 will be asked to elect nine directors, ratify auditors, approve Amendment No. 1 to ADA's Amended and Restated 2007 Equity Incentive Plan, and approve the Amended and Restated 2010 Non-Management Compensation and Incentive Plan.
The Company intends to file a Schedule 14A Definitive Proxy to provide additional detail regarding these matters on or about June 6, 2012 in advance of the upcoming annual meeting. The reorganization proposals described in the Company's news release and draft joint preliminary proxy statement/prospectus dated March 16, 2012 have been withdrawn, including a related plan of merger, reincorporation of the new public entity in the state of Delaware and name change of the public entity.
Dr. Michael Durham, President and CEO of ADA, stated, “Because of delays in finalizing and mailing proxy materials related to the ongoing review and approval from the SEC for the reorganization, name change and related matters, we have decided to withdraw the proposal so we could provide a definitive date for our annual meeting. This will allow us to focus our attention on advancing our Refined Coal (“RC”) facilities to full operating status at locations around the country, and developing our portfolio of emission control and C02 capture technologies so that we can realize the significant financial benefits that we are expecting from these activities. We continue to believe that by the end of 2012 the leasing and operation of RC facilities will begin to generate annualized revenues and pre-tax income for ADA of approximately $100 million and $50 million, or $5.00 per share, per year, respectively, after payments to minority partners for the remaining life of the tax credits. Revenues and pre-tax income have the potential to double from those levels by the end of 2013.”
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