Advanced Emissions Solutions, Inc. (NASDAQ:ADES) (the "Company" or "ADES"), the parent company of ADA-ES, Inc. and ADA Carbon Solutions, LLC (collectively, "ADA"), today announced that the Company has initiated a strategic review to assess a range of strategic alternatives to maximize shareholder value.
"Due to our manufacturing assets, product and technology expertise, along with the strategic transactions completed during the last twelve months, we are in an advantaged positioned within the activated carbon market," said Greg Marken, Interim Chief Executive Officer. "This unique position offers us the opportunity to evaluate the best use of our strategic assets. With our RC cash flows scheduled to cease at the end of this year and the expected elimination of our remaining term loan balance during the second quarter of this year, we feel that today's announcement is a prudent step toward ensuring we maximize shareholder value. We will remain highly focused on executing our business plan throughout this process."
In connection with the strategic review process, the Company has engaged Ducera Partners, LLC as its financial advisor and Gibson, Dunn & Crutcher LLP to serve as its legal advisor to assist with the evaluation process.
The intention is to complete the strategic review process in a timely fashion. However, there is no assurance that the review process will result in pursuing or completing any transaction, and no timetable has been set for completion of this process. The Company will provide an update when further disclosure is necessary or appropriate.