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As the market for energy related capital items continues to reflect increased pricing and limited availability, the procurement of these components locks down the equipment with the longest lead times. Dr. Michael D. Durham, President and CEO of ADA-ES, commented, "These contracts to initiate the construction of our AC plant represent a significant commitment by the Company to meet the needs of our customers in the power industry for mercury control. The decision by the Board to approve these contracts reflects its confidence that the Company will be able to finalize remaining contracts and equity financing issues in the near future."
Dr. Durham continued, "The Company and our project development team have successfully navigated through a number of external events and new issues and kept this project on track. Meanwhile, the mercury control market has solidified, as we had projected, creating a favorable business environment capable of supporting the financial returns necessary to justify our aggressive business strategy. We will keep our investors and customers abreast of progress on the construction of the plant."
About ADA-ES
ADA-ES is a leader in clean coal technology and the associated specialty chemicals. The Company develops and implements proprietary environmental technology and specialty chemicals that enable coal-fueled power plants to enhance existing air pollution control equipment, maximize capacity and improve operating efficiencies. Through its largest and fastest-growing segment, Mercury Emission Control, ADA-ES supplies activated carbon injection systems, activated carbon, mercury measurement instrumentation, and related services. To meet the needs of the power industry for mercury control, the Company is developing state-of-the-art facilities to produce activated carbon (AC) with the first plant projected to come on-line in 2010. Additionally, the Company is developing technologies for power plants to address issues related to the emissions of carbon dioxide.
This 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 included in this release include statements regarding timing of commencement of operations at our planned AC facility and our ability to finalize remaining contracts and equity financing issues in the near future. These statements are based on current expectations, estimates, projections, beliefs and assumptions of our management. Such statements involve significant 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, changes in the costs and timing of construction of the planned AC facility; inability to sign or close acceptable definitive agreements for financing, construction or off-take agreements with respect to the facility in a timely manner; availability of raw materials and treatment and storage facilities; changes in laws or regulations, prices, economic conditions and market demand; impact of competition and the lawsuit by Norit Americas; operational difficulties; availability of skilled personnel and other factors discussed in greater detail in our filings with the Securities and Exchange Commission (SEC). You are cautioned not to place undue reliance on our forward-looking statements and to consult filings we make with the SEC for additional risks and uncertainties that may apply to our business and the ownership of our securities. Our forward-looking statements are presented as of the date made, and we disclaim any duty to update such statements unless required by law to do so.
SOURCE: ADA-ES, Inc.
ADA-ES, Inc. Michael D. Durham, Ph.D., MBA, President Mark H. McKinnies, Senior VP & CFO 303-734-1727 www.adaes.com or Investor Relations Counsel: The Equity Group Inc. www.theequitygroup.com Melissa Dixon, 212-836-9613 MDixon@equityny.com Linda Latman, 212-836-9609 LLatman@equityny.com
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