by Rob Keys
Posted 1/11/2010 09:38 am
Updated 2 years ago
Advanced Environmental Recycling Technologies Inc. of Springdale announced in late December it would voluntarily delist from the Nasdaq Stock Market.
On Monday morning, CEO Joe Brooks issued a letter to shareholders outlining hopes for a brighter 2010.
"Your company is now positively positioned to become a national example of the true power of 'Green,'" Brooks wrote.
AERT manufactures wood fiber-recycled polyethylene plastic composite decking under the brand names MoistureShield and ChoiceDek. It had worked on its Nasdaq compliance since June 2008, when it was granted a six-month extension to gain a $1 minimum bid price of its Class A common stock. Class A common stock of AERT will now trade on the OTC Bulletin Board.
In his Monday letter, Brooks outlined several reasons for optimism, including last year's settlement of a class-action suit over ChoiceDek's alleged susceptibility to mold and mildew and second-quarter profitability. Brooks also addressed plans for new products from AERT, which will be exhibiting at next week's International Builders Show in Las Vegas.
Brooks indicated AERT's new plastic recycling plant in Watts, Okla., was scheduled to start up in February, a move he believes will "further improve AERT plastic recycling efficiencies and reduce costs."
"But most importantly," Brooks continued in the letter, "it will help to insulate and hedge AERT against rising petrochemical costs by utilizing lower end mixed polyethylene plastics in combination with AERT plastic reformulation technologies."
Brooks closed the letter by reiterating AERT's "commitment to do all we can to generate strong cash flows and solid net income, to honor our agreements, and to build value for you, our loyal shareholders."