SAO PAULO, May 18, 2018 /PRNewswire/ -- Estre
Ambiental, Inc. (NASDAQ: ESTR) (the "Company" or "Estre"), the
largest waste management company in Latin
America, announced on May 1,
2018 that it expects to issue its full year 2017 results
before the market opens on Wednesday, May
30, 2018. However, on May 11,
2018, the Company received a letter from the NASDAQ Stock
Market ("NASDAQ") (the "Delinquency Letter") notifying the Company
that it is not in compliance with the requirements for continued
listing set forth in NASDAQ Listing Rule 5250(c)(1) because it did
not timely file its annual report on Form 20-F for the year ended
December 31, 2017 (the "2017 Annual Report").
In accordance with the NASDAQ Listing Rules, the Company has 60
calendar days from the date of the Delinquency Letter to submit a
plan to regain compliance with NASDAQ Listing Rules (the
"Compliance Plan"). If NASDAQ accepts the Compliance Plan, NASDAQ
may grant the Company an extension until October 29, 2018 to regain compliance and the
Company intends to file its 2017 Annual Report before that
date.
The Deficiency Letter has no immediate impact on the listing of
the Company's ordinary shares on NASDAQ. This announcement is made
in compliance with NASDAQ Listing Rule 5810(b) which requires
prompt disclosure of receipt of a deficiency notification.
About Estre
Estre is one of the leading waste management companies in
Brazil and Latin America, as measured by disposal
capacity, collection volume and market share. Estre provides
collection, transfer, recycling and disposal services to more than
31 million people in seven Brazilian states where approximately 50%
of Brazil's population is
concentrated. Estre's landfill operations, which are currently
focused around 13 strategically located landfills, dispose of
approximately 6.0 million tons of waste annually. Estre also
expects to add five additional landfills to its operations over the
next several years. Estre's waste management infrastructure also
includes two landfill gas-to-energy facilities with an installed
capacity of approximately 14 MW, as well as three hazardous and
medical waste facilities. Additional information on Estre is
available at http://www.estre.com.br/en/.
Forward-Looking Statements
This press release may contain forward-looking statements. These
statements are not historical facts, and are based on management's
current view, estimates and projections of future events and trends
that currently affect or might affect the Company's business,
results and operations. Statements regarding the implementation of
future actions, including with respect to the release of its
financial results, plans or strategies, and the factors or trends
affecting financial condition, liquidity or results of operations,
are examples of forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties
including, but not limited to, failure to comply with laws or
regulations; the outcome of ongoing investigations and any new
facts or information that may arise in relation thereto; the
effectiveness of the Company's risk management policies and
procedures, including operational risk; and litigation, such as
class actions or tax assessments brought by governmental and
regulatory agencies, general economic and market conditions,
industry conditions, and operating factors. Forward-looking
statements are based on many assumptions and factors, and any
changes in such assumptions or factors could cause future events,
including the Company's results of operations, to differ materially
from current expectations.
Contacts
Investor Relations
ir@estre.com.br
+55 11 3709-2358
Media Relations
press@estre.com.br
+55 11 3709-2421
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SOURCE Estre Ambiental, Inc.