SPRINGDALE, Ark., Dec. 3, 2008 (GLOBE NEWSWIRE) -- As previously reported by Advanced Environmental Recycling Technologies, Inc. (Nasdaq:AERT) ("AERT"), a leading plastics recycler and manufacturer of Green composite building products, AERT has entered into a settlement agreement that was preliminarily approved by the U.S. District Court for the Western District of Washington on September 16, 2008, in a class action suit filed earlier this year. The Court has set a hearing for final approval on January 8, 2009.
In this suit, several customers of AERT's ChoiceDek decking product alleged class action claims in federal court complaining that they were having difficulty keeping their decking free from mold and mildew surface stains. These customers bought their ChoiceDek products before AERT began adding zinc borate, a mold inhibitor, in October 2006. AERT has investigated these claims and entered into the settlement agreement in order to resolve this litigation.
As part of the settlement, the Defendants will modify ChoiceDek marketing materials to further help customers to understand the need to periodically clean their decking in order to avoid the build up of surface debris which can support mold and mildew. Updated cleaning information will be available on the ChoiceDek website. Additionally, to assist customers with caring for their decks, a new instructional cleaning video will be provided to customers upon request.
The settlement also offers a formal claim resolution process for those customers who may be having difficulty with significant mold or mildew spotting on their decking. The claim resolution process allows eligible customers to have their decks inspected, cleaned, and treated with a mold inhibitor and provides other additional relief under certain circumstances, such as additional cleanings, refunds, replacement material, coupons for discounted cleanings, and/or credit vouchers for use at Lowe's Home Improvement stores. The claim resolution process is described in the settlement agreement and class notice, which have been submitted to the court for approval. More information along with the claim submission deadline is available at www.AERT.com/class_action_settlement.asp or call 1-877-220-6624.
"AERT is committed to customer service and to addressing the issues and concerns of our customers. We at AERT have always prided ourselves in offering first rate customer service," stated Joe G. Brooks, chief executive officer of AERT. "Our intent is to positively resolve our customers' concerns. This process has enabled AERT to improve and expand its customer support program. In the meantime, AERT continues to improve and develop its existing product line and offer optimal performance on new products," Brooks concluded.
"We commend AERT for standing behind its product and taking care of its customers in this way. From the beginning of this process, it was clear to us that customer satisfaction was of utmost importance to AERT, and this settlement evidences that fact. This settlement is an outstanding result for all ChoiceDek owners who bought earlier versions of ChoiceDek and may have experienced mold and mildew problems. They will have those issues addressed by AERT in a timely and fair way," said Jonathan Selbin of Lieff, Cabraser, Heimann & Bernstein, LLP, one of co-lead counsel for the plaintiffs and class.
About Advanced Environmental Recycling Technologies, Inc.
Since 1989, AERT (Nasdaq:AERT) has pioneered the use of recycled polyethylene plastic in the manufacture of composite building materials. With its constantly evolving portfolio of patented and proprietary recycling technologies, AERT has been widely recognized as a leader in resource conservation innovation and received the EPA Award for Environmental Excellence for its process of converting scrap plastic to composite outdoor decking. AERT converts reclaimed plastic and wood fiber waste into quality outdoor decking systems, fence systems, and door and window components. The Company is the exclusive manufacturer of Weyerhaeuser ChoiceDek(r) decking, which is available in multiple colors and is sold in all Lowe's Home Improvement stores. See http://www.choicedek.com for more information. AERT's MoistureShield(r) decking program is expanding and products are available in many parts of the U.S. now, with national distribution planned for 2008. See http://www.moistureshield.com for product information or to find a regional distributor or dealer. AERT operates manufacturing facilities in Springdale and Lowell, with a raw materials facility in Junction, Texas and a state-of-the-art recycling facility under construction in Watts, Oklahoma. This LEED certified recycling facility is expected to be operational in the first quarter of 2009. For more information on the Company, visit http://www.aertinc.com.
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Certain statements in this news release regarding projected results of operations, or, projected results of financial plans or future strategies and initiatives, including, but not limited to, projections of revenue, projections of profitability, any and all future expectation, and plans for future activities may and should be regarded as ``forward-looking statements'' within the meaning of the Securities Litigation Reform Act. These statements involve, among other things, known and unknown risks, uncertainties and other factors that may cause AERT, Inc.'s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. AERT currently is considering, but may or may not in the future implement any or all of the items and issues listed in any planned budget or strategic initiative, due to, among other things, known and unknown risks, uncertainties and other factors.
AERT, Inc. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, change in strategy, or otherwise. The above-mentioned listing of risks and uncertainties is not inclusive. For a more detailed discussion of some, but not all, of the risks and uncertainties that may affect AERT, Inc., see AERT, Inc.'s filing with the Securities and Exchange Commission, including its Annual Report on Form 10-K, for the fiscal year ended December 31, 2007 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2008.