Midwest Energy Emissions Corp (OTCMKTS:MEEC) has successfully acquired an extension of 12-months in the maturity dates of its promissory notes issued between April 2012 and January 2013. However, the company has been seriously affected by a Supreme Court ruling that went against the proposed EPA guidelines for mercury emissions. The investors immediately started moving away from the leading provider of mercury emissions control technology.
Midwest focuses most of its resources on helping coal based power plants in reducing their mercury emissions to the levels specified by the EPA. Had the lawsuit gone in favor of the EPA, Midwest would have had a lot of business to look forward to in the coming months. Unfortunately, the judge stated that the EPA had failed to take into account the fact that lowering emissions to the proposed levels would create a tremendous increase in costs. The court concluded that an estimated amount of $10 billion per year would be required to reach and maintain the proposed levels. Despite these estimates the ruling went against the EPA just by 1-vote.
Even though the energy industry has been cheering for the news, share holders of Midwest have been disappointed. The company had been reaching new highs on the news of the EPA’s proposed regulations. However, to make the situation a bit more stable the company has been working on the restructuring of its debts. MEEC has been seeking amendments to unsecured 12% convertible notes, since April to get an extension. Unfortunately, 1/3 of these notes have already been converted to shares of the company, but MEEC has been able to reach an agreement for the remaining 2/3. Together these notes were estimated to be worth $3.4 million, with $1 million being converted to shares. The company now believes that it can focus its attention on future growth.
Midwest Energy Emissions Corp (OTCMKTS:MEEC) closed the June 30 session, after trading 479,594 shares in the market to register a rise of 36% in share value to reach a close at $0.34.