EXHIBIT
99.1
Perma-Fix
Enters Into Definitive Agreement to Acquire PEcoS' Radioactive and Mixed Waste
Treatment Facility
Monday
April 30, 10:35 am ET
ATLANTA,
April 30 /PRNewswire-FirstCall/ -- Perma-Fix Environmental Services, Inc.
(Nasdaq: PESI; BSE: PESI; Germany: PES.BE), today announced that it has entered
into a definitive agreement to acquire Nuvotec USA, Inc. (Nuvotec) and its
wholly owned subsidiary, Pacific EcoSolutions, Inc. (PEcoS), for $11.6 million.
PEcoS is a nuclear waste management company that treats both low level and
mixed
waste, based in Richland, Washington. Under the agreement, as consideration
for
the purchase, Perma-Fix will issue $2.0 million in shares of Perma-Fix common
stock and $2.5 million in debt instruments payable over a four year period
to
those Nuvotec shareholders that qualify as accredited investors, $2.5 million
in
cash to both non-accredited and accredited Nuvotec shareholders, and up to
$4.6
million of cash earn-out to both non-accredited and accredited Nuvotec
shareholders, which could vary dependent on meeting or exceeding certain future
revenue thresholds over a four year period immediately following completion
of
the merger. In addition, at the closing of this acquisition the debt of Nuvotec
is not to exceed $9.4 million, which Perma-Fix will assume, plus the debts
and
obligations of PEcoS incurred in the ordinary course of PEcoS' business. PEcoS'
facility is permitted to treat, store and process low level radioactive and
mixed waste, and is located adjacent to the Department of Energy's (DOE) Hanford
site.
Dr.
Louis
F. Centofanti, Chairman and Chief Executive Officer, stated, "We are excited
to
have completed the definitive agreement to acquire the PEcoS nuclear waste
facility, and anticipate we will conclude the acquisition during the second
quarter. This facility is located adjacent to the Hanford site and provides
us
access to treat nuclear waste stored at the site. The Hanford site is one of
the
most expensive of all the DOE's nuclear weapons facilities to remediate,
creating further opportunities for the company to expand market share. Moreover,
having begun treating higher level radioactive waste at our Oak Ridge, Tennessee
facility, we look forward to extending these capabilities to Hanford, which
contains some of the most complex and difficult waste streams in the nation.
This acquisition also expands our west coast presence, increases our treatment
capacity, and secures PEcoS' radioactive and hazardous waste permits and
licenses."
Bob
Ferguson, Chairman and Chief Executive Officer of Nuvotec and PEcoS, commented,
"The Perma-Fix acquisition of PEcoS creates a unique combination of facilities
and state-of-the-art technologies, which will address a much broader range
of
waste at the Hanford site. Perma-Fix has developed extraordinary expertise
that
will benefit the Department of Energy, its contractors, and most importantly-the
state and local community."
The
Department of Energy's Hanford site was first utilized as part of the Manhattan
Project and throughout the Cold War to provide the plutonium and other materials
necessary for the development of nuclear weapons. Most of Hanford's reactors
were shut down in the 1970s, while substantial quantities of nuclear waste
still
remain at the site. Currently, the Hanford Site is engaged in one of the
nation's largest environmental cleanups, which is expected to continue beyond
2030.
Oppenheimer
& Co. Inc. acted as an advisor to Perma-Fix, and Sanders Morris Harris, Inc.
acted as an advisor to Nuvotec USA, Inc. in connection with this transaction.
About
Perma-Fix Environmental Services
Perma-Fix
Environmental Services, Inc. is a national environmental services company,
providing unique mixed waste and industrial waste management services. The
Company has increased its focus on the Nuclear services segment, which provides
radioactive and mixed waste treatment services to hospitals, research
laboratories and institutions, numerous federal agencies including DOE and
the
U.S. Department of Defense and nuclear utilities. The Industrial services
segment provides hazardous and non-hazardous waste treatment services for a
diverse group of customers including Fortune 500 companies, numerous federal,
state and local agencies and thousands of smaller clients. The Company operates
nine major waste treatment facilities across the country.
This
press release contains "forward-looking statements" which are based largely
on
the Company's expectations and are subject to various business risks and
uncertainties, certain of which are beyond the Company's control.
Forward-looking statements include, but are not limited to, the information
concerning the anticipated completion of the acquisition during the second
quarter and that such acquisition could provide the Company with certain
strategic benefits. These forward-looking statements are intended to qualify
for
the safe harbors from liability established by the Private Securities Litigation
Reform Act of 1995. While the Company believes the expectations reflected in
this news release are reasonable, it can give no assurance such expectations
will prove to be correct. There are a variety of factors which could cause
future outcomes to differ materially from those described in this release,
including without limitation, meeting the conditions precedent to the completion
of the acquisition, future economic conditions; industry conditions; competitive
pressures and completion of the acquisition. The Company makes no commitment
to
disclose any revisions to forward-looking statements, or any facts, events
or
circumstances after the date hereof that bear upon forward-looking statements.
Please
visit us on the World Wide Web at http://www.perma-fix.com.
Source:
Perma-Fix Environmental Services, Inc.