Perma-Fix
Files Amended Form 10-K/A Removing
Going
Concern Paragraph from Auditor’s Report
ATLANTA
- April 21, 2008 — Perma-Fix Environmental Services, Inc. (NASDAQ:
PESI)
today
announced that it has filed an amended Form 10-K/A for the period ended December
31, 2007. As previously disclosed, on April 4, 2008 the Company’s lender revised
its loan covenant, which allows the Company, based on its projections, to show
why it likely will meet its minimum fixed charge coverage ratio in 2008. The
Company’s independent registered public accounting firm therefore has amended
its report as of December 31, 2007, deleting the explanatory paragraph on the
Company’s ability to continue as a going concern.
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” based largely on the
Company’s expectations and is subject to various business risks and
uncertainties, some beyond the Company's control. Forward-looking statements
include, but are not limited to, expanded core services; new onsite contracts
representing growth opportunity outside our traditional markets and increased
flow of waste to us; positioned to capture a meaningful share of Hanford site
waste; our Hanford site facility is a significant growth opportunity; divesture
of our Industrial Segment and achievements of maximum value; well positioned
for
2008; encouraged by 2008 outlook; and securing lender’s waiver of financial
covenant as required. These forward-looking statements are intended to qualify
for the safe harbors from liability established by the Private Securities
Litigation Reform Act of 1995. The Company believes the expectations reflected
in this news release are reasonable, but can give no assurance such expectations
will prove correct. There are a variety of factors that could cause future
outcomes to differ materially from what this release describes, including,
without limitation, future economic conditions; industry conditions; competitive
pressures; and our ability to apply and market our technologies; that neither
the federal government nor any other party to a federal government subcontract
terminates or renegotiates any material contract granted to us before the
contract term expires, as such contracts are generally terminable or
renegotiable on 30-day notice, at the government’s option; or the government or
such other party to one of our contracts fails to comply with the contract
or to
deliver anticipated waste; that Congress funds the new remediation projects;
and
the additional factors referred to under "Special Note Regarding Forward-Looking
Statements" of our 2006 Form 10-K and the Forward-Looking Statements discussed
in our Forms 10-Q for the quarter ending March 31, 2007, June 30, 2007, and
September 30, 2007. The Company cannot commit 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.
Contacts:
|
Dr.
Louis F. Centofanti, Chairman and CEO
|
David
K. Waldman-US Investor Relations
|
|
Perma-Fix
Environmental Services, Inc.
|
Crescendo
Communications, LLC
|
|
(770)
587-5155
|
(212)
671-1020 x101
|
Herbert
Strauss-European Investor Relations
herbert@eu-ir.com
+43
316
296 316