Perma-Fix
Environmental Services, Inc.
Adopts
Preferred Share Purchase Rights Plan
ATLANTA
- May 8, 2008 — Perma-Fix Environmental Services, Inc. (NASDAQ:
PESI)
(the
“Company”) announced that its Board of Directors has adopted a Preferred Share
Purchase Rights Plan. As part of the plan, the Board of Directors has declared
a
dividend distribution of one Preferred Share Purchase Right on each outstanding
share of the company’s common stock to stockholders of record on May 12, 2008.
The Rights are designed to assure that all of the company’s shareholders receive
fair and equal treatment in the event of any proposed takeover of the company
and to guard against partial tender and abusive tactics to gain control of
the
company. The Rights will be exercisable only if a person or group acquires
beneficial ownership of 20% or more of the company’s common stock or announces a
tender or exchange offer, the consummation of which would result in ownership
by
a person or group of 20% or more of the common stock (with certain exceptions).
Each Right (other than the Rights owned by such acquiring person or members
of
such group) will entitle shareholders to buy one one-hundredth of a share of
a
new series of participating preferred stock at an exercise price of $13.00.
Each
one one-hundredth of a share of such new preferred stock purchasable upon
exercise of a Right has economic terms designed to approximate the value of
one
share of common stock. If the company is acquired in a merger or other business
combination transaction, each Right will entitle its holder (other than Rights
owned by such acquiring person or members of such group) to purchase, at the
Right’s then current exercise price, a number of the acquiring company’s common
shares having a market value at the time of twice the Right’s exercise price. In
addition, if a person or group (with certain exceptions) acquires 20% or more
of
the company’s outstanding common stock, each Right will entitle its holder
(other than the Rights owned by such acquiring person or members of such group
which are void) to purchase, at the Right’s then current exercise price, a
number of shares of the company’s common stock having a market value of twice
the Right’s exercise price.
Following
the acquisition by a person or group of beneficial ownership of 20% or more
of
the company’s outstanding common stock (with certain exceptions), and prior to
an acquisition of 50% or more of the company’s common stock by such person or
group, the Board of Directors may, at its option, exchange the Rights (other
than Rights owned by such acquiring person or members of such group), in whole
or in part, for shares of the company’s common stock at an exchange ratio of one
share of common stock (or one one-hundredth of a share of the new series of
participating preferred stock) per Right. Prior to the acquisition by a person
or group of beneficial ownership of 20% or more of the company’s common stock
(with certain exceptions), the Rights are redeemable for $.001 per Right at
the
option of the Board of Directors.
Additional
information about the Preferred Share Purchase Rights Plan is available on
the
company’s Form 8-K filed or to be filed with the Securities and Exchange
Commission.
About
Perma-Fix Environmental Services
Perma-Fix
Environmental Services, Inc., a national environmental services company,
provides unique mixed waste and industrial waste management services. The
Company’s increased focus on nuclear services includes radioactive and mixed
waste treatment services for hospitals, research labs and institutions, federal
agencies, including DOE, DOD, and nuclear utilities. The Company’s industrial
services treat hazardous and non-hazardous waste for a variety of customers
including, Fortune 500 companies, federal, state and local agencies and
thousands of other clients. Nationwide, the Company operates nine major waste
treatment facilities.
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