Perma-Fix
Announces Agreement to Sell
Tulsa
Industrial Waste Facility for $1.5 Million
ATLANTA –
May 15, 2008 — Perma-Fix Environmental Services, Inc. (NASDAQ:
PESI)
today
announced a definitive agreement to sell substantially all of the assets of
Perma-Fix Treatment Services, Inc., one of the Company’s Industrial Segment
facilities located in Tulsa, Oklahoma, to A Clean Environment Company, Inc.
(“ACE”) for approximately $1.5 million in cash, subject to certain working
capital adjustments, and the assumption of certain liabilities. ACE is an
environmental services company located in Wilson, Oklahoma. The completion
of
this transaction is subject to a number of conditions precedent being met.
The
Company expects to complete the sale of its Tulsa facility during the second
quarter of 2008.
Dr.
Louis
F. Centofanti, Chairman and Chief Executive Officer, stated, "When we complete
the sale of our Tulsa facility, this will mark the third industrial facility
within our Industrial Segment that we have sold this year. We are aggressively
working to sell the remaining industrial facilities, as we concentrate our
efforts on the growth opportunities within our Nuclear Segment."
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.
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, completion of the
sale of the Tulsa facility during the second quarter of 2008, divestiture of
other facilities within our Industrial Segment and concentrate our efforts
on
the growth opportunities within the Nuclear Segment. 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, fulfillment
of
the conditions precedent contained in the definitive agreement to sell
substantially all of the assets of Perma-Fix Treatment Services, Inc., future
economic conditions; industry conditions; competitive pressures; and the
additional factors referred to under "Special Note Regarding Forward-Looking
Statements" of our 2007 Form 10-K/A and the Forward-Looking Statements discussed
in our Form 10-Q for the quarter ending March 31, 2008. 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.
Contacts:
|
|
David
K. Waldman-US Investor Relations
|
|
|
Crescendo
Communications, LLC
|
|
(770)
587-5155
|
(212)
671-1020 x101
|
Herbert
Strauss-European Investor Relations
herbert@eu-ir.com
+43
316
296 31