Perma-Fix Reloads Term Note with Lender
ATLANTA, Aug. 8 /PRNewswire-FirstCall/ -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) today announced that PNC Bank N.A. has provided the company with a $7.0 million Term Note as part of the restructuring of the Company's $25 million credit facility with the bank. The new $7.0 million Term Note is a four-year loan, amortized over seven years, which bears an interest rate of prime plus one percent. Both the new Term Note and the existing $18 million revolver capacity will become due on July 31, 2012. These funds, under the credit facility, will provide the Company supplemental liquidity in the forms of working capital and capital to invest in the future growth of the company.
Dr. Louis F. Centofanti, Chairman and CEO, commented, "Following the recent sale of several industrial facilities, we paid down our entire term note payable to PNC. Reloading our term note at this time allowed us to reduce our revolving line of credit by a similar amount and provides us additional borrowing capacity based on our eligible collateral and greater financial flexibility as we ramp up our activities to expand in the nuclear industry. Reflecting the strength of our balance sheet, we are pleased with the terms extended by our lender."
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 certain "forward-looking statements," including but not limited to the reloading of the Company's term loan will provide us additional borrowing capacity based on our eligible collateral and greater financial flexibility, 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. 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, 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 subcontract involving the federal government terminates or renegotiates any material contract granted to us prior to expiration of the term of the contract, 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 a contract granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract; that Congress provides funding for the new remediation projects; receipt of a final permit from the EPA relative to treatment of radioactive PCBs; 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 .
SOURCE Perma-Fix Environmental Services, Inc.
-0- 08/08/2008
/CONTACT: Dr. Louis F. Centofanti, Chairman and CEO of Perma-Fix
Environmental Services, Inc., +1-770-587-5155; David K. Waldman-US Investor
Relations of Crescendo Communications, LLC, +1-212-671-1020, x101; Herbert
Strauss-European Investor Relations, +43 316 296 316, herbert@eu-ir.com, for
Perma-Fix Environmental Services, Inc./
/Web site: http://www.perma-fix.com /
(PESI)
CO: Perma-Fix Environmental Services, Inc.; PNC Bank N.A.
ST: Georgia
IN: OIL UTI ENV
SU: FNC
JF-LG
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6853 08/08/2008 08:40 EDT http://www.prnewswire.com
Released August 8, 2008