Perma-Fix Completes Sale of Baltimore Industrial Facility for $3.825 Million
ATLANTA, Jan. 9 /PRNewswire-FirstCall/ -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) today announced that it has completed the sale of Perma-Fix of Maryland, Inc., one of the company's Industrial Segment facilities located in Baltimore, Maryland, to Triumvirate Environmental, Inc. for $3.825 million in an all cash transaction, subject to certain possible working capital adjustments during the first half of 2008. Triumvirate Environmental is a full service environmental management firm headquartered in eastern Massachusetts. Triumvirate purchased certain assets of the facility and assumed certain liabilities.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "We are very pleased with the final purchase price for the Baltimore facility. This represents the first divestiture within our Industrial Segment and we are moving forward with the planned sale of our remaining industrial facilities within this segment. Once complete, the divestiture of our Industrial Segment should enhance our balance sheet and allow us to focus our entire efforts on the attractive growth opportunities within the Nuclear Segment."
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, divestiture of other facilities within our Industrial Segment, and once we complete the divestiture of our Industrial Segment it should enhance our balance sheet and allow us to focus our efforts on the 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, future economic conditions; industry conditions; competitive pressures; 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 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.
/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, or Herbert
Strauss, European Investor Relations, +43-316-296-31, herbert@eu-ir.com/
/Web site: http://www.perma-fix.com /
(PESI)
Released January 9, 2008