Perma-Fix Awarded a $9.4 Millon Subcontract by LATA/Parallax Portsmouth for Treatment and Disposal of Special Process Waste
Mar 07, 2006 /PRNewswire-FirstCall via COMTEX News Network/ -- East Tennessee Materials & Energy Corporation (M&EC), a wholly owned subsidiary of Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) (BSE: PESI) (Germany: PES.BE), has been awarded a $9.4 million subcontract by LATA/Parallax Portsmouth to remove and treat approximately 180 cubic meters of U.S. Department of Energy (DOE) special process waste from the DOE Portsmouth Gaseous Diffusion Plant located in Piketon, Ohio. LATA/Parallax Portsmouth, LLC performs environmental remediation services, including groundwater cleanup and waste management activities, under contract to DOE at the Portsmouth site.
The subcontract requires treatment and disposal of 1,063 containers of mixed waste that was generated during Gaseous Diffusion Plant operations at the Piketon, Ohio, plant and includes materials used to trap impurities, decontamination wastes, and wastes generated during system upgrades. The subcontract's period of performance is through September 30, 2007, and will require Perma-Fix to treat a wide range of physical and chemical forms of the special mixed waste to meet U.S. EPA RCRA land disposal regulations and the Nevada Test Site Waste Acceptance Criteria.
The Perma-Fix facility was specifically designed and constructed to treat DOE generated wastes and contains the largest variety of mixed waste treatment processes in the U.S. The Perma-Fix facility is located at the Heritage Center (formerly known as the DOE K-25 plant) in Oak Ridge, Tennessee. The Special Process Waste is unique due to its radiological and chemical content and requires the experience and capabilities of Perma-Fix to meet the requirements of the subcontract. Dr. Louis F. Centofanti, Perma-Fix Chairman and Chief Executive Officer, said, "This Special Waste Project demonstrates the unique expertise that Perma-Fix has developed and our commitment to expand our capabilities to address more challenging waste streams resulting from the Department of Energy's cleanup efforts. We will immediately begin modification of our M&EC facility to better assess the unique nature of the waste associated with this contract, and other special and classified wastes. Finally, we are gratified that we are recognized as the industry leader in the safe treatment of these special wastes as evidenced by our exceptional safety record, with over 450,000 hours worked at our M&EC facility without a loss time accident. "
Perma-Fix Environmental Services, Inc. is a national environmental services company, providing unique mixed waste and industrial waste management services. The Nuclear Segment provides radioactive and mixed waste treatment services to hospitals, research laboratories and institutions, numerous federal agencies including the Departments of Energy and Defense and nuclear utilities. The Industrial 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, the information concerning statements that the contract has a potential value of approximately $9.4 million, and our ability to expand our capabilities to address more challenging waste streams resulting from the Department of Energy's clean-up efforts. 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, general economic conditions, future environmental regulatory restrictions, disputes arising under the contract, failure to deliver waste volumes anticipated under the contract, or termination of the contract prior to its completion. Contracts with the federal government or with others as a subcontractor to the federal government generally provide that the government may terminate or renegotiate the contract at the government's option. 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.
Dr. Louis F. Centofanti, Chairman and CEO, Perma-Fix Environmental Services, Inc., +1-404-847-9990; or James Kautz or J. Todd Atenhan, EPOCH Financial Group, Inc., +1-888-917-5105, or jkautz@epochfinancial.com; or Herbert Strauss - European investor relations, +011-43-316-296-316, or herbert@eu-ir.com
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Released March 7, 2006