Perma-Fix Receives $1.2 Million Insurance Claim Settlement
ATLANTA, Sept. 22 /PRNewswire-FirstCall/ -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI; BSE: PESI) (Germany: PES.BE) today announced that it has received a final payment of $1,243,000 for the settlement of one of the two pending insurance claims, related to the fires, which occurred at the Perma-Fix of Michigan facility during 2003. The Perma-Fix of Michigan operations were discontinued during the fourth quarter of 2004. The Company will recognize, as a result of this settlement payment, a gain from discontinued operations of $966,000.
The Company also continues to pursue the settlement, and/or subrogation, of the remaining claim at the facility. At this time, management cannot estimate the actual proceeds to be received from this earlier claim.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "We are very pleased to have reached this favorable settlement and to receive the $1.2 million payment. We are optimistic about the final outcome of the negotiations and look forward to a favorable settlement of the remaining claim and subrogation issue."
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 eleven 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 we are optimistic about the final outcome of the negotiations and the favorable settlement of the remaining claim and subrogation issue. 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, the Company discontinuing its operations at the Michigan facility during 2004, new claim information, disputes with our insurance carrier or unfavorable subrogation negotiations. 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- 09/22/2005
/CONTACT: Dr. Louis F. Centofanti, Chairman and CEO, Perma-Fix
Environmental Services, +1-404-847-9990; or European Investors, Herbert
Strauss, +011-43-316-296-316, or herbert@eu-ir.com, or Investors, J. Todd
Atenhan, EPOCH Financial Group, +1-888-918-4214, or tatenhan@bellsouth.net,
both for Perma-Fix Environmental Services/
/Web site: http://www.perma-fix.com /
(PESI)
CO: Perma-Fix Environmental Services, Inc.
ST: Georgia
IN: ENV INS
SU: LAW
DS-AC
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8436 09/22/2005 11:55 EDT http://www.prnewswire.com
Released September 22, 2005