Perma-Fix Receives $1.5 Million Toward Insurance Claims
ATLANTA, June 13, 2005 /PRNewswire-FirstCall via COMTEX/ -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI) (BSE: PESI) (Germany: PES.BE) today announced that it has received a $1.5 million good faith partial payment on two insurance claims related to a 2003 fire at its Perma-Fix of Michigan discontinued operation. The payment, which had been anticipated, was recognized on the Company's balance sheet as a $1,585,000 receivable.
The Company continues to negotiate the full and final settlement on these claims (a property claim and business interruption claim) as well as on a property claim filed in regard to an earlier fire at the same facility. At this time, management cannot estimate the actual remaining proceeds to be received.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "We are very pleased to have received this good faith payment from the insurance carrier while we complete our negotiations. We are optimistic about the final outcome of these negotiations and look forward to a favorable completion of our remaining discontinued operations related issues."
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 these negotiations and the favorable completion of our remaining discontinued operations related issues. 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 environmental regulatory restrictions, additional remediation requirements, or disputes with our insurance carrier. 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; J. Todd Atenhan, President, EPOCH Financial Group, Inc., +1-888-918-4214, or tatenhan@bellsouth.net; or Herbert Strauss, European investor relations, +011-43-316-296-316, or herbert@eu-ir.com, for Perma-Fix
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Released June 13, 2005