Perma-Fix Awarded a $23 Million Contract by Fluor Hanford for Thermal Treatment of Mixed Low-Level Waste
OAK RIDGE, Tenn., Oct 26, 2004 /PRNewswire-FirstCall via COMTEX/ -- Perma-Fix Environmental Services, Inc. (Nasdaq: PESI; BSE: PESI) (Germany: PES.BE) has been awarded a multi-year contract valued at approximately $23 million for the treatment of mixed low-level wastes generated at the Department of Energy's (DOE) Hanford Site.
The Hanford Site, located in southeastern Washington State and covering 586 square miles, was a plutonium production complex that played a pivotal role in the nation's defense for more than 40 years. Today, under the direction of DOE, the Hanford Site is engaged in the largest environmental clean-up project in the world. Fluor Hanford, a prime contractor supporting DOE's cleanup mission at Hanford, has awarded this contract to Perma-Fix to provide specialized thermal treatment for a variety of mixed low-level radioactive wastes generated at Hanford. Some of these mixed wastes are currently in storage awaiting treatment while additional wastes will be generated through ongoing site operations.
Perma-Fix will utilize the capabilities of its Nuclear Segment's three mixed waste treatment facilities to accomplish this work for the term of the three-year contract. The variety and complexity of these mixed wastes require specialized technical expertise and operational capacity that will be provided using the synergistic capabilities of each of our facilities. Dr. Louis F. Centofanti, Perma-Fix chairman and chief executive officer, stated, "The award of this contract is very gratifying to Perma-Fix in that Fluor Hanford continues to be confident of our capability to address some of the most challenging waste streams that result from the Department of Energy's cleanup efforts. We have performed similar work for Fluor Hanford, and we will continue to support DOE and its contractors with their goals to clean up the legacy of the Cold War."
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 the contract has a potential value of approximately $23M. 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 of Perma-Fix Environmental Services, Inc., +1-404-847-9990; or Investors, David Waldman or John Heilshorn, both of Lippert-Heilshorn & Associates, +1-212-838-3777, or dwaldman@lhai.com ; or European Investors, Herbert Strauss in Austria, +011-43-316-296-316; or Media, Andrew Lavin of A. Lavin Communications, +1-212-290-9540, or andrewlavin@alavin.com , all for Perma-Fix Environmental Services, Inc.
http://www.perma-fix.com
Released October 26, 2004