Perma-Fix Awarded Contract to Treat and Dispose of Radioactive Waste

Download as PDF

ATLANTA, GA -- (Marketwired) -- 05/14/14 -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) today announced that it has been awarded a contract valued at $597,000 with the potential value of up to $1.2 million by URS | CH2M Oak Ridge, LLC (UCOR) to treat radioactive waste. UCOR is the Department of Energy's (DOE) prime cleanup contractor at the DOE Oak Ridge Reservation responsible for demolition and disposal of radioactively contaminated Manhattan Project era facilities.

Under this contract, Perma-Fix will transport up to 100,000 gallons of waste contaminated with low levels of radioactive materials. The waste will go to the Perma-Fix Northwest Facility (PFNW) located in Richland, Washington. It will be thermally treated in the PFNW bulk processing units so that it can be safely disposed at a commercial radioactive disposal facility in Clive, Utah, or at a DOE-approved disposal site. DOE evaluated the options for disposition of the waste and determined that using Perma-Fix's capabilities provided the safest and most cost-effective means to process the waste.

"We are pleased that we continue to provide DOE and UCOR with reliable and cost-effective treatment options at our four radioactive treatment facilities," said Dr. Louis F. Centofanti, Chairman and CEO. "UCOR has made tremendous progress cleaning up DOE's facilities in Oak Ridge and we are proud to be a part of the team accomplishing this important work."

About Perma-Fix Environmental Services

Perma-Fix Environmental Services, Inc. is a nuclear services company and leading provider of nuclear and mixed waste management services. The Company's nuclear waste services include management and treatment of radioactive and mixed waste for hospitals; research labs and institutions; federal agencies, including the DOE, the Department of Defense (DOD); and the commercial nuclear industry. The Company's nuclear services group provides project management, waste management, environmental restoration, decontamination and decommissioning, new build construction, and radiological protection, safety and industrial hygiene capability to our clients. The Company operates four nuclear waste treatment facilities and provides nuclear services at DOE, DOD, and commercial facilities, nationwide. 

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 generally are identifiable by use of the words such as "believe", "expects", "intends", "anticipate", "plans to", "estimates", "projects", and similar expressions. Forward-looking statements include, but are not limited to: Perma-Fix will transport up to 100,000 gallons of waste contaminated with low levels of radioactive materials; and Perma-Fix's capabilities provide the safest and most cost-effective means to process the waste. 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; the government or such other party to a contract granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract; that Congress provides continuing funding for the DOD's and DOE's remediation projects; and the "Risk Factors" discussed in, and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2013 Form 10-K and Form 10-Q for quarter ended March 31, 2014. 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.

Contacts: 
David K. Waldman
US Investor Relations
Crescendo Communications, LLC
(212) 671-1021

Herbert Strauss
European Investor Relations
herbert@eu-ir.com
+43 316 296 316

Source: Perma-Fix Environmental Services, Inc.

Released May 14, 2014