Perma-Fix Completes Closure of M&EC Facility

ATLANTA, GA / ACCESSWIRE / July 25, 2019 / Perma-Fix Environmental Services, Inc. (the “Company”) (NASDAQ: PESI) today announced it has completed the final surveys and received regulatory approval to close its East Tennessee Materials and Energy Corporation (“M&EC”) facility. As previously announced, the Company had completed the physical on-site closure and decommissioning activities at its M&EC facility in accordance with M&EC’s license and permit requirements.

Mark Duff, Chief Executive Officer, stated, “We are pleased to announce that we have received regulatory approval and completed the closure of our M&EC facility. Although this process took longer than anticipated, we have now completed this cost savings initiative to consolidate waste treatment capabilities within the three remaining facilities. Additionally, as a result of the closure of this facility we received $5.0 million in cash previously held as collateral for this facility under our financial assurance policy.”

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 three nuclear waste treatment facilities and provides nuclear services at DOE, DOD, and commercial facilities, nationwide.

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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”, “plan to”, “estimates”, “projects”, and similar expressions. Forward-looking statements include, but are not limited to: consolidate waste treatment capabilities within the three remaining facilities. 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; our ability to apply, commercialize, and market our new technologies; 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 or terminates existing contracts; that Congress provides continuing funding for the DOD’s and DOE’s remediation projects; ability to obtain new foreign and domestic remediation contracts; factors arising that causes us to delay implementation of our strategic plan; and the additional factors referred to under “Risk Factors” and "Special Note Regarding Forward-Looking Statements" of our 2018 Form 10-K and Form 10-Q for quarter ended March 31, 2019. 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.

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David K. Waldman-US Investor Relations
Crescendo Communications, LLC
(212) 671-1021
Herbert Strauss-European Investor Relations
+43 316 296 316

SOURCE: Crescendo Communications, LLC

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