Perma-Fix Expands LLRW Processing and Treatment Capability
ATLANTA, GA / ACCESSWIRE / February 28, 2020 / Perma-Fix Environmental Services, Inc. (the "Company") (NASDAQ:PESI) today announced the expansion of its Low-Level Radioactive Waste (LLRW) processing and treatment capacity through the addition of a highly specialized facility located in Oak Ridge, Tennessee. The Perma-Fix Environmental Waste Operations Center (EWOC) is an 8.7-acre facility located on the East Tennessee Technology Park (ETTP), former U.S Department of Energy (DOE) K-25 site.
The facility is dedicated to supporting LLRW processing and disposition, including mechanical processing, to manage multiple waste streams from both government and commercial customers. The EWOC facility will serve primarily as a multi-disciplinary equipment and component processing center for large component dismantling, size/volume reduction, sort/segregation, waste trans-loading, system operability testing and classified operations. The ultimate objective will be receipt, preparation, packaging, and transportation of LLRW to approved final disposal facilities (landfills, radiological waste repositories).
Mark Duff, Chief Executive Officer, stated, "We are delighted to bring forth a new processing and treatment option for complicated LLRW waste streams-in line with our mission of providing safe and cost-effective solutions to complex waste management issues. The new facility is highly synergistic with our existing operations, and allows us to add new capabilities that are in high demand among our customers, including the ability to handle/dismantle large components, such as turbines and other reactor equipment, as well as receiving demolition rubble for handling prior to landfill disposal. This facility is ideally situated with an adjacent rail spur, making transportation convenient and efficient. Importantly, unlike our other facilities, EWOC is not designed to treat hazardous/mixed-waste streams, and therefore, we believe we can ramp up our throughput in a very low-cost and efficient manner with limited initial capital investment."
Perma-Fix recently completed an application for and received a radioactive materials license granted by the state of Tennessee for receipt, interim storage, and disposition of radioactive waste at EWOC. A Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) authorization from the U.S Environmental Protection Agency (EPA) Region IV is planned for the near future. The facility, adjacent to the ETTP site consists of a 17,360 sq. ft. process building in addition to existing structures, a railroad spur and open space surrounded by a perimeter security fence in the northwest sector of the ETTP site. Perma-Fix is currently completing transition of the site to meet future needs and projects full operations to begin during the 2nd quarter of 2020.
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.
Please visit us at http://www.perma-fix.com.
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: new capabilities that are in high demand among our customers; ramp up our throughput in very low-cost and efficient manner with limited initial capital investment; complete transition of the site; and full operations to begin during the second quarter of 2020. 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; inability to win bid projects; ability to obtain new foreign and domestic remediation contracts; 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 quarters ended March 31, 2019, June 30, 2019, and September 30, 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.
Please visit us on the World Wide Web at http://www.perma-fix.com
David K. Waldman-US Investor Relations
Crescendo Communications, LLC
Herbert Strauss-European Investor Relations
+43 316 296 316
SOURCE: Perma-Fix Environmental Services, Inc.
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Released February 28, 2020