Date: September 14, 2007
Source: Perma-Fix Environmental Services Inc.
Perma-Fix Environmental Services Inc. has again agreed to sell a major portion of its industrial segment, this time to Triumvirate Environmental Inc. The $13.1 million deal includes the sale of assets in Maryland, Fort Lauderdale and Orlando for $12 million, and those at South Georgia for $1.1 million. An earlier deal, back in May, with EQ - The Environmental Quality Company fell through. Earlier this month, the Amerex Group Inc. agreed to purchase Perma-Fix's waste treatment facility in Tulsa, OK.
According to the Form 8-K filed on September, 14, 2007:
Item 8.01 - Other Events
On September 10, 2007, we entered into two separate letters of intent ("LOIs") to sell a major portion of our Industrial Segment to Triumvirate Environmental, Inc. ("purchaser"). One of the LOIs covers the sale of assets of Perma-Fix of Maryland, Perma-Fix of Fort Lauderdale, and Perma-Fix of Orlando for approximately $12.0 million, plus assumption by the purchaser of certain liabilities of these companies, and the second LOI covers the sale of the assets of Perma-Fix of South Georgia for approximately $1.1 million, plus assumption of certain liabilities. The purchase price under both LOIs is subject to adjustment under certain conditions.
Both LOIs are subject to the purchaser completing its due diligence, the parties entering into a definitive purchase agreement and the approval by each of the parties' Boards of Directors.
We have also entered into a letter of intent to sell the Perma-Fix Treatment Services, Inc. facility, located in Tulsa, Oklahoma, which is also within our Industrial Segment, to the Amerex Group, Inc. Under this letter of intent Amerex will pay to us $2.2 million and assume certain liabilities of Perma-Fix Treatment. The purchase price is subject to adjustment under certain conditions. This letter of intent is subject to the Amerex completing its due diligence, the parties entering into a definitive purchase agreement and approval by the Board of Directors of each of the parties.
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