Date: June 15, 2011
Source: Perma-Fix Environmental Services, Inc.
Perma-Fix Environmental Services, Inc. (Atlanta, GA) has signed an agreement to sell its Fort Lauderdale industrial waste facility for $5.5 Million. Dr. Louis F. Centofanti, Chairman and CEO said he expects to complete the deal in coming weeks and also plans to sell Perma-Fix of Orlando facility for about $2 million. The closing is subject to certain conditions. In January the company reclassified its remaining industrial services, now only 8 percent of revenue, as discontinued operations. Beginning in 2007, the company announced its intention to sell its industrial segment, representing 40 percent of revenue in 2006, in order to focus on the more lucrative nuclear waste services business. An $11 million deal with EQ - The Environmental Quality Company fell through and was followed by a $13.1 million deal with Triumvirate Environmental Inc. In March, 2008, the company sold its Dayton Industrial Facility for $2.1 Million and followed in May with the sale of its Tulsa, OK industrial facility for$1.5 million.
"As we have stated in the past, we believe that the sale of our remaining Industrial Segment operations strengthens our balance sheet and will allow us to focus 100% of our efforts and resources on our growing nuclear waste services business," Centofanti said. "We believe there are substantial opportunities within our nuclear business, including treatment of higher activity waste, growth in on-site services, and the roll-out of new commercial services."
See also: "Perma-Fix to Sell Remaining Industrial Operations to Focus on Nuclear," (www.wasteinfo.com/news/wbj20101019H.htm).
June 15, 2011
Perma-Fix Announces Definitive Agreement to Sell Fort Lauderdale Facility for $5.5 Million
Perma-Fix Environmental Services, Inc. (Nasdaq:PESI - News) today announced it has signed a definitive agreement to sell Perma-Fix of Ft. Lauderdale, Inc. ("PFFL") for approximately $5.5 million subject to certain working capital adjustments. The closing of this Agreement is subject to certain conditions being met.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "We are very pleased to report the planned sale of our PFFL subsidiary. We expect to complete this transaction within the coming weeks. In addition, we are continuing to move forward in our negotiations for a definitive agreement to sell our Perma-Fix of Orlando, Inc. ("PFO") facility."
"As we have stated in the past, we believe that the sale of our remaining Industrial Segment operations strengthens our balance sheet and will allow us to focus 100% of our efforts and resources on our growing nuclear waste services business. We believe there are substantial opportunities within our nuclear business, including treatment of higher activity waste, growth in on-site services, and the roll-out of new commercial services."
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc., a national environmental services company, provides unique mixed waste and industrial waste management services. The Company's increased focus on nuclear services includes radioactive and mixed waste treatment services for hospitals, research labs and institutions, federal agencies, including the Department of Energy ("DOE"), the Department of Defense ("DOD"), and nuclear utilities. The Company's industrial services treat hazardous and non-hazardous waste for a variety of customers including, Fortune 500 companies, federal, state and local agencies and thousands of other clients. Nationwide, the Company operates seven waste treatment facilities.
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: completion of the sale of PFFL within the coming weeks and opportunities within our nuclear business. 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 factorswhich could cause future outcomes to differ materially from those described in this release, including, without limitation, economic conditions; industry conditions; and certain conditions being met. 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 www.perma-fix.com.
David K. Waldman and Klea Theoharis-US Investor Relations
Crescendo Communications, LLC
Herbert Strauss-European Investor Relations
+43 316 296 316