SOURCE: Perma-Fix Environmental Services, Inc.

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January 20, 2016 07:30 ET

Perma-Fix Selected as Part of $240 Million 5-Year U.S. Navy Contract

ATLANTA, GA--(Marketwired - January 20, 2016) - Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the "Company") today announced it was part of a winning team led by CH2M Hill, Inc. that was selected by the U.S. Navy for a $240 million, 5-year Comprehensive Long-Term Environmental Action Navy (CLEAN) contract for environmental remediation services at various installations principally in the Mid-Atlantic (Hampton Roads and Marine Corps IPTs), Washington, Northwest, Southwest, and EURAFSWA AORs; and Puerto Rico regions.

Dr. Louis F. Centofanti, Chief Executive Officer, stated, "We are pleased to be a part of the winning team selected for this contract and appreciate the opportunity to continue our close collaboration with CH2M Hill. Perma-Fix is uniquely qualified for this project with over 20 years of experience characterizing, remediating and surveying radioactive material impacted sites. With our vast waste characterization and treatment knowledge and experience, we are able to provide a comprehensive solution for site and environmental remediation projects, including turn-key radiological services, from characterization through facility decommissioning and decontamination and final status surveys. This contract is another example of the growing opportunities in our Services Segment."

The contract award is for a maximum amount $240 million cost-plus-award-fee, indefinite-delivery/indefinite-quantity architect-engineering contractor comprehensive, long-term environmental action services on Navy and Marine Corps installations at various Department of Defense (DOD) sites in the Naval Facilities Engineering Command (NAVFAC) Atlantic area of responsibility (AOR). The work to be performed provides for architectural and engineering services to provide program management and technical environmental services in support of the Department of the Navy's Environmental Restoration Program, Munitions Response Program, and other similar programs at any Navy and Marine Corps activity in the AOR covered by NAVFAC Atlantic.

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 Department of Energy (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.

Through Perma-Fix Medical S.A., our majority-owned Polish subsidiary, we have also developed a new process to produce Tc-99m, a widely used medical isotope in the world. The new process is expected to solve worldwide shortages of Tc-99m as it is less expensive, does not require the use of government-subsidized, weapons-grade materials and can be easily deployed around the world.

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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", "plans to", "estimates", "projects", and similar expressions. 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 and market our new technology; 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; ability to obtain new foreign and domestic remediation contracts; and the "Risk Factors" discussed in, and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2014 Form 10-K and Forms 10-Q for quarters ended March 31, 2015, June 30, 2015, and September 30, 2015. 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.

Contact Information

  • Contacts:

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

    Herbert Strauss
    European Investor Relations
    +43 316 296 31