Perma-Fix Announces New $15 Million Contract Award

Perma-Fix Environmental Services, Inc.

Companies Mentioned:

Primary Exchange: NASDAQ
Under the Symbol: PESI

$7.67

($0.0600)

-0.7762


Perma-Fix Announces New $15 Million Contract Award

Monday, December 23, 2019 8:00 AM

ATLANTA, GA / ACCESSWIRE / December 23, 2019 / Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) (the "Company") today announced it has been awarded a new contract, as part of a Joint Venture ("JV"), in its Services Segment valued at approximately $15 million over the next 18 months with opportunities for expansion to nearly $20 million in total revenue.

Mark Duff, Chief Executive Officer, stated, "We have recently been awarded a new project supporting the Lawrence Berkeley National Laboratory through the Department of Energy ("DOE") to include remediation, construction and waste management services. The award was made to a Joint Venture partnership between Perma-Fix and ERRG, which have been working together on similar projects for several years. This award further increases our funded backlog and bolsters our Services Segment revenues beginning in the first quarter of 2020. The Perma-Fix/ERRG JV was able to leverage our recent experience conducting complex remediation and demolition in radiological environments with potential for additional expansion as the project evolves. This win builds on our momentum established over the last two quarters to position Perma-Fix for continued growth in our Services Segment."

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: opportunities for expansion to nearly $20 million in total revenue; this award further increases our funded backlog and bolsters our Services Segment revenues beginning in the first quarter of 2020; potential for additional expansion as the project evolves; and, this win positions Perma-Fix for continued growth in our Services Segment. 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 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; inability to win bid projects; that Congress fails to provide continuing funding for the DOD's and DOE's remediation projects; inability 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 the Forms 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.

Contacts:

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

SOURCE: Perma-Fix Environmental Services, Inc.


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