Perma-Fix Announces New Contract Award for Tritium Systems Demolition and Disposal Project
July 01 2021 - 8:30AM
Perma-Fix Environmental Services, Inc. (NASDAQ:
PESI) (the “Company”) today announced that it has been
awarded a multi-million dollar service contract for the Tritium
Systems Demolition and Disposal (TSDD) project, which is expected
to be completed over the next 18 months.
The purpose of the TSDD project is to remove
legacy tritium systems and equipment from the Princeton Plasma
Physics Laboratory (PPPL), with a goal of reducing the risk of a
release and safely disposing of contaminated materials. Perma-Fix
will serve as the technical expert for this project, providing
project management, characterization and material disposal
services. The key subcontractors include Gottstein Corporation and
ICE Service Group, Inc.
Mark Duff, Chief Executive Officer, stated, “We
are pleased to have been awarded this new project supporting the
Princeton Plasma Physics Laboratory through the United States
Department of Energy (DOE), which will include remediation,
demolition and tritium waste management services at the James
Forrestal Campus. Our selection for this important project
highlights our prior success conducting complex remediation and
building demolition in hazardous environments, as well as the
capabilities of our team to establish a technical and management
solution that addresses the unique challenges at PPPL in order to
safely complete the project over the next eighteen months.
Moreover, this award increases our funded backlog and bolsters our
Services Segment revenues heading into the second half of
2021.”
PPPL is a DOE national laboratory operated by
Princeton University, playing a key role in assisting Fusion Energy
Sciences achieve their strategic goals. The Tokamak Fusion Test
Reactor (TFTR) was an experimental tokamak built at PPPL and was
operated from 1982 to 1997 and removed in 2002. PPPL has some
residual tritium, a radioactive isotope of hydrogen, in the Tritium
Systems and Neutral Beam Boxes that were used to support TFTR, and
that were left on-site after completion of the TFTR experiment.
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 U.S. 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.
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: over the next 18
months; funded backlog; and bolsters Services Segment revenues into
second half of 2021. 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 or terminates
existing contracts; Congress fails to provides funding for the
DOD’s and DOE’s remediation projects; inability to obtain new
foreign and domestic remediation contracts; impact of COVID-19; and
the additional factors referred to under “Risk Factors” and
"Special Note Regarding Forward-Looking Statements" of our 2020
Form 10-K and Form 10-Q for quarter ended March 31, 2021. 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.
Contacts:David K. Waldman-US
Investor RelationsCrescendo Communications, LLC (212) 671-1021
Herbert Strauss-European Investor Relationsherbert@eu-ir.com+43
316 296 316
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