Current Report Filing (8-k)
September 20 2021 - 11:44AM
Edgar (US Regulatory)
0000891532
false
PERMA FIX ENVIRONMENTAL SERVICES INC
0000891532
2021-09-16
2021-09-16
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES
EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported) September 16, 2021
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Delaware
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001-11596
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58-1954497
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(State
or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS
Employer
Identification No.)
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8302
Dunwoody Place, Suite 250, Atlanta, Georgia
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30350
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (770) 587-9898
Not
applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐
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Written
communications pursuant to Rule 425 under the Securities Act
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☐
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
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☐
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
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☐
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
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Securities
registered pursuant to Section 12(b) of the Act:
Title
of Each Class
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Trading
Symbol
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Name
of each exchange on which registered
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Common
Stock, Par Value, $.001 Per Share
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PESI
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NASDAQ
Capital Markets
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Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2
of the Securities Exchange Act of 1934.
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item
1.01 – Entry into a Material Definitive Agreement
Perma-Fix
Environmental Services, Inc.’s (the “Company”) has been awarded a total of approximately $50 million in contract awards
during the third quarter of 2021, to be recognized over the next 18 to 24 months. As a result, the Company’s project backlog within
the Services Segment, is now estimated at approximately $74 million. Included in the new contract awards, on September 16, 2021, the
Company was awarded a fixed-price contract under its Services Segment by a U.S. government entity to perform decommissioning of certain
radioactive contaminated equipment and systems on a Navy vessel at one of its sites. We expect the value of this contract to be approximately
$40 million dollars. Project work to be performed under the contract is expected to be completed over a twenty-four months period. Government
contracts and subcontracts relating to activities at government sites are generally subject to terminate or renegotiate with thirty days
notice at the government’s option.
Item
9.01 – Financial Statements and Exhibits
This
Form 8-K 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: contract value and completion over a twenty-four months period. 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; the government or such other party to a contract granted to us fails to abide by or comply with the contract or terminates
existing contracts; Congress fails to provides funding for above described remediation project; 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-Qs for quarter ended March 31, 2021 and June 30, 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.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
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By:
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/s/
Ben Naccarato
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Ben
Naccarato
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Dated:
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September
20, 2021
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Executive
Vice President, Chief Financial Officer and Chief Accounting Officer
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