Perma-Fix Provides Update on Recent Contract Awards
April 14 2023 - 8:30AM
Perma-Fix Environmental Services, Inc. (NASDAQ:
PESI) (the “Company”) today announced it has been awarded
eight new contracts over the past few months that increase existing
backlog for both the Services and Treatment Segments of the
Company. These new awards include a diverse array of contracts to
provide commercial reactor decommissioning, complex waste component
processing and field projects for the Department of Energy (DOE),
soil sorting activities for the Department of Defense (DOD) and
Environmental Protection Agency, and large volume transload
activities for waste disposition. These contracts total
approximately $15 million of revenue that is expected to be
recognized in 2023, with additional option phases that have a
potential value of over $14 million and could extend into 2024.
Mark Duff, President and CEO of the Company,
commented, “Our selection by these customers reflects our diverse
capabilities and reputation to provide high-value solutions in the
industry. While 2022 was a particularly challenging year due, in
part, to the lingering effects of the COVID-19 pandemic, we believe
we are realizing the benefits of our diversification efforts. At
the same time, we continue to build our sales pipeline, within the
government, international and commercial sectors, and remain
encouraged by the outlook for the balance of the year.”
The Company also reported that it was advised
yesterday by the US Department of Energy’s Office of Environmental
Management that its team was not awarded the Integrated Tank
Disposition Contract (ITDC). Despite the loss of the ITDC contract
bid, the Company expects to continue to support a critical role in
the Hanford closure mission regarding waste treatment, grouting and
processing.
About Perma-Fix Environmental
ServicesPerma-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 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”, “plans to”,
“estimates”, “projects”, and similar expressions. Forward-looking
statements include, but are not limited to: optional phases;
revenue to be recognized; potential value of option phase;
diversification efforts; outlook for balance of year; and support a
critical role in the Hanford closure mission. 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;
failure of Congress to provides continuing funding for the DOD’s
and DOE’s remediation projects; ability to obtain new foreign and
domestic remediation contracts; impact of COVID-19; and the “Risk
Factors” discussed in, and the additional factors referred to under
"Special Note Regarding Forward-Looking Statements" of, our 2022
Form 10-K. 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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