Current Report Filing (8-k)
July 25 2019 - 9:00AM
Edgar (US Regulatory)
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)
July 22, 2019
PERMA-FIX
ENVIRONMENTAL SERVICES, INC.
(Exact
name of registrant as specified in its charter)
Delaware
.
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1-11596
.
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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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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 [ ]
Section
8 –
Other Events
Item
8.01 –
Other Events
On
July 22, 2019, Perma-Fix Environmental Services, Inc. (the “Company”) received a release of $5,000,000 in finite risk
sinking funds (“sinking funds”) from AIG Specialty Insurance Company (“AIG”) resulting from the completion
of the closure activities at the Company’s East Tennessee Material and Energy Corporation (“M&EC) facility. These
proceeds will be used for general working capital purposes. The $5,000,000 represents a partial release of the total sinking funds
held as collateral under the Company’s financial assurance policy with AIG entered into in 2003 (“Closure Policy”).
In connection with the partial release of the sinking funds, total coverage remaining under the Closure Policy stands at approximately
$19,000,000. Additionally, the maximum coverage allowable under the Closure Policy was amended from $39,000,000 to $28,000,000.
This
report 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: use of proceeds. 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 report 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 report, including, without limitation, future
economic conditions; industry conditions; our ability to apply, commercialize, and market our new technologies; the government
or such other party to a material 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; that Congress provides continuing funding for the DOD’s
and DOE’s remediation projects; ability to obtain new foreign and domestic remediation contracts; financial results from
the second quarter of 2019; and the additional factors referred to under “Risk Factors” and “Special Note Regarding
Forward-Looking Statements” of our 2018 Form 10-K and Form 10-Q for quarters ended March 31, 2019 and June 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.
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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Dated:
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July
25, 2019
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By:
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/s/
Ben Naccarato
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Ben
Naccarato
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Vice
President and
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Chief
Financial Officer
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