Perma-Fix Considers Possible Sale of Its Industrial Segment |
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Perma-Fix Environmental Services, Inc.
6075 Roswell Rd. N.E., Suite 602
Atlanta, GA, 30328
USA
Press release date: May 18, 2007
ATLANTA, May 18 /PRNewswire-FirstCall/ -- Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) (BSE: PESI; Germany: PES.BE) today announced that its Board of Directors has authorized management to consider the possible sale of all or a part of its Industrial Segment. The Company has received certain offers to buy all, or a part of, its Industrial Segment and anticipates receiving additional offers in the near future.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "While the Industrial Segment may hold untapped potential, we believe the Nuclear Segment represents the true long-term growth driver for our business. First, we see the Department of Energy increasing its allocation for the treatment of low-level mixed waste at nuclear weapons facilities across the country in the coming years. Second, with our recent definitive agreement to acquire the PEcoS nuclear waste facility, located adjacent to the Hanford weapons facility, we see enormous opportunities for the treatment of nuclear waste at the Hanford site, which by nearly all estimates, represents the largest environmental clean-up project in the history of the nation. Third, we recently completed construction on our M&EC south bay special waste processing area and have begun treatment of highly specialized wastes during the second quarter. The new south bay enables Perma-Fix to enter an untapped market treating higher level radioactive mixed waste and we believe we are the only company with the licenses and technology to treat these complex waste streams. Given these attractive growth opportunities and the heightened interest in our industrial assets, we made the decision to explore the possible sale of our Industrial Segment."
The Industrial Segment's consolidated revenues for 2006 and first quarter 2007 were approximately 40.0% and 35.9% of the Company's consolidated revenues for 2006 and the first quarter 2007, respectively. For 2006 and the first quarter 2007, the Company's Industrial Segment, on a consolidated basis, had net losses of approximately $2.0 million and $1.7 million, respectively, as compared to the Company's consolidated net income of $4.7 million for 2006 and net loss of $1.1 million for the first quarter 2007. The Company's Industrial Segment manages hazardous and non-hazardous waste and has TSD facilities located in Dayton, Ohio; Orlando, Florida; Ft. Lauderdale, Florida; Tulsa, Oklahoma; Valdosta, Georgia; and Baltimore, Maryland.
Please visit us on the World Wide Web at http://www.perma-fix.com/.
Source: Perma-Fix Environmental Services, Inc.
CONTACT: Dr. Louis F. Centofanti, Chairman and CEO Perma-Fix Environmental Services, Inc., +1-770-587-9898; David K. Waldman Crescendo Communications, LLC, US Investor Relations, +1-212-671-1020, ext. 101, for Perma-Fix Environmental Services, Inc.; Herbert Strauss, European Investor Relations, +43 316 296 316, herbert@eu-ir.com, for Perma-Fix Environmental Services, Inc. Web site: http://www.perma-fix.com/
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