Perma-Fix Enters Into Letter of Intent to Sell 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 30, 2007
Transaction Subject to Execution of Definitive Agreements
ATLANTA, May 30 / -- Perma-Fix Environmental Services, Inc. today announced that it has entered into a letter of intent to sell its Industrial Segment to EQ - The Environmental Quality Company (EQ). The letter of intent provides that EQ would purchase five of the company's six industrial facilities for $9 million, subject to adjustment under certain conditions. The facilities to be acquired include: Perma-Fix Treatment Services; Perma-Fix of Fort Lauderdale; Perma-Fix of Orlando; Perma-Fix of South Georgia; and Perma-Fix of Maryland. In addition, EQ would be granted an option to purchase the assets of Perma-Fix of Dayton. Upon exercise of the option, EQ would pay an additional purchase price of up to $2 million. The letter of intent is subject to EQ completing its due diligence and the parties entering into definitive agreements. EQ is a leading provider of comprehensive waste and environmental services, headquartered in Wayne, Michigan.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "We are pleased with the terms of our Letter of Intent to sell the Industrial Segment. EQ brings the scale and expertise to maximize the return on these facilities. Meanwhile, the intended sale of our Industrial Segment will allow us to focus resources on the Nuclear Segment, which has very attractive growth opportunities ahead, with much higher margins, strong cash flow and substantial barriers to entry for potential competitors."
EQ operates seventeen treatment, disposal and recycling facilities throughout the eastern half of the United States and manages an extensive line of remediation, industrial cleaning and total waste management services nationwide. David Lusk, President of EQ, stated, "The addition of Perma-Fix's Industrial Segment to EQ will add to the successful growth that we have experienced as a company. The Perma-Fix facilities incorporated into our network will broaden our capacity to provide quality environmental services to our customers." EQ is one of the largest privately held environmental organizations in the country. For additional information on EQ, please visit www.eqonline.com.
Source: Perma-Fix Environmental Services, Inc.
CONTACT: Dr. Louis F. Centofanti, Chairman and CEO of Perma-Fix Environmental Services, Inc., +1-770-587-9898; or US Investor Relations, David K. Waldman of Crescendo Communications, LLC, +1-212-671-1020, x101, for Perma-Fix Environmental Services, Inc.; or David Lusk, President, or Robert Doyle, Communications Manager, both of EQ - The Environmental Quality Company, +1-734-329-8000
Web site: http://www.perma-fix.com/ http://www.eqonline.com/
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