Perma-Fix Announces New Contract Award for Tritium Systems Demolition and Disposal Project
Perma-Fix Environmental Services (NASDAQ: PESI) has secured a multi-million dollar contract for the Tritium Systems Demolition and Disposal (TSDD) project at the Princeton Plasma Physics Laboratory, slated for completion in 18 months. The project aims to safely remove legacy tritium systems and mitigate contamination risks. CEO Mark Duff emphasized the contract's significance for the company's funded backlog and services segment revenues. This project underlines Perma-Fix's expertise in managing hazardous environments and supports ongoing efforts in Fusion Energy Sciences.
- Awarded a multi-million dollar contract for TSDD project, enhancing revenue prospects.
- Project supports safety by removing legacy contamination at a national laboratory.
- Increases funded backlog for future projects and financial stability.
- Potential risks associated with the management and disposal of radioactive materials.
- Dependence on government funding for future projects poses financial uncertainty.
ATLANTA, July 01, 2021 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced that it has been awarded a multi-million dollar service contract for the Tritium Systems Demolition and Disposal (TSDD) project, which is expected to be completed over the next 18 months.
The purpose of the TSDD project is to remove legacy tritium systems and equipment from the Princeton Plasma Physics Laboratory (PPPL), with a goal of reducing the risk of a release and safely disposing of contaminated materials. Perma-Fix will serve as the technical expert for this project, providing project management, characterization and material disposal services. The key subcontractors include Gottstein Corporation and ICE Service Group, Inc.
Mark Duff, Chief Executive Officer, stated, “We are pleased to have been awarded this new project supporting the Princeton Plasma Physics Laboratory through the United States Department of Energy (DOE), which will include remediation, demolition and tritium waste management services at the James Forrestal Campus. Our selection for this important project highlights our prior success conducting complex remediation and building demolition in hazardous environments, as well as the capabilities of our team to establish a technical and management solution that addresses the unique challenges at PPPL in order to safely complete the project over the next eighteen months. Moreover, this award increases our funded backlog and bolsters our Services Segment revenues heading into the second half of 2021.”
PPPL is a DOE national laboratory operated by Princeton University, playing a key role in assisting Fusion Energy Sciences achieve their strategic goals. The Tokamak Fusion Test Reactor (TFTR) was an experimental tokamak built at PPPL and was operated from 1982 to 1997 and removed in 2002. PPPL has some residual tritium, a radioactive isotope of hydrogen, in the Tritium Systems and Neutral Beam Boxes that were used to support TFTR, and that were left on-site after completion of the TFTR experiment.
About Perma-Fix Environmental Services
Perma-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 U.S. Department of Defense (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”, “plan to”, “estimates”, “projects”, and similar expressions. Forward-looking statements include, but are not limited to: over the next 18 months; funded backlog; and bolsters Services Segment revenues into second half of 2021. 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 or terminates existing contracts; Congress fails to provides funding for the DOD’s and DOE’s remediation projects; inability to obtain new foreign and domestic remediation contracts; 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-Q for quarter ended March 31, 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.
Contacts:
David K. Waldman-US Investor Relations
Crescendo Communications, LLC
(212) 671-1021
Herbert Strauss-European Investor Relations
herbert@eu-ir.com
+43 316 296 316
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