Perma-Fix Announces Over $8 Million in New Contract Awards

Rhea-AI Summary

Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) Announces $8 Million in New Contracts for Services Segment Expansion

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• Perma-Fix Environmental Services, Inc. has secured two new contracts totaling more than $8 million within its Services Segment, expected to commence in the third quarter of 2023.
• The contracts include a task order project from the US Army Corps of Engineers (USACE) and an award as a team subcontractor in support of a project at Los Alamos National Laboratory for U.S. Department of Energy (DOE).
• The awards will leverage the company's core competencies in characterization, remediation, and disposition of hazardous materials and waste management.

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• None.

ATLANTA, Aug. 01, 2023 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced it has been awarded two new contracts totaling more than $8 million within its Services Segment. These projects are expected to start in the third quarter of 2023.

Mark Duff, President and CEO of the Company, commented, “I am pleased to announce that Perma-Fix has been selected for two new contract awards that we believe will further expand our backlog within the Services Segment. These awards include a task order project from the US Army Corps of Engineers (USACE) in support of the Facilities Reduction Program, along with an award as a team subcontractor in support of a project at Los Alamos National Laboratory for U.S. Department of Energy (DOE). Both of these awards leverage our core competencies regarding characterization, remediation and disposition of hazardous materials and waste management. The combined value of these awards is estimated to be over $8 million over the next few years, but front end loaded over the next 18 months, with opportunities for expansion.”

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”, “plans to”, “estimates”, “projects”, and similar expressions. Forward-looking statements include, but are not limited to: project expected to start in the third quarter of 2023; expand our backlog within the Services Segment; combined value of these awards is estimated to be over $8 million over the next few years; and opportunities for expansion. 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 or terminates existing contracts; Congress fails to provides funding for the DOD’s and DOE’s remediation projects; and the additional factors referred to under “Risk Factors” and "Special Note Regarding Forward-Looking Statements" of our 2022 Form 10-K and Form 10-Qs for quarters ended March 31, 2023. 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

FAQ

What contracts has Perma-Fix Environmental Services, Inc. (PESI) been awarded?

Perma-Fix Environmental Services, Inc. has been awarded two new contracts totaling more than $8 million within its Services Segment.

When are the new projects expected to start?

The new projects are expected to start in the third quarter of 2023.

Who are the key entities involved in the awarded contracts?

The contracts include a task order project from the US Army Corps of Engineers (USACE) and an award as a team subcontractor in support of a project at Los Alamos National Laboratory for U.S. Department of Energy (DOE).

What is the combined value of the awarded contracts?

The combined value of these awards is estimated to be over $8 million over the next few years, with opportunities for expansion.