Perma-Fix Comments on Recently Published Department of Energy Notice

Rhea-AI Summary

Perma-Fix Environmental Services (NASDAQ: PESI) announced the U.S. Department of Energy's (DOE) amendment to the Record of Decision (ROD) for the Hanford Site's waste management. The amendment allows for interim transportation and treatment of secondary wastes at commercial facilities until onsite treatment capabilities are available, expected in about 10 years. This presents a significant growth opportunity for Perma-Fix in managing the complex waste streams at Hanford. The company aims to leverage its facilities in Richland, WA, and Kingston, TN, to support this initiative.

Positive

• The amendment creates growth opportunities by utilizing Perma-Fix's treatment capabilities at the Hanford Site.
• Potential to enhance backlog through engagement in waste management for the next decade.

Negative

• None.

ATLANTA, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (NASDAQ: PESI) (the “Company”) today announced that the U.S. Department of Energy (DOE) has recently published an amendment to the 2013 Record of Decision (ROD) for the Final Tank Closure and Waste Management Environmental Impact Statement for the Hanford Site, Richland, Washington (DOE/EIS-0391, December 2012) (TC&WM EIS).

In accordance with DOE implementing procedures for the National Environmental Policy Act (NEPA), DOE prepared a supplement analysis (DOE/EIS-0391-SA-03; SA), which evaluated DOE's proposal to transport and treat certain solid and liquid secondary wastes at licensed and permitted commercial treatment facilities off the Hanford Site. DOE also proposes to potentially dispose of some of these secondary wastes (after treatment) offsite at a licensed and permitted commercial disposal facility.

This action would be implemented on an interim basis until such time as an enhanced onsite treatment capability is available for Direct-Feed Low-Activity Waste (DFLAW) operations (estimated to be approximately 10 years). This amended ROD addresses the differences in the planned management of secondary wastes from that addressed by the 2013 TC&WM EIS ROD document, and specifically addresses the anticipated role that Perma-Fix could support in the closure plan for Hanford over the next decade. A link to the Federal Register notice is available at:

https://www.federalregister.gov/documents/2023/01/31/2023-01962/amended-record-of-decision-for-offsite-secondary-waste-treatment-and-disposal-from-the-hanford-site

Mark Duff, President and CEO of the Company, commented, “This announcement regarding the ROD amendment recognizes the unique value that Perma-Fix can provide the Department at our Perma-Fix Northwest facility in Richland, WA, and our Diversified Scientific Services Inc. (DSSI) facility in Kingston, TN, to deploy leading-edge treatment capabilities for some of the more complicated waste streams to be generated at Hanford during a 10-year period. The volumes and waste types defined in this amendment reflect our core offering and represents a significant opportunity for growth in our backlog. We remain committed to exceeding expectations by providing safe, commercial, waste processing to support the Hanford closure mission.”

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, and federal agencies, including the DOE, the 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, 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: dispose of some secondary wastes (after treatment) offsite by DOE; anticipated role that Perm-Fix could support in closure plant at Hanford; and opportunity for growth in our backlog. 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; inability to win bid projects; failure of Congress to provides continuing funding for the DOD’s and DOE’s remediation projects; ability to obtain new domestic remediation contracts; the impact of COVID-19; and the “Risk Factors” discussed in, and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of, our 2021 Form 10-K and Form 10-Q for quarters ended March 31, 2022, June 30, 2022 and September 30, 2022. 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 does the recent amendment to the Record of Decision mean for Perma-Fix Environmental Services (PESI)?

The amendment provides Perma-Fix with opportunities to manage complex waste streams at the Hanford Site, potentially increasing their backlog over the next decade.

How will the DOE's amendment impact the operations of PESI?

PESI will likely deploy its treatment capabilities at its facilities in Richland, WA, and Kingston, TN, in response to the DOE's amendment.

When is the onsite treatment capability expected to be available for the Hanford Site?

The enhanced onsite treatment capability for Direct-Feed Low-Activity Waste (DFLAW) operations is estimated to be available in approximately 10 years.

What types of waste will PESI be managing under the new DOE amendment?

PESI will manage certain solid and liquid secondary wastes proposed for treatment and disposal as specified in the DOE's amendment.

What is the significance of the Hanford Site for PESI's business?

The Hanford Site represents a significant opportunity for PESI to provide waste management services and expand its business operations over the next decade.