Initial contracts valued at over $3.7 million with expected project completion by mid-2020
ATLANTA, GA / ACCESSWIRE / May 11, 2020 / Perma-Fix Environmental Services, Inc. (NASDAQ:PESI) (the "Company") today announced that it has completed development of its new Perma-SortSM material sorting and segregation process, a customized, conveyor-based radiological assay system designed to provide 100% characterization of material efficiently and with industry-leading measurement quality. The Company also announced it has been awarded two federal contracts valued at $3.7 million to separate and treat radioactive materials from over 100,000 tons of soils, debris and dredged materials.
Mark Duff, Chief Executive Officer, stated "We are excited to announce that we have completed both the design and development of the nation's newest automated material sorting and segregation system. Drawing on Perma-Fix's core capabilities of waste characterization and health physics, the system provides efficient and innovative material management for existing and future clients."
"The launch of this technology represents an important milestone for the Company, as this system has been under development for some time. We developed Perma-SortSM in response to our customers' needs and believe this new capability has the potential to generate significant revenue. These first two contracts alone are collectively valued at $3.7 million with project completion expected in the next few months. In addition, we are currently working to expand the system to address other contaminates of concern."
The Perma-SortSM conveyor-based radiological assay system
The Perma-SortSM material segregation system includes the following benefits to federal and commercial clients:
- Perma-SortSM is a trailer mounted system offering simple and rapid mobilization and setup.
- Material is processed using electrically powered conveyors, offering minimal effluent and noise emissions.
- Detector type(s), number, and configuration are customizable, depending on the site-specific requirements
- The system design and proprietary software design offers industry-leading detection rates.
- Perma-SortSM is designed to operate with multiple layers of health and safety constraints, in accordance with Occupational Safety and Health Administration (OSHA) and American National Standards and Measurement Institute (ANSI) conveyor standards (including e-stop technology of conveyors, fall-protection, audio and visual alarms for system operation and conveyor startup).
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc. is a nuclear and waste management services company, and a 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 U.S Department of Energy ("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: value of two federal contracts; significant revenue from new capability; benefits to federal and commercial clients; and system expansion. 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 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; that Congress provides continuing funding for the DOD's and DOE's remediation projects; impact of COVID-19 and the additional factors referred to under "Risk Factors" and "Special Note Regarding Forward-Looking Statements" of our 2019 Form 10-K. 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
[email protected]
+43 316 296 316
SOURCE: Perma-Fix Environmental Services, Inc.