ATLANTA, Oct. 7, 2010 (GLOBE NEWSWIRE) -- Perma-Fix Environmental Services, Inc. (Nasdaq:PESI) today announced that its Board of Directors approved plans to attempt to sell the Company's remaining Industrial Segment facilities and operations, which are Perma-Fix of Ft. Lauderdale, Inc. ("PFFL"), Perma-Fix of Orlando, Inc. ("PFO") and Perma-Fix of South Georgia, Inc. ("PFSG") and to reclassify these facilities and operations as discontinued operations. For 2009, these facilities accounted for approximately 8% of the Company's total revenues and 5% of total assets.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "The planned sale of our remaining Industrial Segment operations reflects our strategic decision to focus 100% of our efforts and resources on our nuclear waste services. We see a number of exciting growth drivers in our Nuclear Segment that we believe will require our undivided attention. Foremost among these opportunities is our move into treating higher activity wastes. We believe this is a vast, untapped market. Second, we are devoting more resources to our rapidly growing onsite nuclear waste and technical services businesses. Lastly, we plan to leverage our technical capabilities by entering new domestic and international markets, including additional services within the nuclear fuel cycle."
Dr. Centofanti continued, "We had initially contemplated the complete sale of our Industrial Segment in 2007, however the market timing was not right. In the ensuing months and years, we sold several of our facilities within the Industrial Segment, leaving us with the remaining three facilities: Ft. Lauderdale, Orlando and South Georgia. We have recently been approached by several interested buyers to purchase these facilities."
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc., a national environmental services company, provides unique mixed waste and industrial waste management services. The Company's increased focus on nuclear services includes radioactive and mixed waste treatment services for hospitals, research labs and institutions, federal agencies, including DOE, Department of Defense, and nuclear utilities.
The Perma-Fix Environmental Services, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7172
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 "believe", "expect", "intends", "anticipates", "plans to", "estimates", "projects", or similar expressions and include, but are not limited to, exciting growth drivers in the Nuclear Segment, treating higher activity wastes, grow our onsite nuclear waste services and entering into new domestic and international nuclear waste markets. 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; changes in government regulations; acceptance of our technology; that Congress provides continuing funding for the Department of Defense's and Department of Energy's remediation projects; and the additional factors referred to under "Special Note Regarding Forward-Looking Statements" of our 2009 Form 10-K and Form 10-Q for the quarter ended March 31, 2010 and June 30, 2010. 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.