Perma-Fix Announces Plans To Sell Remaining Industrial Segment Operations And Focus Exclusively On Nuclear Waste Services
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.
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