ATLANTA, Dec. 19 /PRNewswire-FirstCall/ -- Perma-Fix Environmental Services, Inc. today announced that its subsidiary, Perma-Fix of Dayton, Inc., has reached an agreement with the U.S. Department of Justice and the U.S. Environmental Protection Agency on settlement of the government's portion of the lawsuit styled Barbara Fisher v. Perma-Fix of Dayton, Inc., alleging, among other things, clean-air violations at the Dayton, Ohio facility. The agreement is subject to a 30-day public comment period and approval by the court.
Under the agreement, Perma-Fix of Dayton will take action to address relevant air pollution regulations and permit requirements and to pay a civil penalty of $360,000. Perma-Fix of Dayton has also agreed to spend a total of not less than $562,000 for three environmental projects at the facility to achieve air emission controls that go above and beyond those required by any current environmental regulations.
Perma-Fix has previously disclosed details regarding the second component of the lawsuit, comprised of the citizen's suit and that Perma-Fix of Dayton, Inc. has reached an agreement in principle to settle the citizen's suit component. Under the agreement in principal, Perma-Fix of Dayton would pay a total of $1,325,000. The company is in the process of finalizing this portion of the settlement, which is subject to execution and court approval of a definitive settlement agreement, among other things. The company has recorded a total of $1,625,000 of reserves in connection with settlement of this lawsuit in discontinued operations. As previously disclosed, the insurer for Perma-Fix has agreed to contribute $500,000 toward the settlement cost of the citizen's suit portion of the litigation and further discussions are in progress regarding the possibility of additional contributions by the insurer in the settlement of the case.
Dr. Louis F. Centofanti, Chairman and Chief Executive Officer, stated, "To avoid the uncertainties and expense of continuing the litigation process, we chose to settle this case. We believe this is the right decision for Perma- Fix and its shareholders. It will free more of management's time to focus on our core business."
About Perma-Fix Environmental Services
Perma-Fix Environmental Services, Inc. is a national environmental services company, providing unique mixed waste and industrial waste management services. The Company has increased its focus on the nuclear services segment, which provides radioactive and mixed waste treatment services to hospitals, research laboratories and institutions, numerous federal agencies including DOE and the U.S. Department of Defense and nuclear utilities. The industrial services segment provides hazardous and non-hazardous waste treatment services for a diverse group of customers including Fortune 500 companies, numerous federal, state and local agencies and thousands of smaller clients. The Company operates nine major waste treatment facilities across the country.
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 include, but are not limited to, we believe this is the right decision for Perma-Fix and its shareholders and settlement of this litigation will free more of management's time to focus on our core business. 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; and our ability to apply and market our technologies and the additional factors referred to under "Special Note Regarding Forward- Looking Statements" of our 2006 Form 10-K and the Forward-Looking Statements discussed in our Forms 10-Q for the quarter ending March 31, 2007, June 30, 2007, and September 30, 2007. 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.
Please visit us on the World Wide Web at http://www.perma-fix.com/ .
