Perma-Fix Environmental Services, Inc. Signs Definitive Agreement to Purchase 100% of East Tennessee Materials and Energy Corporation

ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.

Perma-Fix Environmental Services, Inc. Signs Definitive Agreement to

Purchase 100% of East Tennessee Materials and Energy Corporation

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TO ENVIRONMENT EDITORS:

Perma-Fix Environmental Services, Inc. Signs Definitive Agreement to

Purchase 100% of East Tennessee Materials and Energy Corporation

- East Tennessee Materials and Energy Corporation ('M&EC;') is Licensed to Operate the Only Non-Governmental, On-Site Mixed Waste Treatment Facility at the U.S. Department of Energy's Mixed Waste Storage Site in Oak Ridge, Tennessee

- Initial DOE Contracts Granted to M&EC; Valued at a Minimum of $100 Million

GEORGIA, ATLANTA, Feb. 15 -/E-Wire/-- PERMA-FIX ENVIRONMENTAL SERVICES, INC. (Nasdaq:PESI - news) announced today that it has signed a Definitive Agreement to purchase all of the outstanding voting stock of East Tennessee Materials and Energy Corporation ("M&EC;'), as opposed to 80% as originally disclosed. M&EC; is licensed to operate a low-level radioactive and hazardous waste ("mixed waste') treatment facility at the U.S. Department of Energy's ("DOE') storage site in Oak Ridge, Tennessee. The two-acre M&EC; facility is the only non-government operated mixed waste (waste containing both low level radioactive and hazardous waste) treatment facility that is physically located within the government's Oak Ridge, Tennessee, site. The Oak Ridge nuclear storage site is one of the largest of more than 100 such nuclear weapon facilities throughout the country, currently being operated by the DOE and other agencies of the U.S. government. M&EC; will process mixed waste under three Broad Spectrum Contracts granted to M&EC.; These contracts were awarded by Bechtel-Jacobs Company, LLC, who manages the DOE Oak Ridge site and are valued at a minimum of $100 million. According to the terms of these contracts, M&EC; will treat mixed waste located at the Oak Ridge storage facility, over a remaining three-year period, with options to continue thereafter.

The transaction to acquire M&EC; is subject to completion of due diligence, regulatory approval and other conditions. If this acquisition is completed, Perma-Fix could become one of the industry's leading providers of treatment services to the DOE and other government agencies in the nationwide clean up of certain types of mixed and other forms of hazardous waste. The facility is presently under construction and should be operational by the end of the first quarter of 2001.

Dr. Louis F. Centofanti, President and CEO of Perma-Fix Environmental Services, Inc. commented, "The acquisition of M&EC;, when completed, will represent a major milestone toward achieving our goal of establishing Perma-Fix as one of the leaders in the proprietary treatment of mixed, hazardous and toxic wastes, serving agencies of the U.S. government such as the DOE, the DOD and the U.S. Army, as well as leading corporations. The M&EC; facility is strategically located within the DOE complex and through its Broad Spectrum contracts, has the ability to move rapidly in the treatment of mixed waste at DOE and other government operated waste storage facilities. If the acquisition of M&EC; is completed, this will complement our recent acquisition of Diversified Scientific Services, Inc., as well as the expansion of our mixed waste facility in Gainesville, Florida.'

Perma-Fix Environmental Services, Inc. is a national Environmental Services company, providing unique hazardous, mixed and industrial waste management services. The Industrial Services Division provides 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 Nuclear Services Division provides radioactive and mixed waste treatment services to hospitals, research laboratories and institutions, numerous Federal agencies including the Department of Energy and Defense and Nuclear utilities. 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, the information concerning possible or assumed future results of operations of the Company, the initial DOE contracts granted to M&EC; being valued at a minimum of $100 million, with the possible acquisition of M&EC;, Perma-Fix becoming one of the industry's leading providers of treatment services to DOE and other government agencies in the nation wide cleanup of certain types of mixed and other forms of hazardous waste and the acquisition of M&EC; representing a major milestone toward achieving our goal of establishing Perma-Fix as one of the leaders in the proprietary treatment of mixed, hazardous and toxic waste, servicing agencies of the U.S. Government. 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, ability to obtain and/or retain its permits and licenses necessary to operate and to grow, inability to raise additional capital through the issuance of equity or additional debt in an amount sufficient for Perma-Fix to grow M&EC; and its current facilities and to achieve continued profitability. 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 "www.perma-fix.com.'

Perma-Fix Environmental Services, Inc.,

Perma-Fix Environmental Services, Inc., Atlanta, Dr. Louis F. Centofanti, 404/847-9990 or Strategic Growth International, Inc., Stan Altschuler, 516/829-7111, [REDACTED-EMAIL]

http://www.perma-fix.com

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