Yeah of little faith:
IDM Environmental Awarded Four New U.S.
Contracts Valued at $7.5 Million
Business Wire - May 20, 1998 14:03
%IDM-ENVIRONMENTAL IDMC %NEW-JERSEY %CALIFORNIA %TENNESSEE
%ENMED %ENVIRONMENT V%BW P%BW
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SOUTH RIVER, N.J.--(BUSINESS WIRE)--May 20, 1998--IDM
Environmental Corp. (NASDAQ:IDMC, IDMCW) Wednesday announced it
has been awarded four new domestic contracts valued at approximately $7.5
million.
The company expects to complete more than half of the work this year, the
remainder in 1999. Inclusion of these contracts brings IDM's backlog to a
record of approximately $60 million of domestic
environmental/decommissioning work. The company anticipates completing
work on more than 50% of its backlog by the end of 1998.
-- BNFL Inc. has authorized IDM to proceed with the dismantlement and
demolition of electrical switch yards and asset recovery services at the
Department of Energy's Oak Ridge, Tenn., facility. IDM has been named a
dedicated subcontractor for BNFL's overall demolition and dismantlement and
metals recovery contract at Oak Ridge. Cost of the work and asset recovery
contracts awarded BNFL exceeds $290 million. Work on this IDM contract
will begin immediately, with the project expected to be completed by the end of
1998.
-- IDM has been awarded a new contract to provide drilling and grouting
services for the North Rim Reservoir Project in California. Work on this
project is expected to be completed by the end of 1999. IDM is also currently
providing drilling and grouting services at the California East Dam Reservoir
project, which is located outside of Los Angeles. The total value of such
contract is approximately $21 million. This work is expected to be completed
by the end of 1998.
-- Zhagrus Environmental has awarded IDM a subcontract to perform
excavation and transportation of radiologically contaminated soils at a
Department of Energy site in Wayne, N.J. The project, to be performed under
the Formerly Utilized Sites Remedial Action Program (FUSRAP), is expected
to be completed by the end of 1998.
-- AlliedSignal has awarded IDM a contract to provide select demolition,
asbestos removal and salvage of used equipment at its facility in Elizabeth, N.J.
Work is expected to commence shortly with completion scheduled by the fall.
The foregoing discussion contains forward looking statements which are based
on current expectations. Actual results, including the timing and amount of
revenues recognized, contracts awarded and performed and net income, may
differ materially due to risks and uncertainties, including: delays in the
commencement or performance of, or delays in payment on contracts;
fluctuations in operating costs associated with changes in project specifications
and general economic conditions; substantial fluctuations in revenues;
economics, and other conditions affecting the ability of prospective customers
to finance projects; and other risks generally affecting the timing and financing
of projects.
IDM Environmental Corp., headquartered in South River, is a diversified
services company offering a broad range of design, engineering, construction,
project development and management, and environmental services and
technologies worldwide. The company, through its domestic and international
affiliates and subsidiaries, offers services and technologies in three principal
areas: Energy Project Development and Management, Environmental
Remediation, and Plant Relocation Services. Capitalizing on more than 20
years of project engineering experience in environmentally sensitive settings,
IDM (1) has entered into and is actively involved in the design, development,
ownership and operation of energy facilities in the developing nations of the
world, (2) has entered into and is actively involved in the decommissioning and
site industrialization and revitalization of nuclear power plants, (3) has
established a position as a world leader in plant dismantlement, relocation and
re-erection services, and (4) is a leading provider of full-service turnkey
environmental remediation services. In addition, IDM is active in the
development and commercialization of a number of proprietary technologies in
the fields of bioremediation/superoxygenation of water, gasification of solid
waste, and soil remediation.
CONTACT: BGS Associates Inc., New York
Leonard Bogner, 212/593-5323 or 212/689-1214
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