To: dwight vickers who wrote (22 ) 4/9/1998 10:44:00 AM From: Odessa Respond to of 34
Perma-Fix Environmental Services Completes Acquisition of Action Environmental Inc. FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--April 9, 1998--Perma-Fix Environmental Services Inc. (NASDAQ:PESI) (GERMANY:PES.BE) has completed the acquisition of certain assets of Action Environmental Inc. (Action) of Miami, for a combination of stock and debt assumption, as announced Thursday by Dr. Louis F. Centofanti, president of Perma-Fix. The assets Perma-Fix acquired include patents, equipment, customer lists and related items. Action provides oil filter collection and processing services to approximately 700 customers in South Florida. Perma-Fix provides comprehensive waste management services that include wastewater treatment, used oil recycling, hazardous waste recycling and disposal, non-hazardous waste recycling and disposal, and transportation services to over 1,400 customers in South Florida. "This acquisition will positively impact the profitability of Perma-Fix," Centofanti said. "It will allow us to benefit from the overall efficiencies of Action's patented technology which is both cheaper and easier to apply than other technologies in the market, and at the same time allow us to expand our growing customer base. In addition to bringing this technology to our current customers, we will be able to offer former Action customers a broad range of environmental services, all from a single source, Perma-Fix." This release contains forward-looking statements that are subject to risks and uncertainties. Forward-looking statements include, but are not limited to the information concerning possible or assumed future results of operations of the company, the positive impact on profitability resulting from this acquisition and the company's ability to apply the technology acquired. 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, the ability of the company to apply and market the technology and to achieve the positive financial objectives of management. Perma-Fix Environmental Services Inc. provides hazardous and industrial wastewater and mixed waste management services. The company is widely recognized for solving complex waste problems with innovative technologies. CONTACT: Piedmont Consulting Inc. - Investor Relations Telephone 404/233-6999 or Dr. Louis F. Centofanti, PESI Telephone 404/847-9990 KEYWORD: FLORIDA BW1133 APR 09,1998