March 17, 2014

PERMA FIX’S PURCHASE PRICE FOR SEC FURTHER REDUCED BY $1.5M

By ExchangeMonitor

Perma Fix announced yesterday that its acquisition deal for the Safety & Ecology Corp was sweetened further this week when, after SEC was unable to secure a new contract before the end of the year, $1.5 million of the original purchase price was refunded to Perma Fix. “In negotiations there were some requirements we put on it that in the end they couldn’t meet,” Lou Centofanti, chairman and CEO for Perma Fix, said yesterday. One requirement was securing a new contract, “and they weren’t able to do that,” Centofanti said. He explained that SEC “didn’t lose the contract, because it was renewed, but that didn’t meet the definition of what we had agreed to.”

When Perma Fix first moved to acquire SEC it was set to pay a total of $24.5 million, but the price was cut by approximately $5 million in October because of other changed conditions. With the refund in cost to begin 2012, the acquisition cost for Perma Fix now stands at $18 million. Centofanti declined to specify which contract SEC failed to secure before the end of the year, as per the terms of the acquisition contract, but Perma Fix confirmed that early this month SEC’s contract for that work was renewed until June 30, 2012. “We were very pleased,” Centofanti said. There are a few more, similar agreements attached to the acquisition agreement that remain outstanding, Centofanti said, “but that was the most significant one.”

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NEW: Via public records request, I’ve been able to confirm reporting today that a warrant has been issued for DOE deputy asst. secretary of spent fuel and waste disposition Sam Brinton for another luggage theft, this time at Las Vegas’s Harry Reid airport. (cc: @EMPublications)

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