Perma-Fix Environmental Services Inc (NASDAQ:PESI) announced Monday it has been awarded two federal contracts valued at $3.7 million to separate and treat radioactive materials from over 100,000 tons of soils, debris and dredged materials.
In addition, the Atlanta-based provider of nuclear and waste-management services said it has completed the development of its new Perma-SortSM material sorting and segregation process.
It is a customized, conveyor-based radiological assay system designed to provide 100% characterization of material efficiently and with industry-leading measurement quality.
"We are excited to announce that we have completed both the design and development of the nation's newest automated material sorting and segregation system,” said CEO Mark Duff in a statement.
“Drawing on Perma-Fix's core capabilities of waste characterization and health physics, the system provides efficient and innovative material management for existing and future clients."
Duff noted that the new Perma-SortSM material sorting and segregation process has been under development for some time and its launch marks a major milestone.
“We developed Perma-SortSM in response to our customers' needs and believe this new capability has the potential to generate significant revenue,” he said.
“These first two contracts alone are collectively valued at $3.7 million with project completion expected in the next few months. In addition, we are currently working to expand the system to address other contaminants of concern."
Perma-Fix said it's material segregation system includes the following benefits to federal and commercial clients:
- Perma-SortSM is a trailer-mounted system offering simple and rapid mobilization and setup.
- Material is processed using electrically powered conveyors, offering minimal effluent and noise emissions.
- Detector type(s), number, and configuration are customizable, depending on the site-specific requirements
- The system design and proprietary software design offers industry-leading detection rates.
- Designed to operate with multiple layers of health and safety constraints in accordance with the Occupational Safety and Health Administration and American National Standards and Measurement Institute conveyor standards.
The company's stock recently traded 4% higher to $6.09 a share in New York.
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