UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)July 22, 2019
PERMA-FIX ENVIRONMENTAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
| Delaware. | | 1-11596. | | 58-1954497 |
(State or other jurisdiction
of incorporation) | | (Commission
File Number) | | (IRS Employer
Identification No.) |
| 8302 Dunwoody Place, Suite 250, Atlanta, Georgia | | 30350 |
| (Address of principal executive offices) | | (Zip Code) |
Registrant’s telephone number, including area code:(770) 587-9898
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act |
| | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act |
| | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act |
| | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act [ ]
Section 8 –Other Events
Item 8.01 –Other Events
On July 22, 2019, Perma-Fix Environmental Services, Inc. (the “Company”) received a release of $5,000,000 in finite risk sinking funds (“sinking funds”) from AIG Specialty Insurance Company (“AIG”) resulting from the completion of the closure activities at the Company’s East Tennessee Material and Energy Corporation (“M&EC) facility. These proceeds will be used for general working capital purposes. The $5,000,000 represents a partial release of the total sinking funds held as collateral under the Company’s financial assurance policy with AIG entered into in 2003 (“Closure Policy”). In connection with the partial release of the sinking funds, total coverage remaining under the Closure Policy stands at approximately $19,000,000. Additionally, the maximum coverage allowable under the Closure Policy was amended from $39,000,000 to $28,000,000.
This report 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 generally are identifiable by use of the words such as “believe”, “expects”, “intends”, “anticipate”, “plan to”, “estimates”, “projects”, and similar expressions. Forward-looking statements include, but are not limited to: use of proceeds. 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 report 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 report, including, without limitation, future economic conditions; industry conditions; our ability to apply, commercialize, and market our new technologies; the government or such other party to a material contract granted to us fails to abide by or comply with the contract or to deliver waste as anticipated under the contract or terminates existing contracts; that Congress provides continuing funding for the DOD’s and DOE’s remediation projects; ability to obtain new foreign and domestic remediation contracts; financial results from the second quarter of 2019; and the additional factors referred to under “Risk Factors” and “Special Note Regarding Forward-Looking Statements” of our 2018 Form 10-K and Form 10-Q for quarters ended March 31, 2019 and June 30, 2019. 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.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | PERMA-FIX ENVIRONMENTAL SERVICES, INC. |
| | | | | |
| Dated: | July 25, 2019 | | By: | /s/ Ben Naccarato |
| | | | | Ben Naccarato |
| | | | | Vice President and |
| | | | | Chief Financial Officer |
