December
December 04, 2001 | December 20, 2001 | December 20, 2001
December
04, 2001
Contact: Chad Hyslop 208.331.8400
chyslop@americanecology.com
AMERICAN ECOLOGY DAMAGES CASE AGAINST CALIFORNIA GOING TO TRIAL
California
Supreme Court Denies Petitions to Review Court of Appeal Ruling
BOISE,
Idaho - Steve Romano, President and Chief Operating Officer of American
Ecology Corporation [NASDAQ: ECOL], today announced that the California
Supreme Court has denied petitions to review a September 2001 Court
of Appeal decision, clearing the way for subsidiary US Ecology's damages
claim against the State of California to go to trial. US Ecology Inc.
is seeking more than $162 million in development expenses, interest,
and other damages from the State for, among other things, abandoning
its obligation to purchase the Ward Valley low-level radioactive waste
disposal site.
"We are pleased with the California Supreme Court's timely and appropriate decision," Romano stated, adding "we believe we have a strong damages case against California, and look forward to the upcoming pre-trial discovery phase of the proceeding."
In September, the Fourth Appellate District of the California Court of Appeal ruled that "…Ecology alleged facts that fit within the classic model of a promissory estoppel claim." The Court of Appeal also affirmed that the California Department of Health Services had the necessary authority to enter into its contractual obligations with US Ecology.
The Company also filed a petition for review on certain aspects of the Court of Appeal decision, including a ruling that the Company could not seek a Writ of Mandamus compelling the State to complete the Ward Valley land transfer.
"Both the Court of Appeals and the California Supreme Court have agreed that American Ecology's core damages case against the State of California may go forward," Romano said, concluding "we will seek to recover the full extent of damages owed to us at trial."
American Ecology Corporation, through its subsidiaries, provides radioactive, PCB, hazardous and non-hazardous waste services to commercial and government customers throughout the United States, such as nuclear power plants, steel mills, medical and academic institutions and petro-chemical facilities. Headquartered in Boise, Idaho, the Company is the oldest radioactive and hazardous waste services Company in the United States.
This press release contains forward-looking statements that are based on our current expectations, beliefs, and assumptions about the pending litigation. Actual results may differ materially from what is expressed herein and no assurance can be given that the company can generate future earnings, or prevail in this or other pending litigation. For information on factors that could cause actual results to differ from expectations, please refer to American Ecology Corporation's Report on Form 10-K filed with the Securities and Exchange Commission.
December
20, 2001
Contact: Chad Hyslop 208.331.8400
chyslop@americanecology.com
AMERICAN ECOLOGY SELLS OAK RIDGE BROKERAGE BUSINESS TO CHASE ENVIRONMENTAL GROUP
Sale
Reflects Continued Focus on Core Waste Processing and Disposal Business
BOISE,
Idaho - Steve Romano, President and Chief Operating Officer of American
Ecology Corporation [NASDAQ: ECOL], today announced the sale of specified
assets and customer information for the Company's Oak Ridge, Tennessee
radioactive waste brokerage business to Chase Environmental Group,
Inc. of Louisville, Kentucky. This follows the November sale of the
Company's Nuclear Equipment Service Center assets in Oak Ridge to
Alaron.
"The successful sale of our Brokerage Services continues the execution of American Ecology's business strategy of focusing on our core waste processing and disposal services," Romano stated, adding "We are confident Chase Environmental will continue the quality service provided in the past to our customers."
Equipment, customer account information, and other Brokerage Service assets were sold to Chase Environmental Group for an unspecified amount of cash. In conjunction with the sale, American Ecology has established a teaming relationship with Chase.
"Our Company has enjoyed a long working relationship with Chase Environmental Group," Romano stated, concluding, "this sale and teaming arrangement will be beneficial for both companies."
American Ecology Corporation, through its subsidiaries, provides radioactive, PCB, hazardous and non-hazardous waste services to commercial and government customers throughout the United States, such as nuclear power plants, medical and academic institutions, steel mills and petro-chemical facilities. Headquartered in Boise, Idaho, the Company is the oldest radioactive and hazardous waste services Company in the United States.
This press release contains forward-looking statements that are based on our current expectations, beliefs, and assumptions about the industry and markets in which American Ecology Corporation and its subsidiaries operate. Actual results may differ materially from what is expressed herein and no assurance can be given that the Company can successfully implement its core business strategy and improve future earnings. For information on factors that could cause actual results to differ from expectations, please refer to American Ecology Corporation's Report on Form 10-K and most recent form 10-Q filed with the Securities and Exchange Commission.
December
20, 2001
Contact: Chad Hyslop 208.331.8400
chyslop@americanecology.com
FEDERAL APPEALS COURT AFFIRMS PRIOR NLRB RULING AGAINST AMERICAN ECOLOGY SUBSIDIARY ON LABOR DISPUTE
BOISE, Idaho - Steve Romano, President and Chief Operating Officer of American Ecology Corporation [NASDAQ: ECOL], today gave notice of a ruling by the United States Sixth Circuit Court of Appeals that affirms a previous decision of the National Labor Relations Board finding that the company had violated provisions of the National Labor Relations Act. The December 14, 2001 ruling effectively requires the Company to reinstate a prior collective bargaining agreement with members of the Paper Allied Industrial Chemical and Energy Workers International Union, AFL-CIO working at its Oak Ridge, Tennessee radioactive materials processing facility. Reinstatement of the prior agreement will require the Company to compensate Union members for back wages and benefits.
"The Company does not intend to appeal the Court of Appeals ruling," Romano stated, adding "We will now turn our attention to working with the Union and the National Labor Relations Board on payment details, and begin negotiations with the Union on the terms and conditions of a new collective bargaining agreement."
"We believe relations have improved with the Union following recent management changes at the Company and its Oak Ridge facility," Romano explained, adding, "We hope to negotiate and enter into a new agreement that will be mutually beneficial to the Company and its valued Union workers in Oak Ridge."
The Company believes it has properly accrued for the accounting impacts of the back wages and benefits, as reported in prior filings with the Securities and Exchange Commission.
American Ecology Corporation, through its subsidiaries, provides radioactive, PCB, hazardous and non-hazardous waste services to commercial and government customers throughout the United States, such as nuclear power plants, steel mills, medical and academic institutions and petro-chemical facilities. Headquartered in Boise, Idaho, the Company is the oldest radioactive and hazardous waste services company in the United States.
This press release contains forward-looking statements that are based on our current expectations, beliefs, and assumptions about the industry and markets in which American Ecology Corporation and its subsidiaries operate. Actual results may differ materially from what is expressed herein and no assurance can be given that the company can successfully negotiate a new contract with the Union, implement its growth strategy, or generate future earnings. For information on factors that could cause actual results to differ from expectations, please refer to American Ecology Corporation's Report on Form 10-K, and most recent Form 10-Q filed with the Securities and Exchange Commission.