American Ecology Damages Case Against California Going to Trial; California Supreme Court Denies Petitions to Review Court of Appeal Ruling.Business Editors, High-Tech Writers BOISE, Idaho--(BUSINESS WIRE)--Dec. 4, 2001 Steve Romano, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of American Ecology Corporation (Nasdaq:ECOL ECOL es.comp.os.linux.* (newsgroups) ECOL Emmanuel Church of Lakewood (San Francisco, CA) ), 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 Noun 1. low-level radioactive waste - (medicine) radioactive waste consisting of objects that have been briefly exposed to radioactivity (as in certain medical tests) 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 In the law of contracts, the doctrine that provides that if a party changes his or her position substantially either by acting or forbearing from acting in reliance upon a gratuitous promise, then that party can enforce the promise although the essential elements of a contract are not claim." The Court of Appeal also affirmed that the California Department of Health Services Department of Health Services may refer to:
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 Noun 1. writ of mandamus - an extraordinary writ commanding an official to perform a ministerial act that the law recognizes as an absolute duty and not a matter for the official's discretion; used only when all other judicial remedies fail 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 PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. , 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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. |
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