American Ecology Fully Resolves Federal Investigation of Oak Ridge, Tennessee Subsidiary.Business Editors BOISE, Idaho--(BUSINESS WIRE)--Aug. 8, 2002 Steve Romano, President and Chief Executive Officer of American Ecology Corporation (Nasdaq: ECOL ECOL es.comp.os.linux.* (newsgroups) ECOL Emmanuel Church of Lakewood (San Francisco, CA) ), announced that subsidiary American Ecology Recycle Center (AERC AERC African Economic Research Consortium AERC Adult Education Research Conference AERC American Endurance Ride Conference AERC Alcohol Education and Research Council (UK) AERC Association of European Rarities Committees ) of Oak Ridge, Tenn. has fully resolved a longstanding investigation by the United States Attorney's Office for the Eastern District of Tennessee and other federal agencies. Today, attorneys representing AERC entered a guilty plea in United States District Court for the Eastern District of Tennessee The United States District Court for the Eastern District of Tennessee is the federal court in the Sixth Circuit whose jurisdiction covers all of East Tennessee and a portion of Middle Tennessee. The court comprises 4 divisions. to a single felony count of storing hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. without the necessary permit at the subsidiary's Oak Ridge facility from 1997 to 2000. AERC also paid a $10,000 fine. The plea agreement recognizes the company's recent, voluntary contributions of $12,500 to the Tennessee Wildlife Resources Agency The Tennessee Wildlife Resources Agency (also known as TWRA) is an independent state agency of the state of Tennessee with the mission of managing the state's fish and wildlife and their habitats, as well as responsibility for all wildlife related law enforcement activities. and $12,500 to the Tennessee Valley Authority Tennessee Valley Authority (TVA), independent U.S. government corporate agency, created in 1933 by act of Congress; it is responsible for the integrated development of the Tennessee River basin. Police to support environmental training and enforcement. "The past, improper management of these materials was an unacceptable departure from American Ecology's commitment to the highest standards of compliance with environmental regulations," Romano stated, adding "Today's plea agreement resolves all outstanding matters regarding these past practices." AERC purchased the Oak Ridge facility from Quadrex Corporation in 1994. In the months previous to purchasing the facility, a fire in a treatment process area at the facility resulted in the creation of contaminated liquid, which became AERC's responsibility with the acquisition. In 2000, AERC entered a Consent Agreement, paid a related $100,000 civil penalty to the U.S. Environmental Protection Agency Environmental Protection Agency (EPA), independent agency of the U.S. government, with headquarters in Washington, D.C. It was established in 1970 to reduce and control air and water pollution, noise pollution, and radiation and to ensure the safe handling and for storing hazardous material without a permit, and obtained the required permit. The waste was properly removed and disposed of in December 2000. "The senior managers responsible for the Oak Ridge subsidiary when this problem arose are no longer employed by the company," Romano added, concluding, "The final resolution of this long-standing legal matter demonstrates the Company's commitment to addressing environmental and regulatory issues in a responsible fashion." 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. This press release contains forward-looking statements based on current expectations, beliefs, and assumptions. Actual results and outcomes may differ materially from what is expressed herein and no assurance can be given that resolution of this or any legal matter will result in improved financial performance at the Oak Ridge facility. For information on risk factors that could cause actual results to differ from expectations or could adversely impact operations, please refer to American Ecology Corporation's Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , and most recent Form 10-Q filed with the Securities and Exchange Commission. |
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