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Pure Earth, Inc. (PREA) Awarded $14 Million Contract

Pure Earth, Inc. was awarded a $14 million contract in connection with the construction of a new sports facility for the New Jersey Nets in Brooklyn, N.Y. The company said that its previous work in this area was integral in securing the contract.

The contract is to treat and possibly reuse the contaminated soil that will be removed from the site in preparation for construction.

“This is a huge award in what has been a very challenging year for Pure Earth, Inc. We have continued to focus on establishing a superior network of facilities which can provide cost-effective services in the market place. The Company believes that this award, along with the increased bidding activity and anticipated future project awards, should return its base business to levels it achieved in 2007 when the Company had $6.9 million of positive cash flow,” said Mark Alsentzer, the CEO of Pure Earth, Inc.

The work is being performed by PEI Disposal Group and Pure Earth Transportation and Disposal Inc., two subsidiaries of Pure Earth, Inc. PEI Disposal Group cleans soil contaminated with Petroleum, Tar, Herbicides, Pesticides, PCB’s and other contaminants. Pure Earth Transportation and Disposal Inc. is responsible for transporting the soil to licensed facilities for treatment and disposal.

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