OAKVILLE, ONTARIO - Bennett Environmental Inc. (TSX: BEV) (the 'Company' or 'BEI') today announced that its current treatment campaign at its Saint Ambroise facility ended today. During the current campaign, which started on April 6, 2009, the Company completed the processing of soil received from Pottersburg and other smaller contracts. With the completion of the Pottersburg project the Company will be able to bill all outstanding holdbacks.
The Company continues to seek diversification opportunities. The collection of the Pottersburg holdbacks is expected to result in a cash position of approximately $60 million by the end of this year. These funds will be available to support the diversification process, assuming that a transaction has not been completed before that time.
As previously announced on July 8, 2010 the Company has entered into a contract to remove and treat approximately 10,500 tonnes of PCB contaminated soil located in southern Ontario. It is expected that the soil will be removed from the property in 2010. The soil will be processed at the Company's Saint Ambroise facility based on the operating requirements of the facility. The removal and treatment of the soil is subject to the client completing specified financial requirements.