Date: February 21, 2002
Source: News Room
CET Environmental Services, Inc. (Amex: ENV) has received $2.1 million under the terms of a Settlement Agreement related to previously uncollected receivables for services performed at a project in Santa Clarita, California. During 2000, the company performed brownfields reclamation work for Remediation Financial, Inc. and affiliated partners Santa Clarita, LLC and LCRI Investments, LLC. In the third quarter of 2000, the company experienced problems collecting receivables, the severity of which caused the company to suspend work at the Porta Bella project. Subsequently, RFI presented the company with termination notices for both projects. The company received a settlement for the former project, and is continuing efforts to recover outstanding receivables from the latter.
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