
Insituform Renews CIPP Contract with City of London, Ontario for $6.2 Million
SAINT LOUIS, MO, June 10, 2010 – Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today the renewal of its term contract with the City of London, Ontario, Canada. Valued at US$6.2 million, this is the largest trenchless sewer rehabilitation project in the City’s history. Nearly US$2 million of the 2010 project is being funded through Canada’s Stimulus Funding Infrastructure Renewal Program. Including the successful completion of a US$5.9 million term contract in 2009, Insituform has been awarded over US$12 million in work with the City of London in the past two years.
Ken Foster, Insituform’s Vice President-Canada, said, “Our work on this project helps the City of London meet its rehabilitation goals with the least amount of inconvenience to its citizens. We have a long history with the City of London and look forward to continuing to provide experienced project management and high-quality rehabilitation solutions.”
Work on this project is expected to be completed by December 2010. Insituform® CIPP will be used to rehabilitate nearly 25 miles of wastewater pipelines up to 48-inches in diameter.
City reports indicate the use of various trenchless technologies, including pipeline relining and repair, have resulted in cost savings of US$81 million over the last five years. “The City currently uses trenchless technologies for sewer relining and watermain relining. The benefits are many—cost savings, because the road doesn’t need to be excavated; minimized disruption (one day as opposed to four months); and the environmental benefits of not requiring new materials,” said City of London, Division Manger—Construction Administration, Justin Lawrence.
Insituform® CIPP is a jointless pipe-within-a-pipe used to rehabilitate wastewater pipelines ranging in diameter from six to 96 inches. Rehabilitating wastewater pipelines with Insituform® CIPP reduces infiltration, restores structural integrity and increases flow capacity without disruption to communities, typically at a lower cost than dig and replace solutions.
For photography, an interview, or more information on the Insituform® CIPP process and how it works, please contact Aura Joyce at 636-530-8775 or ajoyce@insituform.com.
About Insituform
Insituform Technologies, Inc. is a global leader in pipeline protection. Insituform provides proprietary technologies and services for rehabilitating sewer, water, energy and mining piping systems and the corrosion protection of industrial pipelines. More information about the Company can be found on its internet site at www.insituform.com.
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. The Company makes forward-looking statements in this news release that represent the Company’s beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to the Company and on management’s beliefs, assumptions, estimates or projections and are not guarantees of future events or results. When used in this document, the words “anticipate,” “estimate,” “believe,” “plan,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. Such statements are subject to known and unknown risks, uncertainties and assumptions, including those referred to in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2009, as filed with the Securities and Exchange Commission on March 1, 2010 and in our subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, our actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, we do not assume a duty to update forward-looking statement, whether as a result of new information, future events or otherwise. Investors should, however, review additional disclosures made by the Company from time to time in its periodic filings with the Securities and Exchange Commission. Please use caution and do not place reliance on forward-looking statements. All forward looking-statements made by the Company in this news release are qualified by these cautionary statements.
Insituform® and the Insituform® logo are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
For more information, contact:
David F. Morris
Senior Vice President and Chief Administrative Officer
636-530-8000