
Insituform Receives $8.1 Million CIPP Contract Renewal from the City of Richmond, Virginia
SAINT LOUIS, MO, May 5, 2010–Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that it has renewed its term contract with the City of Richmond, Virginia. Valued at up to $8.1 million, this is the third year of a five-year renewable contract and marks one of Insituform’s largest contracts to date from the City of Richmond.
Insituform first worked with Richmond in the mid-1980s. Under this contract, Insituform will rehabilitate small- and large-diameter wastewater pipelines with Insituform® cured-in-place pipe (CIPP). Work on this project is scheduled to begin later this month.
Jim Newkirk, Insituform’s General Manager-East Region, said, “We are pleased to continue our relationship with the City of Richmond as they rehabilitate their sewer system to reduce combined sewer overflows and infiltration and to renew aging pipelines. We are confident that our experienced crews and quality CIPP products will assist the City in its efforts to provide renewed infrastructure to the citizens of Richmond.”
In addition to self-performing the CIPP installations, Insituform will utilize locally owned subcontractors to perform CCTV, manhole rehabilitation and other utility services.
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.
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 forwardlooking 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