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Insituform Reports Strong Orders in Hong Kong and in its New Drinking Water Business
Insituform Begins 2008 with Substantial Project Backlog in Hong Kong and India
CHESTERFIELD, Mo.--January 25, 2008-- Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today announced water and sewer projects in Hong Kong totaling more than USD $13 million. The majority of the work in Hong Kong is an Insituform Blue(TM) project representing the largest drinking-water pipeline rehabilitation project for the Company to date, with more than 30 kilometers (approximately 19 miles) of water pipeline to be rehabbed under and around the famed Nathan Road in Kowloon, Hong Kong. Work began on this project on January 20, 2008. Insituform also started work in November 2007 on two major three-year term CIPP (cured-in-place pipe) maintenance projects for Hong Kong's Drainage Services Department.
Insituform has partnered in Hong Kong with VSL International Ltd. Together, they operate Insituform Asia Ltd., a 50:50 joint venture.
Insituform started 2008 with approximately USD $50 million in project backlog in its newly formed joint venture operations in Hong Kong and India. The dramatic increase in these new and important markets for the Company results from significant orders received in the fourth quarter of 2007. These successes are the product of the Company's focused efforts on the strategic expansion of international and drinking water markets.
"Our efforts to develop new products for the drinking water market are paying off in these growing markets," said Alex Buehler, Vice President of Marketing and Technology. "The Company's trenchless technology is perfect for the work in Hong Kong, one of the most densely populated cities on earth, where digging to rehabilitate water lines is not an option in many cases. The city has embarked on a large program to rehabilitate its aging drinking water system and Insituform's new products meet this demand."
"These new water projects as well as the international joint venture operations further the Company's strategic objectives of international growth and expansion into the exciting potable water rehabilitation market," stated Daniel Cowan, Vice President of Strategic Business Initiatives.
Insituform Technologies, Inc. is a leading worldwide provider of proprietary technologies and services for rehabilitating sewer, water, and other underground piping systems without digging or disruption. More information about Insituform is available on its Internet site at www.insituform.com.
VSL International Ltd. is a subsidiary of Bouygues Construction of France and a specialty contractor and engineering company with 50 years' experience working in Asia. More information about Bouygues is available at its internet site www.bouygues-construction.com.
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 and 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, 2006, as filed with the Securities and Exchange Commission on February 23, 2007, and in our subsequent Quarterly Reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events discussed 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 statements, 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(R), the Insituform(R) logo and Insituform Blue(TM) are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
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