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Insituform Wins its Largest United Kingdom CIPP Project
CHESTERFIELD, MO, Feb. 20, 2008 - Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that it has won its largest sewer rehabilitation project in the United Kingdom to date. The cured-in-place pipe ("CIPP") project for a municipality located in the UK covers work for a total of £7.5 million (USD$14.7 million).
The contract was awarded to the Company's operation in the United Kingdom, Insituform Technologies Limited ("ITL"). The project is the second, successive contract ITL has won with the same municipality. The previous contract included rehabilitating 51 kilometers (31.7 miles) of sewer lines and inspecting 100 kilometers (62.1 miles) of sewers on closed-circuit television. Mark Neal, Managing Director of ITL, indicated that this new project will likely cover similar lengths of lines for rehabilitation and inspection.
Neal said, "We have been developing a first-class working relationship and partnership with our clients in the UK, and we're pleased to be expanding this important work in the region."
Bruce Frost, Insituform's Vice President of Europe, added, "This is another step forward in our strategic imperative to grow our business in Europe as well as in our other new and growing international markets. Addressing infrastructure issues globally is an essential part of Insituform's mission."
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.
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) and the Insituform(R) logo are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
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