Insituform Settles Lawsuit Against Former European Licensee for $8.5 Million
November 17, 2008 –
Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today
announced that it has settled its lawsuit against Per Aarsleff A/S, the
Company’s joint venture partner in Germany and the United Kingdom and a former
licensee of the Insituform® CIPP process in Northern and Eastern Europe, Russia
and South Africa, which proceeding was pending in Memphis, Tennessee.
In connection with the settlement, Per
Aarsleff will pay the Company $8.5 million in a lump sum in the next ten days.
In June 2005, the Company filed
a lawsuit in the United States District Court for the Western District of
Tennessee against Per Aarsleff A/S and certain of its subsidiaries and affiliates seeking, among other things,
monetary damages for the breach by Per Aarsleff of its license and implied
license agreements with the Company and for royalties owed by Per Aarsleff
under the license and implied license agreements. Per Aarsleff had made counterclaims against
the Company in the litigation as well. As
a result of the settlement, each side has provided general releases to the
other and neither side has admitted liability on any claims in this litigation.
Per
Aarsleff remains a 50% partner in the Company’s German joint venture and a 25%
partner in the Company’s manufacturing company in Great Britain.
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.
Insituform® and the
Insituform® logo are the registered trademarks of Insituform
Technologies, Inc. and its affiliates.
Contact: David F. Morris
Senior Vice President and General Counsel
Insituform Technologies, Inc.
636-530-8000