Insituform Technologies, Inc. Launches Public Offering of Shares
CHESTERFIELD, MO, February 2, 2009 – Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) ("Insituform" or the "Company") today announced that it has commenced a public offering of up to 9,000,000 shares of its common stock. The Company intends to grant to the underwriters a 30-day option to purchase up to an additional 1,350,000 shares of Insituform common stock to cover overallotments, if any.
The Company plans to use the net proceeds of the offering partially to fund the acquisitions of The Bayou Companies, LLC and Corrpro Companies, Inc., which were announced today.
Bayou, a privately-held company headquartered in New Iberia, Louisiana, is a leading provider of products and services to the on-shore and off-shore oil and natural gas industries primarily in the Gulf of Mexico and North America. Bayou’s products and services include internal and external pipeline coating, lining, weighting and insulation. Bayou also provides specialty fabrication and services for off-shore deepwater installations, including project management and logistics.
Corrpro, headquartered in Houston, Texas, is a premier North American provider of corrosion protection and pipeline maintenance services, predominately to customers in the energy and water infrastructure industries. Corrpro provides a comprehensive line of fully-integrated corrosion protection products and services for structures including pipelines, above and below-ground storage tanks, offshore oil platforms and U.S. Navy ships.
Merrill Lynch & Co. will be the sole bookrunner for this offering and Janney Montgomery Scott LLC and Stifel Nicolaus will act as co-managers.
A registration statement relating to the securities to be offered in this offering has been filed with, and declared effective by, the Securities and Exchange Commission. This press release is neither an offer to sell nor a solicitation of an offer to buy the securities described herein. The offering of these securities is being made only by means of a prospectus and related prospectus supplement filed with the SEC as part of the Company’s registration statement. The prospectus and prospectus supplement will be available at no charge on the SEC’s Web site at www.sec.gov. When available, copies of the prospectus and prospectus supplement also may be obtained from Merrill Lynch & Co., Prospectus Department, 4 World Financial Center, New York, NY 10080.
About Insituform
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 website at www.insituform.com.
Insituform®, the Insituform® logo and Insituform Blue® are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
CONTACT:
Insituform Technologies, Inc.
David F. Morris, Senior Vice President and Chief Administrative Officer
636-530-8000