Insituform Awarded Contract in Edmonton, Alberta, Canada for $9.5 Million (USD)
CHESTERFIELD, Mo., March 16 -- Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that it has been awarded a contract for the City of Edmonton, Alberta, Canada. The project is valued at $9.5 million (USD), with the option to extend for an additional two years at $9.5 million (USD) per year. Insituform expects to install approximately 180,000 feet of small- and medium- diameter Insituform® cured-in-place pipe (CIPP) under this contract award beginning this month. The first phase of the contract is expected to be completed by December 31, 2009.
The Insituform® CIPP process is suited for sewer repair and is used to rehabilitate sanitary sewers, storm sewers and force mains. Insituform® CIPP, a jointless pipe-within-a-pipe, rehabilitates pipes, reduces infiltration, restores structural integrity and increases flow capacity.
“We have worked with the City of Edmonton continuously for over 20 years. We are proud to assist the City in their expanded program of underground infrastructure rehabilitation, and we will continue to provide the highest quality product, experienced crews and outstanding customer service to the City,” said Ken Foster, Insituform’s Vice President for Canada.
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 the Company can be found on its Internet site at www.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, 2008, as filed with the Securities and Exchange Commission on March 2, 2009, 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 forward-looking statements made by the Company in this news release are qualified by these cautionary statements.
Contact:
Insituform® and the Insituform® logo are the registered trademarks of Insituform Technologies, Inc. and its affiliates.Insituform Technologies, Inc.
David F. Morris, 636-530-8000
Senior Vice President, General Counsel and
Chief Administrative Officer