Insituform is Awarded Term Contract Valued at Up to $11.7 Million by the City of Austin, Texas
SAINT LOUIS, MO, June 18, 2010 – Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today it has been awarded a three-year term contract by the City of Austin, Texas. The contract, valued at up to $11.7 million, includes using cured-in-place pipe (CIPP) to rehabilitate sewer pipelines in residential, commercial and environmentally sensitive areas within the City of Austin.
Since 2004, Insituform has completed nearly $20 million of rehabilitation work for the City of Austin. Bobby O’Dell, Insituform’s General Manager-Central Region, said, “The City of Austin has been a valuable customer of Insituform for several years. We look forward to continuing our relationship and remain dedicated to working with the City as they renew their sewer pipelines with minimal disruption to the citizens of Austin.”
Insituform has received its first work order valued at $2.3 million under this contract. In compliance with the City’s policy, Insituform’s management team will utilize minority-owned and women-owned businesses throughout the project.
This term contract plays a significant and strategic role in restoring the structural integrity of the City’s collection system while reducing inflow and infiltration and eliminating sanitary sewer overflows.
Insituform® CIPP is a jointless pipe-within-a-pipe used to rehabilitate wastewater pipelines ranging in diameter from six to 96 inches. Rehabilitating wastewater pipelines with Insituform® CIPP reduces infiltration, restores structural integrity and increases flow capacity without disruption to communities, typically at a lower cost than dig and replace solutions.
For photography, an interview, or more information on the Insituform® CIPP process and how it works, please contact Aura Joyce at 636-530-8775 or
ajoyce@insituform.com.
About Insituform
Insituform Technologies, Inc. is a global leader in pipeline protection. Insituform provides proprietary technologies and services for rehabilitating sewer, water, energy and mining piping systems and the corrosion protection of industrial pipelines. 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, 2009, as filed with the Securities and Exchange Commission on March 1, 2010 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.
Insituform® and the Insituform® logo are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
For more information, contact:
David F. Morris
Senior Vice President and Chief Administrative Officer
636-530-8000