Insituform Receives $17.0 Million (US) Sewer Rehabilitation Term Contracts in Hong Kong
SAINT LOUIS, MO, July 16, 2010–Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today it has begun work on a $17 million (US) project for the Drainage Services Department, Hong Kong Special Administrative Region. Insituform was recently awarded two term contract renewals, which provide for the rehabilitation of wastewater pipelines located throughout the highly populated Central District and Mainland North District for three and five years, respectively.
It is expected that Insituform will install either Insituform® Cured-in-Place Pipe (CIPP) or iPlus® Composite on 4-inch to 84-inch diameter circular and box shape pipelines constructed of clay, concrete or brick. Some of these pipelines date back to the colonial years of Hong Kong. iPlus® Composite, Insituform’s premium fiber-reinforced CIPP solution, provides both added strength and stability and is ideal for medium- to large-diameter pipelines.
Daniel Cowan, Insituform Vice President, Asia-Pacific, said, “By securing these contracts, Insituform continues to maintain its market share and solidifies its presence in Asia. These contracts strengthen Insituform’s East Asian platform as we continue to expand our operations into other markets throughout the greater China region.”
Insituform has been rehabilitating pipelines in Hong Kong since 2005. William Wong, Insituform General Manager, Greater China, said, “We’re pleased to continue our rehabilitation efforts in Hong Kong. Our dedicated resources in this area have successfully managed Insituform’s previous term-contracts, which were valued at approximately $6 million (US).”
Insituform® CIPP is a jointless pipe-within-a-pipe used to rehabilitate wastewater pipelines ranging in diameter from 6 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®, iPlus® Composite and the Insituform® logo are the registered and unregistered 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