Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that it has received a contract valued at approximately $3.6 million (USD) for 2011 from the City of Hamilton, Ontario, Canada, for the first year of a three-year sewer pipeline rehabilitation project. The City of Hamilton, which has the option to renew the contract with Insituform for an additional two years, expects to spend approximately $12 million over the three years of this pipeline rehabilitation project.
Ken Foster, President of Insituform Technologies Limited in Canada, said, “One of the first installations of CIPP in North America took place in Canada in the early 1980s. This latest contract award strengthens our position in this area. This is our fourth consecutive three-year contract with the City of Hamilton and we applaud the efforts of the City’s leadership to continue to maintain its wastewater system and promote the health of its community.”
Using its cured-in-place pipe (CIPP) process, Insituform anticipates rehabilitating wastewater pipelines throughout Hamilton with minimal disruption to the community.
Work on the project is expected to begin in May and be completed by the end of 2011.
Insituform is celebrating its 40th anniversary this year. In 1971, Insituform founder, Eric Wood, successfully developed and installed the cured-in-place pipe (CIPP) solution, which has since been used by Insituform to rehabilitate over 19,000 miles of CIPP throughout the world.
About Insituform Technologies, Inc.
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, 2010, as filed with the Securities and Exchange Commission on February 28, 2011 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 any 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.
Contacts:
David F. Morris, 636-530-8000
Senior
Vice President and Chief Administrative Officer
