Insituform Wins $13.3 Million in Additional Work in Atlanta, Georgia Area
CHESTERFIELD, Mo.-(Business Wire)-January 5, 2009 - Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today announced that it was awarded an additional $13.3 million in sewer pipe rehabilitation work in the Atlanta, Georgia area. The Company was recently awarded two new contracts with the City of Atlanta in the amounts of $4.8 million, through its joint venture with Metals & Materials Engineers, L.L.C., and $4.5 million, through its joint venture with Imani Environmental Group, Inc., respectively. Insituform expects to perform approximately 65,000 feet of small-diameter sanitary sewer lining work under these contracts. Work on these projects is underway and should be completed in September and October 2009, respectively.
In addition, Insituform estimates that an additional $4 million in medium- and large-diameter sanitary sewer lining work will be released under its annual term contract with Dekalb County, Georgia during 2009. The Company will use its Insituform® cured-in-place-pipe (CIPP) technology for each of these projects.
The City of Atlanta contracts are a part of the “Clean Water Atlanta” program created by the City in 2002. Clean Water Atlanta is the City’s comprehensive, long-term plan to ensure clean drinking water for Atlanta and clean streams and clean wastewater flows for Atlanta and its downstream neighbors. Through this program, the City of Atlanta expects to spend a total of $3.9 billion for improvements to the City’s water and wastewater systems.
“We are excited to continue our work in this area. We look forward to our ongoing relationship with the strong leadership in the City of Atlanta and Dekalb County and assisting them in their commitment to sewer rehabilitation and clean water for the citizens of the area,” said Steve Morini, Insituform’s General Manager for its Eastern Region.
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, 2007, as filed with the Securities and Exchange Commission on March 10, 2008, 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®, the Insituform® logo and Clean water for the world® are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
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