ST. LOUIS -- Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that it has been awarded a $12.2 million (USD) contract with the City of Montreal, Quebec, Canada to rehabilitate sewer pipelines. The completion of this project will help the City meet the goals of its ongoing program of infrastructure improvements.
Insituform expects to rehabilitate over nine miles of wastewater pipelines ranging from 10 inches to 42 inches in diameter. A significant portion of the project includes the rehabilitation of egg-shaped pipelines. Forty years ago, Insituform performed the first installation of cured-in-place pipe (CIPP) in the United Kingdom in an egg-shaped pipeline. Since then, Insituform, the developer of CIPP, has installed CIPP in over 19,000 miles of pipelines around the world.
Ken Foster, President of Insituform Technologies in Canada, said, "Winning this important project validates our decision to open an office in Montreal in June 2010 and positions us to meet the increased demands for both sewer and water pipeline rehabilitation in Quebec. This latest contract award increases our ability to provide services throughout Eastern Canada as well as creates new jobs in Montreal."
Work on this project is expected to be completed by the end of 2011.
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 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([R]) and the Insituform([R]) logo are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
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