Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today announced that it has been awarded a $4.25 million contract to rehabilitate a century-old water main line running beneath Madison Avenue in New York City, one of the busiest streets in the world.
Under the terms of the contract, Insituform Blue™, the company’s potable water business, will rehabilitate 10,000 feet of 48-inch diameter water line using a high-density polyethylene (HDPE) product that will create a new pipe-within-a-pipe. The company’s technology and processes make it possible to rehabilitate the water main line without digging an open trench the entire length of the line.
“This project further validates the success of Insituform’s strategy to accelerate the growth of Insituform Blue™, our potable water business,” said Alfred L. Woods, Chairman and Interim Chief Executive Officer of Insituform. “Insituform Blue™ continues to deliver industry-leading technological innovation and operational excellence, which we believe gives Insituform a competitive advantage and provides us with new growth opportunities, including this prestigious Madison Avenue project.”
“Insituform Blue™ provides a smart, effective solution with the least disruption and environmental impact on one of the busiest streets in the world,” said Gary Wiegmann, Managing Director of Insituform Blue™. “Older rehabilitation technologies would require a trench 37 blocks long to allow replacement of the old pipeline, disrupting utilities, traffic and businesses, at great cost to the commerce and taxpayers of the City of New York. Our industry-leading technology allows us to install 10,000 feet of pipe-within-a-pipe without having to dig a two-mile trench.”
Insituform will work as a subcontractor to Halcyon Construction Corporation of Pleasantville, NY, rehabilitating pipeline from 41st Street north to 78th Street under the administration of the New York City Department of Design and Construction. The work is projected to occur primarily on weekends beginning in June 2008.
“We are thrilled to be partnering with the City of New York and Halcyon Construction on what we are confident will be an important and successful project,” concluded Wiegmann.
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 Insituform is available on its Internet site at www.insituform.com.
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 and 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. In light of these risks, uncertainties and assumptions, the forward-looking events discussed 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 statements, 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®, Insituform Blue™, the Insituform® logo and Clean water for the world® are the registered and unregistered trademarks of Insituform Technologies, Inc. and its affiliates.
Contacts:
David A. Martin, 636-530-8000
