SAINT LOUIS -- Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that it has received a one-year renewal of its existing term contract with the City of Richmond, Virginia. This extension, valued at up to $8 million, is the fourth year of a five-year renewable contract. Including this latest extension, the total value of this multi-year project is approximately $20.0 million to date.
Currently in its 40th year, Insituform first worked with Richmond over 20 years ago. Using its cured-in-place pipe (CIPP) process, Insituform anticipates rehabilitating wastewater pipelines throughout Richmond with minimal disruption to the community.
Jeffrey J. Kowal, Insituform's General Manager for the East Region, said, "Over the past several years, Richmond has demonstrated its commitment to upgrading and protecting its underground infrastructure. We are pleased to continue to partner with the City to meet its goals of building a solid network for years to come."
Work on the project is expected to begin in April 2011 and be completed by March 2012.
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 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([R]) and the Insituform([R]) logo are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
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