Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced today that it has been awarded a $5.8 million (US) contract extension from the City of Calgary, Alberta, Canada. In 2010, the City awarded Insituform the first year of this renewable term contract and will have the option to renew this contract for one more year in 2012.
“Insituform has been installing cured-in-place pipe (CIPP) in Calgary since the mid-1980s and we are pleased to continue to provide high quality pipeline rehabilitation solutions. Our crews remain committed to providing this community with renewed pipelines with minimal disruption,” said Ken Foster, President, Insituform Technologies Limited, Canada.
Over the next 12 months, Insituform expects to complete approximately 90,000 feet of CIPP rehabilitation on wastewater pipelines ranging from 8 inches to 48 inches in diameter. It is expected that Insituform’s proprietary air inversion steam cure installation method will be used throughout the project. This installation method reduces energy and water usage by approximately 95 percent.
About Insituform Technologies, Inc.Insituform Technologies, Inc. is a global leader in infrastructure protection. Insituform provides proprietary technologies and services for the corrosion protection of industrial pipelines and the rehabilitation and strengthening of sewer, water, energy and mining piping systems, buildings, bridges and tunnels and waterfront structures. More information about Insituform 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.