Aegion Corporation (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Corrpro Companies, Inc. (“Corrpro”), has been awarded a two-year contract valued at up to $8.2 million for professional engineering services for the City of Houston’s Corrosion Prevention and Rehabilitation Program. The City also has the option to renew the contract for three additional years following the initial term. Corrpro has been providing professional engineering services and corrosion prevention solutions to the City of Houston and its surrounding areas since 1992 and performed approximately $1.7 million of work for the City in 2011.
Corrpro will provide corrosion prevention services for the City’s water and wastewater facilities, including buried steel, ductile iron and pre-stressed concrete water transmission pipelines. In addition, over 300 large-diameter, above-grade pipeline crossings, over 300 water production facilities and over 600 wastewater facilities and force mains will be evaluated.
Dorwin Hawn, Aegion’s Senior Vice President, Energy and Mining, said, “Corrpro’s technical capabilities and depth of engineering expertise lead the industry. The services provided over the coming years by Corrpro to the City of Houston and its citizens are critical to protecting valuable infrastructure. We are proud to provide this service throughout Houston and look forward to continuing our relationship with the City of Houston.”
Work on the project began immediately.About Aegion Corporation Aegion Corporation is a global leader in infrastructure protection, providing proprietary technologies and services to protect against the corrosion of industrial pipelines and for the rehabilitation and strengthening of sewer, water, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures. More information about Aegion can be found on its internet site at www.aegion.com. About Corrpro Companies, Inc. Corrpro Companies, a subsidiary of Aegion Corporation, is the leading provider of corrosion protection systems and engineering services in North America and also has operations in Europe and the Middle East. Corrpro offers corrosion solutions for every industrial market including pipeline, refinery, above and underground storage tanks, water, wastewater, concrete, infrastructure, offshore and marine. More information about Corrpro can be found on its website at www.corrpro.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, 2011, as filed with the Securities and Exchange Commission on February 29, 2012, and in the Company’s subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, the Company’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company does 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.
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