Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Insituform Technologies, LLC (“Insituform”), has been awarded a $5.0 million contract from the City of Beverly Hills, California for the rehabilitation of over 135,000 feet of small-diameter sewer pipelines.
Kenneth Foster, Vice President and General Manager of Insituform's North American Rehabilitation West Region, said, “We are pleased to have been awarded this project in Beverly Hills. Insituform’s proprietary cured-in-place pipe (CIPP) technology will allow this project to be completed with minimal disruption to the City and its residents. We look forward to working with the City on future pipeline projects as well.”
Insituform will install cured-in-place pipe in 8-inch, 10-inch and 12-inch diameter sewer pipelines throughout Beverly Hills. Specific locations include sewer pipelines along Rodeo Drive and Wilshire Boulevard. The cleaning portion of this project will be completed by a minority, woman owned business based in Southern California.
Insituform will begin work in September 2012 and expects to complete the project within 12 months.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 Insituform Technologies, LLC For over forty years, Insituform Technologies, LLC., a subsidiary of Aegion Corporation, has been a global leader in the development and installation of proprietary technologies and services for rehabilitating sewer, water and other underground piping systems without digging or disruption. More information about Insituform Technologies 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, 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 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.