Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Insituform Technologies, LLC (“Insituform”), has been awarded three contracts with a total value of $30.4 million from the City of Baltimore, Maryland for the installation of over 50 miles of Insituform ® cured-in-place pipe (CIPP) in small- to medium-diameter pipelines throughout the City.
The project includes the installation of CIPP as well as point repairs and manhole rehabilitation. Insituform expects to begin working on these projects in the first quarter of 2013 with project completion in 18 to 24 months.
Jeff Kowal, Vice President and General Manager of Insituform’s East Region, said, “In compliance with an Environmental Protection Agency (“EPA”) consent decree, the City of Baltimore is undergoing extensive rehabilitation of its network of wastewater pipelines. We applaud the City on its proactive approach and are pleased to be awarded these significant projects, continuing our relationship with the City. Our experienced project management and operations teams will be focused on exceeding the demands of these projects across a range of pipeline diameters.”
Over the last two years, the City of Baltimore has conducted extensive closed circuit TV inspections and flow monitoring testing to determine the scope of future projects to be completed by 2016. In order to comply with the EPA consent decree, it is anticipated the City will begin multiple new projects over the next few years, ranging from $5 million to $15 million each. These projects will include CIPP installation and other pipeline related infrastructure improvements.Insituform will work with minority contractors who have been certified by the City of Baltimore in compliance with the requirements of the contracts. Insituform has extensive experience helping municipalities comply with consent decree mandates through its high quality rehabilitation methods. 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 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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