Aegion Corporation ("Aegion" or the "Company") (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Insituform Technologies USA, LLC ("Insituform"), has been awarded a contract valued at approximately $6.7 million from the Metropolitan St. Louis Sewer District (MSD). This award is in addition to the two contract awards valued at approximately $10.4 million announced in April 2013.
Over a twelve month period beginning in late September 2013, Insituform will install over 34 miles of Insituform ® cured-in-place pipe (CIPP) in wastewater pipelines ranging from 8-inches in diameter to 60-inches in diameter throughout St. Louis City and County. This project is part of MSD’s multi-decade, $4.7 billion Capital Improvement and Replacement Plan.
Kenneth Foster, Vice President and General Manager of Insituform's North American Rehabilitation West Region, said, "Insituform has performed CIPP installations for MSD every year since 1984. We are proud to continue our partnership with MSD as it actively improves its system for the citizens and businesses throughout the St. Louis area."
About Aegion CorporationAegion Corporation is a global leader in infrastructure protection and maintenance, providing proprietary technologies and services: (i) to protect against the corrosion of industrial pipelines; (ii) to rehabilitate and strengthen water, wastewater, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures; and (iii) to utilize integrated professional services in engineering, procurement, construction, maintenance and turnaround services for a broad range of energy related industries. More information about Aegion can be found on our internet site at www.aegion.com. About Insituform Technologies USA, LLC For over forty years, Insituform Technologies USA, 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, 2012, as filed with the Securities and Exchange Commission on February 27, 2013, 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.