Corrpro Companies, Inc. ("Corrpro”), a subsidiary of Insituform
Technologies, Inc. (Nasdaq Global Select Market: INSU), announced today
that it has received a $3.6 million task order from the United States
Navy. This order was received under an existing Indefinite
Delivery/Indefinite Quantity (IDIQ) contract valued at up to $8.0
million per year. The United States Navy has the option to renew the
contract, which expires in September 2010, for up to four years at a
value of up to $8.0 million per year.
The task order requires Corrpro to perform engineering services as well
as design and installation of cathodic protection systems, field
inspections and surveys in military installations worldwide. It is
expected that the majority of the work will be located in the United
States, Japan, Korea and the South Pacific Islands. Other locations may
include military installations in Western European countries. Corrpro
has worked with the US Navy on similar projects for over 15 years.
Corrpro recently completed a similar IDIQ contract valued at $4.0
million per year, under which it performed approximately $15.0 million
of work over five years.
Spencer Turpin, Regional Vice President of Corrpro said, "We are
extremely pleased to perform these services for the US Navy around the
world. Identifying and installing cathodic protection systems assists
the US Navy in protecting important military infrastructure from
corrosion. Our certified engineers and corrosion experts are committed
to providing quality service and materials on this project.”
Corrpro was selected to bid on the project after undergoing a thorough
pre-qualification process. As the general contractor, Corrpro will work
with several subcontractors, including locally-owned small businesses,
minority-owned businesses and women-owned businesses.
Corrpro will begin work on this project immediately and expects to
complete this portion of the work by August 2010.
About Corrpro
Corrpro Companies, Inc. was acquired by Insituform Technologies, Inc. in
early 2009. For over 25 years, Corrpro has been a leading provider of
cathodic protection systems and engineering services. As a subsidiary of
Insituform Technologies, Inc., 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
internet site at www.corrpro.com.
About Insituform
Insituform Technologies, Inc. is a leading worldwide provider of
proprietary technologies and services for rehabilitating sewer, water,
energy and mining piping systems and the corrosion protection of
industrial pipelines. 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,
2008, as filed with the Securities and Exchange Commission on March 2,
2009, 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 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.
Insituform®, the Insituform® logo, Corrpro® and
the Corrpro® logo are the registered trademarks of Insituform
Technologies, Inc. and its affiliates.