Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU)
announced today that its Singapore subsidiary, Insitu Envirotech (S.E.
Asia) Pte Ltd. ("Insituform”), has been awarded four contracts totaling
US $18.5 million. Under the contracts, Insituform will perform work for
the Public Utility Board (PUB), Singapore’s national water agency, and
rehabilitate approximately 50 miles of sewer pipeline though the use of
the Insituform® cured-in-place pipe (CIPP) process. Insituform also
announced it has received an additional US $1.4 million in orders to
supply CIPP tube to third parties in Singapore. For the year, Insituform
has received approximately $3.1 million in third-party, CIPP tube sale
orders.
In 2009, PUB, Singapore’s publicly-owned water utility, began work on a
multi-year US $295 million rehabilitation program. This rehabilitation
program is expected to be completed in 2014 and will upgrade over 700
miles of public sewers and 30 miles of pumping mains. PUB serves a
population of over 4.5 million Singaporeans. These contracts are part of
PUB’s ongoing rehabilitation program.
"Insituform looks forward to continuing its work with PUB and to the
opportunity to bid on additional work as PUB continues its ongoing
rehabilitation program. In addition, we continue to provide enhanced
services to the market in Singapore by supplying local rehabilitation
contractors with our CIPP tube. We expect to continue this offering by
supplying CIPP tubes for PUB projects for many years to come,” said
Daniel Cowan, Insituform’s Vice-President, Asia-Pacific.
The iPlus Infusion® system for small-diameter wastewater
pipelines and the iPlus® Composite system for medium- to
large-diameter wastewater pipelines will be used for the first time in
Singapore on this project. These next-generation CIPP solutions provide
PUB with an environmentally beneficial solution. Insituform plans to
utilize its air invert steam cure (AISC) technology to complete this
project, which will reduce water and energy usage on the job site by
approximately 95 percent.
Insituform expects this project will create 45 new positions including
laborers, field management and administrative personnel in Singapore. In
addition, locally-owned subcontractors will be used to complete work on
this project, which is expected to begin in March 2010 and be completed
by December 2011.
"Singapore’s PUB is one of the most progressive water utilities in the
world. This project, which is Phase IV in its overall sewer
rehabilitation program, allows Insituform to introduce its
next-generation solutions to Asia. We remain committed to partnering
with PUB to ensure it can continue to meet its customer demands. By
utilizing our innovative technology, PUB will be able to upgrade its
system with little disruption to the people of Singapore,” Cowan
continued.
For photography, an interview, or more information on the CIPP process
and how it works, please contact Aura Joyce at 636-530-8775 or ajoyce@insituform.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 the Company 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®, iPlus Infusion®, iPlus®
Composite and the Insituform® logo are the
registered trademarks of Insituform Technologies, Inc. and its
affiliates.
