Insituform Technologies, Inc. (NASDAQ Global Select Market: INSU)
("Insituform” or the "Company”) today announced the appointment of M.
Richard Smith to its Board of Directors. Smith brings more than 30 years
of management experience in the energy services industry. The addition
of Smith increases the size of the Company’s Board of Directors from
seven to eight. Smith will also serve on the Board’s Strategic Planning
and Corporate Governance & Nominating Committees.
Mr. Smith, 62, currently serves as a consultant to and member of the
Board of Directors of Sithe Global Power, LLC, an international power
development company, and as the Chairman of the Board of Evergreen
Energy Inc., a coal technology and environmental solutions company. Most
recently, Mr. Smith served as the Senior Vice President of Bechtel
Corporation and President of its Fossil Power business unit from October
2005 until his retirement in December 2007. Bechtel Corporation, a
privately-held company with over $31 billion in revenues in 2008,
provides engineering, construction and project management services in
the energy, transportation, communications, mining and oil and gas
industries as well as government services.
Mr. Smith also previously served as the Chief Executive Officer of
Intergen NV, a global power generation firm, and in various management
positions at affiliated Bechtel companies and at PG&E Corporation.
Insituform’s Chairman of the Board of Directors, Alfred L. Woods,
commented, "Rick is a great addition to our Board. His 30+ years in the
energy services industry will provide great insight into our expanding
energy and mining business. Our Board will also benefit from Rick’s vast
experience in international operations. The addition of Rick to our
already diverse Board will be a tremendous asset to Insituform.”
"We are excited to benefit from Rick’s knowledge of the energy industry
and international operations. Rick’s experience will be valuable in our
efforts to capitalize on our energy and mining operations and achieve
our long-term strategic objectives,” said Joe Burgess, the Company’s
President and Chief Executive Officer.
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® and the Insituform® logo are the
registered trademarks of Insituform Technologies, Inc. and its
affiliates.
