Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today
announced its acquisition of Insitu Envirotech (S.E. Asia) Pte Ltd, its
former licensee in Singapore ("Insitu S.E. Asia”), for US $1.3 million.
Daniel E. Cowan, Vice President – Asia Pacific for Insituform, said,
"This acquisition further expands Insituform’s trenchless rehabilitation
business in Southeast Asia, providing meaningful access to the Singapore
and Malaysian rehabilitation markets and bolstering our operations in
India, Hong Kong and Australia. The trenchless rehabilitation market in
Singapore is experiencing significant growth as a result of a
recently-initiated, four-year US $295 million rehabilitation program
announced by the Public Utility Board (PUB), Singapore’s national water
agency. Insituform’s proprietary trenchless products, including iPlus
Infusion® for sewer pipelines and InsituMain® for water pipelines, are
well suited for this market and should allow Insituform to significantly
expand Insitu S.E. Asia’s operations.”
Cowan further commented, "This acquisition also allows Insituform to
expand its third-party CIPP tube sales into the Singapore market, which
previously had been prohibited by the terms of the exclusive license
agreement held by Insitu S.E. Asia. Insituform already has received
orders for approximately 80 miles (approximately US $1.7 million) of
CIPP tube in Singapore. We believe that third-party tube sales will
provide a meaningful contribution to this business in 2010 and beyond.”
Insitu S.E. Asia, an ISO 9001:2008 and OSHA 18001:2007 certified
company, has provided trenchless rehabilitation services in Singapore
for more than 15 years, most recently as a subsidiary of IJM Corporation
Berhad, one of the largest contracting companies in Asia.
For photography, an interview or for more information on the Insituform®
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®, the Insituform® logo, iPlus
Infusion® and InsituMain® are the
registered trademarks of Insituform Technologies, Inc. and/or its
affiliates.
