Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU)
announced today it has been awarded two contracts with a combined value
of $6.5 million from the Hallsdale-Powell Utility District in Knoxville,
Tennessee. These contracts mark the first time Insituform will work with
the District. Hallsdale-Powell will fund the projects with a state
revolving fund loan secured through the American Recovery and
Reinvestment Act (ARRA),
Hallsdale-Powell had planned to complete this project in a series of
contracts to be awarded over the next three years. However, by accessing
the additional funds available through the ARRA, the District will be
able to upgrade its system more quickly, significantly reducing
infiltration into its existing system. Insituform will rehabilitate
approximately 25 miles of sewer pipelines with its core cured-in-place
pipe (CIPP) technology. The project is expected to be completed by June
2011.
Bobby O’Dell, Insituform’s General Manager-Central Region, said,
"Insituform has been the leader in CIPP technology for nearly 40 years.
We look forward to utilizing our proven processes and project management
experience to assist the Hallsdale-Powell Utility District in upgrading
its sewer system.”
Insituform will partner with Hallsdale-Powell Utility District as well
as the engineering firm, Jordon Jones and Goulding, to inform the
residents of the Knoxville area about the project and the benefits of
the rehabilitation efforts.
"It’s clear Hallsdale-Powell Utility District truly understands the
importance of quality infrastructure rehabilitation and how it can
dramatically help improve the daily life of communities, neighborhoods
and residents,” said David Reece, regional manager at Jordan, Jones and
Goulding. "JJG is pleased to work with the talented professionals at
Insituform on this project and we are eager to assist all of the people
living and working along the 25 miles of wastewater pipelines that are
to be rehabilitated.”
Insituform’s crew based in Knoxville will begin work on this project in
March 2010. A minority-owned business will provide the open-cut work and
pipe-bursting for a portion of the project. Additional contractors from
Tennessee will provide the required manhole rehabilitation, lateral
rehabilitation, pipe bursting and closed-circuit television inspection
services as subcontractors to Insituform.
For photography, an interview, or more information on the Insituform®
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,
2009, as filed with the Securities and Exchange Commission on March 1,
2010 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.
