Corrpro Companies, Inc. ("Corrpro”), a subsidiary of Insituform
Technologies, Inc. (NASDAQ Global Select Market: INSU), announced today
that it has begun work on a $2.3 million project for a United States
Coast Guard ("USCG”) cargo wharf in Kodiak, Alaska. The project will
protect the steel wharf piles from corrosion and consists of over three
hundred 270-pound aluminum anodes and coated steel bond bars.
The project will replace an under-performing cathodic protection system
and includes the demolition of the existing cathodic protection system
as well as structural steel and concrete repairs. New structural steel
members will be installed to reinforce the existing steel piles. The
entire project will be completed over water and underwater in a region
which experiences some of the highest tidal fluctuations in the world.
Corrpro will work under Jay-Brant General Contractors, LLC, a
pre-qualified general contractor for the Coast Guard, to complete this
project at the USCG Base, Kodiak, the largest active base in the United
States. "Jay-Brant is pleased to be able to expand the services we offer
to the USCG by providing cathodic protection on the cargo wharf by
virtue of our contractual relationship with Corrpro. We have relied upon
the professional expertise provided by Corrpro in meeting our
obligations to the USCG,” said Chuck Jay, co-owner of Jay-Brant.
"We are pleased to work with Jay-Brant as well as the Coast Guard,” said
Bill Larkin, President and CEO of Corrpro. "At the conclusion of this
project, the Coast Guard will have a fully-functioning cathodic
protection system that protects their steel piles from corrosion. Since
2005, Corrpro has received approximately $45 million in revenue from
various branches of the United States government, our largest customer.”
Corrpro anticipates work on the project will be completed by September
2009.
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 and unregistered trademarks of
Insituform Technologies, Inc. and its affiliates.