Insituform wins record $35.1 million in CIPP work in Delhi, India
Jan 08, 2008
Insituform Technologies, Inc. has won two sewer rehabilitation contracts in Delhi, India, totaling $35.1 million, creating the largest municipal sewer project in the company's history.
Combined, the contracts involve rehabilitating 13,830 meters (8.57 miles) of large-diameter sewer lines:
- 6,790 meters (4.2 miles) valued at $17.5 million (68.86 Indian crowes).
- 7,040 meters (4.37 miles) valued at $17.6 million (68.85 Indian crowes).
The work will begin in January 2008 and must be completed by January 2010.
"These two projects constitute a tremendous step forward for Delhi in the modernization of its sewer system, and we're thrilled to participate in this vital process that will contribute positively to public health," said Daniel E. Cowan, Sr., Insituform's Vice President of Strategic Business Initiatives.
"As the largest project we have undertaken thus far - in North America or internationally - this award significantly advances Insituform's strategic plan for expanding our geographic footprint. Insituform is committing substantial resources to this strategic imperative addressing drinking water as well as wastewater. We have recently opened our Asia-Pacific headquarters in Singapore. We have assigned key executives across the Asia-Pacific region to ensure that we deliver the trenchless technologies that meet the region's drinking water and sewer infrastructure needs and challenges."
Insituform is currently performing its first large-diameter sewer rehabilitation project in India for the New Delhi Municipal Council. The company will begin the DJB project immediately upon completion of the New Delhi Municipal project. Insituform has partnered with Subhash Projects & Marketing Ltd. (Bombay Stock Exchange: SUBH) - one of India's largest water, waste, and power infrastructure companies - to complete the New Delhi Municipal project and the DJB projects and to implement the company's plans to expand throughout India.
Insituform Technologies, Inc. is a leading worldwide provider of proprietary technologies and services for rehabilitating sewer, water and other underground piping systems without digging or disruption. More information about the Company can be found on its Internet site at www.insituform.com.
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, and 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, 2006, as filed with the Securities and Exchange Commission on February 23, 2007, and in our subsequent Quarterly Reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events discussed 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 statements, 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.
Insituform Technologies, Inc.
David A. Martin
17988 Edison Avenue
Chesterfield, MO 63005
Phone: +1 636-530-8000
Fax: +1 636-519-8010
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