Insituform Technologies Receives Expanded Australian Mining Contract
Wednesday, May 18, 2011
ST. LOUIS --(BUSINESS WIRE) -- Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) announced Tuesday that United Pipeline Systems, a division of Insituform, has been awarded an additional $10.5 million (USD) for the supply and installation of its Tite Liner(R) HDPE solution in pipelines at the Sino Iron Ore project in Western Australia. This contract expands the $10.9 million (USD) project for the Sino Iron Ore mine previously announced by Insituform in January 2010. The start date of United Pipeline Systems’ work on the original project was delayed until May 2011, when a new prime contractor was retained by the mine owner. In connection with the new prime contractor being hired, United Pipeline Systems’ scope of work was increased by an additional $10.5 million (USD).
The large-scale magnetite iron ore project is the first of its kind in Australia and is the largest magnetite mining and processing operation in Australia. The installation of the Tite Liner(R) product at this mine will protect over 36 miles of slurry and process water pipelines. Protecting new slurry and process water pipelines with the Tite Liner(R) solution significantly extends the life of the pipeline.
Randy Egner, International General Manager, United Pipeline Systems, said, “We are pleased to be working at the Sino Iron Ore Mine and commend the mine owner’s decision to protect and extend the life of these pipelines. Our crews have proven their expertise in installing in harsh, desert climates and will remain focused on completing this project as specified.”
Work on the project is expected to be completed by August 2011.
About Insituform Technologies, Inc.
Insituform Technologies, Inc. is a global leader in pipeline protection. Insituform provides 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.
About United Pipeline Systems
United Pipeline Systems is a global leader in providing high-density polyethylene (HDPE) lining systems for internal pipeline protection. United has constructed and internally lined more than 13,000 kilometers (8,000 miles) of pipelines on six continents since 1985. United developed the Tite Liner(R) system, which protects steel pipelines from a variety of chemicals and abrasives through a broad range of temperatures and pressures. More information about United can be found at www.unitedpipeline.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 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, 2010, as filed with the Securities and Exchange Commission on February 28, 2011 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(R), United(R), Tite Liner(R), Global Pipeline Protection(TM), the Insituform(R) logo and the United(R) logo are the registered and unregistered trademarks of Insituform Technologies, Inc. and its affiliates.
CONTACT: Insituform Technologies, Inc.
David F. Morris, 636-530-8000
Senior Vice President and Chief Administrative Officer
KEYWORD: UNITED STATES NORTH AMERICA MISSOURI
INDUSTRY KEYWORD: NATURAL RESOURCES MINING/MINERALS CONSTRUCTION & PROPERTY COMMERCIAL BUILDING & REAL ESTATE OTHER CONSTRUCTION & PROPERTY
SOURCE: Insituform Technologies, Inc. Copyright Business Wire 2011 http://www.businesswire.com/news/home/20110517006912/en
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