Water Stocks Alert: Aegion (NASDAQ:AEGN) Awarded $5.0 Million Contract from The Metropolitan District in Hartford, Connecticut
Category: Investment, Water, Renewable Energy
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News about Aegion Corporation
ST. LOUIS - February 6, 2013 (Investorideas.com Water Stocks Newswire) Aegion Corporation (Nasdaq Global Select Market: AEGN) today announced that its subsidiary, Insituform Technologies, LLC ("Insituform"), has been awarded a contract valued at approximately $5.0 million from The Metropolitan District located in Hartford, Connecticut to install over 10 miles of Insituform® CIPP (cured-in-place pipe) in small- and medium-diameter wastewater pipelines.
The Metropolitan District, which serves the greater Hartford area, is aggressively rehabilitating its wastewater pipelines in compliance with an Environmental Protection Agency ("EPA") consent decree that expires in 2018. Since 2005, Insituform has received more than $30 million in CIPP contracts from The Metropolitan District and has installed Insituform® CIPP in approximately 140 miles of wastewater pipelines throughout the Hartford area.
Jeff Kowal, Vice President and General Manager of Insituform's East Region, said, "Over the past several years, we have worked to establish strong relationships, not only with The Metropolitan District, but also with design engineering firms and local contractors. We are committed to working with local minority subcontractors as part of the requirements of this project and expect to continue to provide rehabilitation solutions to The Metropolitan District on future projects."
The project is expected to begin in the first quarter of 2013 and to be completed within one year from the start date. Insituform® CIPP will be installed in neighborhoods, through a park, in public golf courses, next to a public swimming pool and in other areas that are environmentally sensitive. It is expected that the installation method of Insituform® CIPP will allow the community of Hartford to experience little to no disruption throughout this project.
About Aegion Corporation
Aegion Corporation is a global leader in infrastructure protection, providing proprietary technologies and services to protect against the corrosion of industrial pipelines and for the rehabilitation and strengthening of sewer, water, energy and mining piping systems and buildings, bridges, tunnels and waterfront structures. More information about Aegion can be found on its internet site at www.aegion.com.
About Insituform Technologies, LLC
For over forty years, Insituform Technologies, LLC, a subsidiary of Aegion Corporation, has been a global leader in the development and installation of proprietary technologies and services for rehabilitating sewer, water and other underground piping systems without digging or disruption. More information about Insituform Technologies 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 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, 2011, as filed with the Securities and Exchange Commission on February 29, 2012, and in the Company's subsequent quarterly reports on Form 10-Q. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, the Company's actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, the Company does 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.
Aegion™, Insituform® and the Aegion® logo are the registered and unregistered trademarks of Aegion Corporation and its affiliates.
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