Aegion Corporation (“Aegion” or the “Company”) (Nasdaq Global Select
Market: AEGN) today announced the award of a $6.8 million contract from
the City of West Palm Beach, Florida for its Insituform Technologies,
LLC subsidiary. The City of West Palm Beach evaluated dig and replace,
sliplining and cured-in-place pipe (CIPP) solutions before selecting
Insituform’s CIPP technology as the method to rehabilitate this pipeline.
Insituform is expected to begin the project in May 2016 with the
rehabilitation of approximately 6,000 feet of 48-inch diameter force
main sewer pipelines and complete the project by September 1, 2016. A
flow bypass system will be set up throughout the project in order to
minimize disruption to the community as Insituform crews install the
InsituMain® system. This large-diameter pipeline transfers
all wastewater from the Town of Palm Beach and the City of West Palm
Beach to the East Regional Wastewater Treatment Plant in West Palm Beach.
Aegion’s President and Chief Executive Officer, Charles R. Gordon, said,
“The award of this contract is a direct result of our investments in R&D
to develop innovative solutions for the pressure pipe rehabilitation
market. Our new liner materials provide an effective solution for
large-diameter pipelines. We will continue to target this key market
with improvements to our existing products and new innovations as well
as the patented Fusible PVC® pipe technology offered through
our recent acquisition of Underground Solutions, Inc.”
About Aegion Corporation
Aegion Corporation is a global leader in infrastructure protection and
maintenance, providing proprietary technologies and services: (i) to
protect against the corrosion of industrial pipelines; (ii) to
rehabilitate and strengthen water, wastewater, energy and mining piping
systems and buildings, bridges, tunnels and waterfront structures; and
(iii) to utilize integrated professional services in engineering,
procurement, construction, maintenance and turnaround services for a
broad range of energy related industries. Aegion’s business activities
include manufacturing, distribution, maintenance, construction,
installation, coating and insulation, cathodic protection, research and
development and licensing. More information about Aegion can be found on
our 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.
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,
2015, as filed with the Securities and Exchange Commission on February
29, 2016, 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 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®, Fusible PVC®,
Insituform®, InsituMain®
and the Aegion® logo are the registered
trademarks of Aegion Corporation and its affiliates.
(AEGN-GEN)
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