ST. LOUIS, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies, has been awarded a contract to rehabilitate more than 7,000 linear feet of pressurized water pipelines in Portsmouth, Virginia. The project includes 3,525 linear feet of 8-inch cast iron fire-suppression system pipeline; 1,700 linear feet of 8-inch cast iron drain lines; and 1,464 linear feet of 8-inch cast iron drain lines in maintenance tunnels under a tunnel roadway.
Insituform will utilize Thermopipe®, Aegion’s proprietary, high-tenacity, polyester-reinforced liner suited for the rehabilitation of potable and non-potable water mains and other pressurized piping systems up to 12 inches in diameter. Once installed, the liner forms a close-fit within the host pipe, creating a jointless, leak-free lining system able to independently support the full system internal design pressure.
Charles R. Gordon, Aegion’s President and Chief Executive Officer, said, “This is an exciting project for Aegion. Not only does it demonstrate our commitment to providing trenchless technology to rehabilitate pressurized water pipelines, but it also utilizes one of our recently introduced proprietary technologies, Thermopipe®. We will continue to leverage our comprehensive offering of more than a dozen trenchless lining solutions to serve the growing needs of the aging water and wastewater market.”
The project is expected to begin this fall and conclude by the end of 2021.
About Aegion Corporation (NASDAQ: AEGN)
Aegion combines innovative technologies with market-leading expertise to maintain, rehabilitate and strengthen infrastructure around the world. Since 1971, the Company has played a pioneering role in finding transformational solutions to rehabilitate aging infrastructure, primarily pipelines in the wastewater, water, energy, mining and refining industries. Aegion also maintains the efficient operation of refineries and other industrial facilities. Aegion is committed to Stronger. Safer. Infrastructure®.
More information about Aegion can be found at www.aegion.com.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Aegion’s forward-looking statements in this news release represent its beliefs or expectations about future events or financial performance. These forward-looking statements are based on information currently available to Aegion 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 Aegion’s Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on March 2, 2020, and in subsequently filed documents, and, in particular, the impact of the current COVID-19 virus outbreak and the evolving response thereto. In light of these risks, uncertainties and assumptions, the forward-looking events may not occur. In addition, Aegion’s actual results may vary materially from those anticipated, estimated, suggested or projected. Except as required by law, Aegion 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 Aegion from time to time in Aegion’s 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 Aegion in this news release are qualified by these cautionary statements.
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