Aegion Corporation Awarded Two-Year, $5 Million (USD) Wastewater Rehabilitation Contract in Western Canada
Aegion Corporation (NASDAQ:AEGN) today announced that its subsidiary, Insituform Technologies, has been awarded a two-year, $5 million (USD) contract to rehabilitate aging wastewater pipelines in Western Canada.
Insituform will rehabilitate more than 80,000 linear feet--the equivalent of more than 15 miles--of sanitary wastewater lines utilizing trenchless technology--also known as "no-dig"--rehabilitation that reduces overall project costs and minimizes disruptions to residents. The project will consist of installation of a mix of small-, medium- and large-diameter cured-in-place pipe (CIPP) on wastewater pipelines, including full bypass.
Charles R. Gordon, Aegion's President and CEO, said, "This latest project in Western Canada is a result of our leading market position in North America, in both the U.S. and Canada, where the need to repair aging infrastructure is critical. We are excited that our trenchless technology solutions are continuing to help ensure the safe, effective delivery of municipal services to communities across the globe."
The project began this summer and is expected to conclude in late 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(R).
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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