17.12.2009 19:39:00
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Insituform Technologies, Inc. Announces Appointment of M. Richard Smith to Board of Directors
Insituform Technologies, Inc. (NASDAQ Global Select Market: INSU) ("Insituform” or the "Company”) today announced the appointment of M. Richard Smith to its Board of Directors. Smith brings more than 30 years of management experience in the energy services industry. The addition of Smith increases the size of the Company’s Board of Directors from seven to eight. Smith will also serve on the Board’s Strategic Planning and Corporate Governance & Nominating Committees.
Mr. Smith, 62, currently serves as a consultant to and member of the Board of Directors of Sithe Global Power, LLC, an international power development company, and as the Chairman of the Board of Evergreen Energy Inc., a coal technology and environmental solutions company. Most recently, Mr. Smith served as the Senior Vice President of Bechtel Corporation and President of its Fossil Power business unit from October 2005 until his retirement in December 2007. Bechtel Corporation, a privately-held company with over $31 billion in revenues in 2008, provides engineering, construction and project management services in the energy, transportation, communications, mining and oil and gas industries as well as government services.
Mr. Smith also previously served as the Chief Executive Officer of Intergen NV, a global power generation firm, and in various management positions at affiliated Bechtel companies and at PG&E Corporation.
Insituform’s Chairman of the Board of Directors, Alfred L. Woods, commented, "Rick is a great addition to our Board. His 30+ years in the energy services industry will provide great insight into our expanding energy and mining business. Our Board will also benefit from Rick’s vast experience in international operations. The addition of Rick to our already diverse Board will be a tremendous asset to Insituform.”
"We are excited to benefit from Rick’s knowledge of the energy industry and international operations. Rick’s experience will be valuable in our efforts to capitalize on our energy and mining operations and achieve our long-term strategic objectives,” said Joe Burgess, the Company’s President and Chief Executive Officer.
About Insituform
Insituform Technologies, Inc. is a leading worldwide provider of proprietary technologies and services for rehabilitating sewer, water, energy and mining piping systems and the corrosion protection of industrial pipelines. More information about Insituform 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, 2008, as filed with the Securities and Exchange Commission on March 2, 2009, 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® and the Insituform® logo are the registered trademarks of Insituform Technologies, Inc. and its affiliates.
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