Water Asset Management nominates five for election to Insituform board of directors

By Lisa Kerner

Charlotte, N.C., April 25 - Water Asset Management LLC asked fellow Insituform Technologies, Inc. shareholders to retire the company's incumbent board of directors and support Water Asset's nominees at Insituform's annual meeting on May 19.

Water Asset nominated:

• Senator Alfonse M. D'Amato;

• Nickolas W. Vande Steeg, former president of Parker-Hannifin Corp.;

• Richard Onses, a water industry consultant based in Barcelona, Spain;

• Matthew J. Diserio, president of Water Asset; and

• Disque D. Deane Jr., chief investment officer of Water Asset.

According to Water Asset, Insituform has failed to take advantage of the "tremendous and unmet worldwide demand for sewer and water infrastructure repair."

In an April 25 letter to Insituform shareholders, Water Asset cited the declining value of the company's shares, noted the hiring of four chief executive officers in five years and said the company's operating expenses have not been well controlled.

The letter was included as part of a schedule 14A filed with the Securities and Exchange Commission.

Water Asset said that Insituform failed to fill the chief financial officer position for 18 months and has undertaken "value destroying acquisitions."

The investor wanted Insituform to explore a sale of the company prior to hiring its fourth CEO. However, Insituform rejected selling the company, blaming the decision in part on the uncertain financial markets, the letter said.

According to Water Asset, Insituform's board completed a review of strategic alternatives only to determine that the course of action would be to execute the company's business plan and hire a new CEO.

Insituform, based in Chesterfield, Mo., provides proprietary trenchless technologies to rehabilitate, replace, maintain and install underground pipes.

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