CHESTERFIELD, Mo.--(BUSINESS WIRE)--Insituform Technologies, Inc. (Nasdaq Global Select Market: INSU) today urged stockholders to follow last week’s recommendation from leading proxy advisory firm RiskMetrics Group (formerly ISS) and vote FOR all of Insituform’s directors on the Company’s WHITE proxy card today. In its May 8, 2008 report, RiskMetrics noted that dissident Water Asset Management (WAM) had “not met its burden of proving it is better able to increase value than the incumbent board” and recommend that stockholder reject WAM’s attempt to take control of Insituform at the Company’s Annual Meeting of Stockholders on May 19, 2008.The Company also issued the following statement in response to the report issued by proxy advisory firm Proxy Governance, Inc.:
While we disagree with many of the assertions and conclusion in the Proxy Governance report, we think it is important to recognize that Proxy Governance believes that stockholders will not be best served by handing over control of Insituform’s Board to WAM. In its May 12, 2008 report, Proxy Governance said it “remain[s] concerned the dissidents have not demonstrated sufficient grounds to merit a change in control of the board.” Notably, all three of the proxy advisory firms that have evaluated this situation have concluded that replacing a majority of Insituform’s Board with WAM’s slate of director nominees is NOT in the best interests of all Insituform stockholders.
There is still time to vote the WHITE proxy card to support your Board. Stockholders with questions or who need assistance voting their shares may call the Company’s proxy solicitor, Innisfree M&A Incorporated, at (888) 750-5834.
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