NEW YORK, May 9 /PRNewswire/ -- Water Asset Management today reported
that Glass Lewis & Co., a leading proxy advisory firm, recommended that
stockholders vote for independent candidates Nick Vande Steeg and Disque D.
Deane Jr. on the BLUE proxy card and discard the WHITE management proxy
card at the Insituform Technologies, Inc. (Nasdaq: INSU) Annual Meeting on
Monday May 19, 2008.

    In reaching their conclusion, Glass Lewis noted, " ... In this case, we
believe that [Water Asset Management] has successfully raised serious
concerns regarding the Company's performance. Notably, when the Dissident
first approached the board of directors, Insituform's stock price was near
a five year low value. Further, the Company's stock has underperformed the
noted indices in each year since 2002. This should be concerning for
shareholders."

    Water Asset Management, the owner of 1,466,008 (5.3%) shares of
Insituform stock, also stated that it firmly disagrees with the
recommendation of the proxy advisory firm ISS/Risk Metrics. On the one hand
ISS/Risk Metrics' analysis correctly acknowledges that "some new board
member with relevant industry expertise and aligned interests with all
other stockholders may benefit the board given the company's long term
under-performance." On the other hand Water Asset Management is baffled by
their recommendation, which if followed, obliges Insituform stockholders to
continue to suffer with the same incumbent Board that has presided over the
company's dismal record of poor stock price, shrinking margins, CEO
turnover and failed acquisitions.

    Water Asset Management believes that reversing these trends requires
changes at the top and continues to urge fellow stockholders to vote the
BLUE card and elect the five highly qualified directors who are committed
to creating long term stockholder value for all Insituform stockholders.

    Stockholders who have questions or need assistance in voting their
shares should contact MacKenzie Partners, Inc. at 800-322-2885 or by email
at proxy@mackenziepartners.com.

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