NEW YORK, May 12 /PRNewswire/ -- PROXY Governance, Inc., a leading
independent voting advisory service, has recommended that stockholders of
Insituform Technologies, Inc. (Nasdaq: INSU) vote FOR independent
candidates Nickolas Vande Steeg, Richard Onses and Disque D. Deane Jr. on
the BLUE proxy card being circulated by Water Asset Management.

    In its analysis, PROXY Governance noted:

    "Structurally, there are few striking differences between the strategic
plans proposed by the company and the dissidents. What is striking,
however, is that it took a sudden 90% drop in profits, and the destruction
of more than four years of share price appreciation, before the board
identified the need for a strategic plan to mitigate business cycles by
diversifying revenues, balancing geographic market exposure, developing a
more adaptive cost structure, and implementing cross-sell and
market-adjacency growth strategies. We recognize that the company's
financial performance was generally improving through 2006, and that share
prices -- despite substantial swings - increased by more than 40% over the
four years prior to a disastrous 2007. Given the prominent role of
"industry cycles" in the company's explanation of 2007 results, however,
and the extensive strategic weaknesses which its turnaround plan has
identified, we question -- as we believe any long-term shareholder would
question - whether those pre-2007 results were achieved due to, or despite,
the guidance of the incumbent board."

    Like proxy advisor Glass Lewis, which also recommends voting for
Messrs. Vande Steeg and Deane, PROXY Governance recommends that Insituform
shareholders vote the BLUE card and NOT vote the WHITE card.

    Water Asset Management urges its 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.

    Insituform's Annual Meeting of Stockholders is on Monday May 19, 2008.
Stockholders who have questions about the Water Asset Management slate 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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