Atlas Awarded $18 Million Contract to Service and Remediate Underground Storage Tanks

Rhea-AI Summary

Atlas Technical Consultants (Nasdaq: ATCX) has secured an $18 million contract for underground storage tank (UST) inspection and service with a public agency. The contract spans an initial three-year term with two one-year extensions. Atlas will assess environmental releases and develop remediation plans, contributing to community safety through high-quality environmental services. This contract adds to Atlas's backlog for Q2 2022, highlighting its strong position in the UST inspection and remediation market.

Positive

• Awarded an $18 million contract for UST inspection services, enhancing revenue.
• Initial three-year term with two one-year extension options provides potential long-term revenue stability.
• Strengthens backlog for Q2 2022, indicating robust demand for services.

Negative

• None.

AUSTIN, Texas, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the “Company”), a leading Infrastructure and Environmental solutions provider, announced that it has been awarded an $18 million contract to inspect and service a network of underground storage tanks (UST) for a public agency client. The contract, which was included in second quarter 2022 backlog, has an initial term of three years with two one-year extension options.

Under the contract, Atlas engineers and technical staff will determine the extent of any release to the environment and develop plans to remediate any detected contamination to state-mandated cleanup levels. Atlas will be responsible for assessments, risk-based corrective actions, UST removals, design and installation of remediation systems, and site closure activities.

“Atlas is committed to helping our clients protect their communities by providing high-quality environmental services,” said Atlas CEO, L. Joe Boyer. “Given our successful track record in the market, familiarity with environmental standards, and extensive geographic reach, Atlas has one of the top UST inspection and remediation businesses in the United States. We look forward to continuing to serve our customers in this critical environmental market.”

The EPA’s UST program provides comprehensive set of regulatory standards for USTs containing petroleum or certain other hazardous materials to protect the environment and human health by reducing the number and severity of contamination events. As of September 2021, there were more than 560,000 USTs at approximately 194,000 facilities that are regulated by the UST program, and more than 1.9 million USTs have been closed since the program’s inception in 1984.

About Atlas Technical Consultants
Headquartered in Austin, Texas, Atlas is a leading provider of Infrastructure and Environmental Solutions. We partner with our clients to improve performance and extend the lifecycle of built and natural infrastructure assets stressed by climate, health, and economic impacts. With 3,500+ employees nationwide, Atlas brings deep technical expertise to public- and private-sector clients, integrating services across four primary disciplines: Environmental (ENV); Testing, Inspection and Certification (TIC); Engineering & Design (E&D); and Program Management/Construction Management, and Quality Management (PCQM). To learn more about Atlas innovations for transportation, commercial, water, government, education, and industrial markets, visit https://www.oneatlas.com.

Forward-Looking Statements
The statements contained in this press release that are not purely historical are forward-looking statements. Our forward-looking statements include, but are not limited to, statements regarding our management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. The information included in this press release in relation to Atlas has been provided by Atlas and its management team, and forward-looking statements include statements relating to Atlas’ management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements contained in this press release are based on our current expectations and beliefs concerning future developments and their potential effects on us and are based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to: (1) the effect, impact, potential duration or other implications of the COVID-19 pandemic and any expectations we may have with respect thereto; (2) the risk that our actual results may differ from the guidance we have provided; (3) the ability to recognize the anticipated benefits of our past acquisitions, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain management and key employees; (4) changes adversely affecting the business in which we are engaged; (5) changes in applicable laws or regulations; (6) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and (7) other risks and uncertainties indicated from time to time in the Company’s filings with the U.S. Securities and Exchange Commission, including those under “Risk Factors” therein.

Contacts:

Media
Karlene Barron
770-314-5270
karlene.barron@oneatlas.com

Investor Relations
Chase Jacobson, Vallum Advisors
512-851-1507
ir@oneatlas.com

FAQ

What is the value of the contract awarded to Atlas Technical Consultants?

Atlas Technical Consultants has been awarded an $18 million contract for UST inspection and service.

What will Atlas Technical Consultants be responsible for under this contract?

Atlas will assess environmental releases and develop remediation plans as part of the contract responsibilities.

How long is the contract for UST inspection awarded to Atlas Technical Consultants?

The contract has an initial term of three years with two optional one-year extensions.

In which quarter was the contract for UST inspection included?

The contract was included in the second quarter of 2022 backlog.

What is the primary focus of the contract awarded to Atlas Technical Consultants?

The primary focus is on inspecting and servicing underground storage tanks to ensure environmental safety.