Atlas Awarded Major Environmental Capital Construction Support Service Contract With Los Angeles Metro

Rhea-AI Summary

Atlas Technical Consultants, Inc. (Nasdaq: ATCX) has been awarded a contract worth $85.90 million by the Los Angeles County Metropolitan Transportation Authority for Environmental Capital Construction Support services. The initial three-year term of the contract is valued at $82.65 million, with additional options bringing the total potential value to $85.90 million. Atlas anticipates booking at least $12 million from this contract, which encompasses handling environmental waste, hazardous materials, and related construction services.

Positive

• Awarded a contract valued at $85.90 million by LA Metro.
• Expected to book at least $12 million related to the contract.
• Demonstrates Atlas's capability in handling complex environmental challenges.

Negative

• None.

AUSTIN, Texas, May 03, 2022 (GLOBE NEWSWIRE) -- Atlas Technical Consultants, Inc. (Nasdaq: ATCX) (“Atlas” or the “Company”), a leading Infrastructure and Environmental services provider, announced today that it is one of several firms selected to provide Environmental Capital Construction Support services for the Los Angeles County Metropolitan Transportation Authority’s (Metro) major transit capital projects, other capital projects, or Metro Property improvements. The bench task order contract is valued at $85.90 million with $82.65 million for a three-year term, with an additional one-year option of $1.65 million and a $1.60 million option for the second year. Atlas currently expects to book at least $12 million related to this contract, with the potential for additional bookings as work is released and approved by the customer over the contract term.

Under the contract, Atlas will provide a number of services from its portfolio to support the handling of environmental waste, hazardous materials, and certain environmental-related construction services. Atlas will also assist Metro to plan, direct and control all sampling of suspect hazardous waste and materials; obtain required regulatory agency permits and plans; and perform advanced mitigation services. The depth of Atlas’ environmental professional resources and comprehensive knowledge of federal, state, and local environmental laws and regulations will assist Metro to identify and solve complex environmental and engineering challenges.

“Atlas has successfully completed thousands of environmental and engineering projects for both public and private entities in the greater Los Angeles area and we are honored to provide our environmental expertise to assist Metro in implementing environmentally friendly and sustainable solutions,” said Atlas CEO, L. Joe Boyer. “This project is a great example of the broad portfolio of highly-technical services we provide to our customers and highlights our ability to work on some of the Nation’s most critical infrastructure projects.”

Metro serves as the transportation planner and coordinator, designer, builder, and operator for Los Angeles County's public transit system, which covers more than 1,400 square miles, supporting approximately 10 million people who live, work, and play in the service area.

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 3,600+ 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 or 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 ATCX by LA Metro?

The contract is valued at $85.90 million.

How much does Atlas expect to book from the LA Metro contract?

Atlas expects to book at least $12 million from this contract.

What services will ATCX provide under the LA Metro contract?

ATCX will provide support for environmental waste management, hazardous materials handling, and related construction services.

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

The contract has an initial three-year term with additional one-year options.