PAE Awarded $12.8M Contract by USAID/Bangladesh for Feed The Future Bangladesh Agricultural Infrastructure Development Activity

Rhea-AI Summary

PAE (NASDAQ: PAE, PAEWW) has been awarded a five-year, $12.8 million contract by USAID to enhance agricultural infrastructure in Bangladesh. This initiative aims to modernize rural infrastructure, including roads, irrigation systems, and market centers, to boost farmers' livelihoods and access to markets. PAE's expertise will focus on strengthening local government capacity to plan and maintain these infrastructure improvements, contributing to sustainable agricultural practices.

Positive

• Awarded a $12.8 million contract from USAID to support agricultural infrastructure in Bangladesh.
• Improvements to rural infrastructure will enhance farmers' livelihoods and market access.

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• None.

FALLS CHURCH, Va., June 23, 2021 (GLOBE NEWSWIRE) -- PAE (NASDAQ: PAE, PAEWW), a global leader in delivering smart development solutions to the U.S. government and its partner nations, was awarded a five-year, $12.8 million contract by the United States Agency for International Development to support the Agency’s Feed the Future Bangladesh Agricultural Infrastructure Development Activity.

PAE will build the capacity of the Government of Bangladesh’s Local Government Engineering Department to modernize infrastructure in priority rural farming communities. The Activity will consist of improvements to roads, irrigation and drainage systems, as well as market and collection centers, and cold storage facilities as a means of increasing access to markets, strengthening agricultural production, and improving farmers’ livelihoods.

PAE Interim President and CEO Charlie Peiffer said the team combines its global infrastructure experience with local, technical expertise to allow it to bring innovative, yet practical ideas to this important program.

“USAID has a strong history of supporting agricultural infrastructure development in Bangladesh and PAE is excited for the opportunity to build on this success,” Peiffer said. “We look forward to bringing local government, rural farmers and the private sector together to deliver impactful results.”

PAE will strengthen the LGED’s capacity to strategically plan, construct and maintain rural infrastructure in the Feed the Future Zone of Influence and the USAID/Bangladesh Zone of Resilience target geographic areas. To minimize post-harvest losses, the work will improve roads, support irrigation operations and maintenance, and develop best practices for lasting, sustainable change.

About PAE
For more than 65 years, PAE has tackled the world’s toughest challenges to deliver agile and steadfast solutions to the U.S. government and its partner nations. With a global workforce of about 20,000 on all seven continents and in approximately 60 countries, PAE delivers a broad range of operational support services to meet the critical needs of our clients. Our headquarters is in Falls Church, Virginia. Find us online at pae.com, on Facebook, Twitter and LinkedIn.

About USAID in Bangladesh
The U.S. government, through USAID, has provided more than $8 billion in development assistance to Bangladesh since its independence. Additionally, the U.S. government has committed $84 million of assistance from multiple agencies to support COVID-19 response efforts. In 2020, USAID alone provided over $200 million to improve the lives of people in Bangladesh through programs that expand food security and economic opportunity, improve health and education, promote democratic institutions and practices, protect the environment, and increase resilience to climate change.

Forward-Looking Statements
This press release may contain a number of “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about PAE’s possible or assumed future results of operations, financial results, backlog, estimation of resources for contracts, strategy for and management of growth, needs for additional capital, risks related to U.S. government contracting generally, including congressional approval of appropriations and bid protests, and risks from operating internationally. These forward-looking statements are based on PAE’s management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PAE’s management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements included in this release speak only as of the date of this release. PAE does not undertake any obligation to update its forward-looking statements to reflect events or circumstances after the date of this release except as may be required by the federal securities laws.

For media inquiries regarding PAE, contact:
Terrence Nowlin
Senior Communications Manager
PAE
703-656-7423
terrence.nowlin@pae.com

For investor inquiries regarding PAE, contact:
Mark Zindler
Vice President, Investor Relations
PAE
703-717-6017
mark.zindler@pae.com

FAQ

What is the value of PAE's new contract with USAID?

PAE's new contract with USAID is valued at $12.8 million.

What will PAE do under the USAID contract?

PAE will improve agricultural infrastructure in Bangladesh, including roads, irrigation systems, and market centers.

How long is the contract awarded to PAE by USAID?

The contract awarded to PAE is for five years.

What is PAE's stock symbol?

PAE's stock symbol is PAE, and its warrants are PAEWW.