Parsons Awarded $53M Defense Threat Reduction Agency Task Order For International Security Solutions

Rhea-AI Summary

Parsons Corporation awarded $53 million task order by Defense Threat Reduction Agency

Positive

• Parsons Corporation awarded $53 million task order for International Counterproliferation Program and Proliferation Security Initiative
• Task order includes one-year base period and four one-year option periods
• Parsons will provide training, equipment, and maintenance to DTRA

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• None.

CHANTILLY, Va., Oct. 09, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was awarded a task order by the Defense Threat Reduction Agency (DTRA) under the Assessment, Exercise, Modeling and Simulation, and Support (AEMSS) indefinite-delivery, indefinite-quantity (IDIQ) multiple award task order contract (MATOC). The $53 million ceiling value task order for the International Counterproliferation Program (ICP) and Proliferation Security Initiative (PSI) is new work for the company and consists of a one-year base period and four one-year option periods.

Under this task order, Parsons will provide training, equipment, and subsequent maintenance to DTRA. The company’s solutions aim to improve partner nation capacity in preventing proliferation attempts by building capabilities to detect, interdict, and recover weapons of mass destruction (WMD) and related items at land, air, and maritime ports of entry.

“Through our global security solutions, we empower our customers to counter and mitigate vulnerabilities and threats,” said Jon Moretta, president, Engineered Systems, for Parsons. “This award provides us the opportunity to expand our role in advancing DTRA’s mission to prevent, reduce, and counter WMD and emerging threats to global security. We’re honored to continue our support of the agency as part of our commitment to making the world a safer place.”

DTRA’s mission also encompasses solutions that enable the United States and international partners to deter strategic attacks and prevail against WMD-armed adversaries in crisis and conflict. Through the ICP, DTRA collaborates with the Federal Bureau of Investigation and the Department of Homeland Security to provide WMD detection, interdiction, and investigation training to build measurable and lasting capacity of partner nations’ law enforcement structures. The PSI is a global effort that aims to stop trafficking of WMD, their delivery systems, and related materials to and from states and non-state actors of proliferation concern.

This award is Parsons’ second task order under the AEMSS IDIQ MATOC and expands the company’s relationship with DTRA. In July, Parsons announced a $170 million ceiling value task order to conduct vulnerability assessments, technical support projects, design reviews, and analyses in support of DOD and DTRA efforts, continuing more than two decades of supporting the agency’s Cooperative Threat Reduction and Nuclear Enterprise directorates.

To learn more about Parsons’ global security and mission solutions, visit Parsons.com/security-and-mission-solutions/.

About Parsons:
Parsons (NYSE: PSN) is a leading disruptive technology provider in the national security and global infrastructure markets, with capabilities across cyber and intelligence, space and missile defense, transportation, environmental remediation, urban development, and critical infrastructure protection. Please visit Parsons.com and follow us on LinkedIn and Facebook to learn how we're making an impact.

Forward-Looking Statements:
This document contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are based on our current expectations, beliefs and assumptions, and are not guarantees of future performance. Forward-looking statements are inherently subject to uncertainties, risks, changes in circumstances, trends and factors that are difficult to predict, many of which are outside of our control. Accordingly, actual performance, results and events may vary materially from those indicated in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future performance, results or events. Numerous factors could cause actual future performance, results and events to differ materially from those indicated in the forward-looking statements, including, among others: any issue that compromises our relationships with the U.S. federal government or its agencies or other state, local or foreign governments or agencies; any issues that damage our professional reputation; changes in governmental priorities that shift expenditures away from agencies or programs that we support; our dependence on long-term government contracts, which are subject to the government’s budgetary approval process; the size of our addressable markets and the amount of government spending on private contractors; failure by us or our employees to obtain and maintain necessary security clearances or certifications; failure to comply with numerous laws and regulations; changes in government procurement, contract or other practices or the adoption by governments of new laws, rules, regulations and programs in a manner adverse to us; the termination or nonrenewal of our government contracts, particularly our contracts with the U.S. federal government; our ability to compete effectively in the competitive bidding process and delays, contract terminations or cancellations caused by competitors’ protests of major contract awards received by us; our ability to generate revenue under certain of our contracts; any inability to attract, train or retain employees with the requisite skills, experience and security clearances; the loss of members of senior management or failure to develop new leaders; misconduct or other improper activities from our employees or subcontractors; our ability to realize the full value of our backlog and the timing of our receipt of revenue under contracts included in backlog; changes in the mix of our contracts and our ability to accurately estimate or otherwise recover expenses, time and resources for our contracts; changes in estimates used in recognizing revenue; internal system or service failures and security breaches; and inherent uncertainties and potential adverse developments in legal proceedings, including litigation, audits, reviews and investigations, which may result in materially adverse judgments, settlements or other unfavorable outcomes. These factors are not exhaustive and additional factors could adversely affect our business and financial performance. For a discussion of additional factors that could materially adversely affect our business and financial performance, see the factors included under the caption “Risk Factors” in our Registration Statement on Form S-1 and our other filings with the Securities and Exchange Commission. All forward-looking statements are based on currently available information and speak only as of the date on which they are made. We assume no obligation to update any forward-looking statement made in this presentation that becomes untrue because of subsequent events, new information or otherwise, except to the extent we are required to do so in connection with our ongoing requirements under federal securities laws.

Media Contact:
Jonathan Larry
+1 706.832.7330
jonathan.larry@parsons.com

Investor Relations Contact:
Dave Spille
+1 703.775.6191
Dave.Spille@parsons.com

FAQ

What is the value of the task order awarded to Parsons Corporation?

The task order is valued at $53 million.

What does the task order involve?

The task order involves providing training, equipment, and maintenance to DTRA.

Who awarded the task order to Parsons Corporation?

The Defense Threat Reduction Agency (DTRA) awarded the task order to Parsons Corporation.

What is the purpose of the International Counterproliferation Program (ICP) and Proliferation Security Initiative (PSI)?

The ICP and PSI aim to prevent proliferation attempts and improve partner nation capacity in detecting, interdicting, and recovering weapons of mass destruction (WMD) and related items at ports of entry.

What is DTRA's mission?

DTRA's mission is to prevent, reduce, and counter WMD and emerging threats to global security.

What is the PSI?

The PSI is a global effort to stop trafficking of WMD and related materials to and from states and non-state actors of proliferation concern.

What is Parsons' relationship with DTRA?

This is Parsons' second task order under the AEMSS IDIQ MATOC and expands the company's relationship with DTRA.

What other projects has Parsons worked on for DTRA?

Parsons has previously worked on vulnerability assessments, technical support projects, design reviews, and analyses in support of DOD and DTRA efforts.