Parsons Connecting Communities with New Broadband Internet Effort

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has been awarded a multi-million-dollar contract to design fiber optic installations across the U.S., targeting underserved communities. This initiative supports the delivery of broadband access, crucial for the 44 million Americans lacking standard connectivity. The project is part of a broader effort backed by over $70 billion in federal funding from the Infrastructure Investment and Jobs Act (IIJA) and the American Rescue Plan Act (ARPA). The company's extensive experience in smart infrastructure aligns with its goal to improve digital equity and enhance economic opportunities.

Positive

• Awarded a multi-million-dollar contract to enhance broadband access.
• Targeting underserved communities, potentially improving digital equity for 44 million Americans.
• Leveraging over $70 billion in federal funding aimed at expanding broadband access.

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• None.

CENTREVILLE, Va., Feb. 07, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) is leveraging its full spectrum of communications design, program and project management, radio frequency planning, and engineering expertise to help deliver broadband access across the United States. As part of this effort, the company was recently awarded a multi-million-dollar contract to design hundreds of miles of fiber optic installations along freeways for underserved communities.

“Internet access has become as critical for learning, business, and health as electricity and gas are for heating and cooking,” said Peter Torrellas, president, Connected Communities business unit for Parsons. “For the 44 million Americans without standard broadband access, we are eager to get to work and apply our expertise to get these communities online and unlock the myriad social and economic benefits that come with improved digital equity.”

The Infrastructure Investment and Jobs Act (IIJA) and American Rescue Plan Act (ARPA) together appropriated more than $70 billion in new federal funding to help extend broadband to those without access. Parsons has been delivering on smart infrastructure projects across the country for decades, including wireless, wireline, and mission-critical facility broadband projects in Nevada, Ohio, California, Illinois, and Georgia. These access projects are a natural extension of Parsons’ digital transformation of roads, highways, and intersections, which include deployments of the iNET™ Smart Mobility Platform, a cloud-based system that leverages real-time traffic monitoring and predictive analytics to improve traffic management.

To learn more about Parsons’ infrastructure expertise, visit www.parsons.com/critical-infrastructure/.

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

Forward-Looking Statement

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:
Bernadette Miller
+1 980.253.9781
Bernadette.Miller@Parsons.com

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

FAQ

What is Parsons Corporation's recent contract about?

Parsons Corporation has been awarded a multi-million-dollar contract for designing fiber optic installations to enhance broadband access in underserved communities.

How much federal funding is available for broadband access projects?

Over $70 billion in federal funding has been appropriated from the Infrastructure Investment and Jobs Act (IIJA) and the American Rescue Plan Act (ARPA) for broadband access projects.

How many Americans lack standard broadband access?

There are 44 million Americans without standard broadband access, which Parsons aims to address through its recent contract.

What company is working on expanding fiber optic installations?

Parsons Corporation is expanding fiber optic installations as part of its initiative to provide better broadband access across the United States.

What is the stock symbol for Parsons Corporation?

The stock symbol for Parsons Corporation is PSN.