Parsons Selected for $69 Million in U.S. Air Force Contracts

Rhea-AI Summary

Parsons Corporation (NYSE: PSN) has been awarded three task orders totaling $69 million under its GARDEM contract with the Air Force Research Laboratory (AFRL). These contracts, expected to be executed in 2020, focus on providing on-site mission support and software application enhancements. Parsons, which has supported AFRL for over 20 years, aims to enhance operational capabilities across various military domains. The company continues to leverage its expertise in data mining, visualization, and cloud computing to deliver tailored solutions.

Positive

• Awarded three task orders worth $69 million under the GARDEM contract with AFRL.
• These contracts reinforce Parsons' long-standing relationship with AFRL, providing mission support for over 20 years.
• Continues to deliver operational capabilities and R&D enhancements in military technology.

Negative

• None.

CENTREVILLE, Va., Sept. 21, 2020 /PRNewswire/ -- Parsons Corporation (NYSE: PSN) has been selected for three task orders totaling $69 million under the company's Global Application Research, Development, Engineering, and Maintenance (GARDEM) indefinite delivery/indefinite quantity (IDIQ) contract with the Air Force Research Laboratory (AFRL). The task orders are expected to be awarded in 2020.

All contracts are three-year efforts that deliver worldwide on-site mission support and software application enhancements to the AFRL's operational command and control, situational awareness, and space capabilities. Parsons has provided mission support to the AFRL for more than 20 years.

"We look forward to continue delivering valuable operational capabilities and research that enhance the AFRL's discovery, development, and delivery of warfighting technologies across the all-domain battlespace," said Rich Trentman, Parsons GARDEM program manager. "Parsons' integrated, cross-spectrum approach in fusion, data mining, visualization, geospatial, and cloud computing provide fast, affordable, and tailorable solutions to combat operators around the world."

To learn more about Parsons' defense capabilities, please visit: https://www.parsons.com/markets/defense/

About Parsons Corporation

Parsons (NYSE: PSN) is a leading disruptive technology provider in the global defense, intelligence, and critical infrastructure markets, with capabilities across cybersecurity, missile defense, space, connected infrastructure, and smart cities. 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:
Bryce McDevitt           
+1 703.851.4425
Bryce.McDevitt@Parsons.com

Investor Relations Contact:
Dave Spille
+ 1 571.655.8264
Dave.Spille@parsons.com

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SOURCE Parsons Corporation

FAQ

What is the value of the contracts Parsons received from the Air Force?

Parsons Corporation was awarded contracts totaling $69 million.

Which contract was Parsons selected for in September 2020?

Parsons was selected for task orders under the Global Application Research, Development, Engineering, and Maintenance (GARDEM) contract.

What type of support will Parsons provide under the new Air Force contracts?

Parsons will deliver worldwide on-site mission support and software application enhancements.

How long has Parsons been supporting the Air Force Research Laboratory?

Parsons has provided support to the Air Force Research Laboratory for over 20 years.