Parsons Delivering Future of Operational Dominance Capabilities to the U.S. Air Force

CENTREVILLE, Va., Feb. 22, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) has secured a seat on a $900 million multiple-award indefinite-delivery, indefinite-quantity (IDIQ) contract to support the Air Force’s mission of capability, planning, systems, and synthetic environment modeling and simulation analysis. The multiple-award contract has a five-year period of performance, with two option periods extending through November 2032, and marks new work for Parsons.

“As near-peer threats continue to evolve, it’s imperative that our forces are equipped to respond to increasingly complex adversary tactics across the air and space domains,” said Paul Decker, president, Defense and Intelligence for Parsons. “Parsons brings a distinct portfolio of agile systems-of-systems engineering, software development, and advanced weapon system modeling and simulation capabilities that are combat-proven and ready to support the Air Force in its ongoing mission to develop and sustain the nation’s elite fighting force of the future.”

Task orders available to Parsons through this contract vehicle will support the Air Force Life Cycle Management Center Architectures and Integration Directorate to develop and enable modeling, simulation and analysis; capability development and development planning; cost analysis and trades; technical risk reduction and test engineering; standards and architecture development and curation; software development and curation; and, development of advanced synthetic simulator environments for operational test and training.

For decades, Parsons has provided all-domain support to the Department of the Air Force, including mission strategy and planning, network operations, space-domain awareness operations, edge computing, full-spectrum cyber and next generation command and control systems.

To learn more about Parsons all-domain solutions, please visit: parsons.com/markets/missile-defense-c5isr/

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 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:
Angie Benfield        
+1 803.334.5277
Angie.Benfield@parsons.com

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