CENTREVILLE, Va., June 12, 2023 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company was selected by Bay Area Rapid Transit (BART) to continue delivering general engineering services (GES) to the transit agency through 2028. The five-year, $40 million task order contract is the fourth consecutive GES contract Parsons has won with BART and may include projects such as strategic planning to convert portions of BART’s non-revenue fleet to zero-emission vehicles (ZEVs), support for capital programs, track and civil design, traction power engineering support, structural and geotechnical design, and fiber optic upgrades, among others.
“BART provides pivotal connections for those who work, play, and visit the Bay Area,” said Peter Torrellas, president, Connected Communities business unit for Parsons. “Parsons was founded in California, and we look forward to continue leveraging our local footprint to deliver sustainable, affordable, efficient infrastructure solutions that further improve the BART system and connect communities across the Bay as we’ve done for decades.”
Parsons has supported BART for more than 30 years and is currently providing design services during construction to BART for the implementation of a Communications-Based Train Control (CBTC) system. The CBTC system, which will be the largest deployed in North America when complete, includes replacing the automatic train control system on 125 miles of track to improve passenger carrying capacity, provide a state of good repair, and help deliver a safer, more efficient transit system.
Parsons is a global leader in critical infrastructure excellence with more than 60 years of experience in providing solutions and services to the passenger rail, light rail, and freight industries. The company has worked with hundreds of rail and transit operators around the world to develop sustainable solutions that create greater mobility and provide long-term economic and social benefits.
To learn more about Parsons’ rail and transit expertise, visit Parsons.com/rail-transit.
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 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:
Chelsie McKittrick
+1 512.719.6877
Chelsie.Mckittrick@parsons.com
Investor Relations Contact:
Dave Spille
+ 1 703.775.6191
Dave.Spille@parsons.com
