CHANTILLY, Va., April 25, 2024 (GLOBE NEWSWIRE) -- Parsons Corporation (NYSE: PSN) announced today that the company has been awarded a $63 million, firm-fixed-price contract modification to its Recovery of Airbase Denied by Ordnance (RADBO) production contract by the U.S. Air Force Life Cycle Management Center. This modification brings the total number of Air Force RADBO systems to 29.

The RADBO system, which includes Parsons' ZEUS® directed energy system, provides explosive ordnance personnel improved safety by allowing the destruction of unexploded ordnance from the interior of Mine-Resistant Ambush Protected (MRAP) vehicles at distances that can exceed 300 meters in optimal conditions. The system was recently used operationally at the trilateral joint exercise Cope North 24 in the Indo-Pacific region, where it demonstrated 100 percent effectiveness and successful mission accomplishment of rapid airfield clearance after an attack. The system’s history underscores its precision at the speed of light, having neutralized more than 4,000 ordnance items with an effectiveness rate of over 99 percent. Versions of ZEUS® have been deployed to Iraq and Afghanistan for area, route clearance missions, and IED neutralization.

“The RADBO system continues to lead a shift in operational tactics and response to protect deployed warfighters and civilians and ensure their mission success,” said Mike Kushin, president of Defense and Intelligence for Parsons. “The Air Force’s continued trust in our team to deliver this lifesaving technology is something we’re proud of and will further bolster the warfighter’s advantage, improve rapid recovery of assets, and enhance force portability.”

The Parsons-developed ZEUS® directed energy system is a 3kW continuous-fire laser designed, developed, and tested for use in operational theater. ZEUS® allows for the precise detonation of small submunitions, cluster bombs, land mines, general-purpose bombs, and thick-cased artillery shells. It is also agile enough for post-combat applications, including humanitarian landmine clearing, route clearing, and airbase clearing.

To learn more about Parsons’ ZEUS® laser neutralization system, please visit parsons.com/products/zeus.

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

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

Source: Parsons Services Company