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| Wackenhut Corrections Corporation Comments on the United Kingdom's Competition Commission's Report on the Merger of the Wackenhut Corporation With Group 4 Falck |
| By Press Release |
| Published: 05/09/2003 |
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Palm Beach Gardens, FL, October 24, 2002 - Wackenhut Corrections Corporation (NYSE: WHC) ('WCC') announced today that the Competition Minister in the United Kingdom, Melanie Johnson published the Commission's Report on October 22, 2002, on the acquisition by Group 4 Falck/AS of The Wackenhut Corporation. The Commissions' Report concluded that WCC's joint venture partner in the United Kingdom, Premier Custodial Group, Ltd. would remain an independent competitor in the private Corrections, Immigration Detention and Transportation Services market and that competition would be maintained. Dr. George C. Zoley, Chairman and Chief Executive Officer of WCC welcomed the Commissions' findings and added, 'We are pleased with the outcome of the Commission's Report.' WCC, a world leader in the privatized corrections industry, has contracts/awards to manage 58 correctional/detention facilities in North America, Europe, Australia, South Africa and New Zealand with a total of approximately 43,000 beds. WCC also provides prisoner transportation services, electronic monitoring for home detainees, correctional health and mental health services. WCC offers government agencies a turnkey approach to the development of new correctional and mental health institutions that includes design, construction, financing and operations. This press release contains forward-looking statements regarding events and future performance of the Company that involves risks and uncertainties that could materially affect actual results, including statements regarding future openings of new facilities and the Company's operational and financial condition. Investors should refer to documents that the Company files from time to time with the Securities and Exchange Commission for a description of certain factors that could cause actual results to vary from current expectations. Such factors include, but are not limited to, the following: competitive factors and pricing pressures; the Company's ability to win facility management contracts for which it has submitted proposals and to retain existing management contracts; possible fluctuations in facility occupancy levels which, when combined with operational costs, could affect profitability; limited contract duration; reliance upon government appropriations for payment under awarded contracts; governmental regulation; limited market acceptance of private prison operation; potential legal liability; insurance costs; adverse publicity, and other factors contained in the Company's securities and Exchange Commission filings, including the Forms 10-K, 10-Q and 8-K reports. Contact: John G. O'Rourke Chief Financial Officer, Wackenhut 4200 Wackenhut Drive Palm Beach Gardens, FL 33410 561-622-5656 |
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