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| GEO Group Gets CA DOC Contract |
| By marketwatch.com |
| Published: 07/08/2010 |
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The GEO Group /quotes/comstock/13*!geo/quotes/nls/geo (GEO 20.78, +0.54, +2.67%) ("GEO") announced today that it has been selected by the California Department of Corrections and Rehabilitation ("CDCR") for a contract award for the housing of female inmates at GEO's 200-bed McFarland Community Correctional Facility (the "Facility") located in McFarland, California. The contract will have a term of approximately five years with one additional five-year renewal option period. GEO expects to begin the intake of female inmates in third quarter 2010 following minor renovations at the Facility. At full occupancy, the Facility is expected to generate approximately $4.75 million in annualized revenues. George C. Zoley, Chairman and Chief Executive Officer of GEO, said, "We appreciate the confidence placed in our company by the California Department of Corrections and Rehabilitation. We look forward to furthering our long-standing partnership with CDCR and helping the State of California meet its ongoing correctional bed needs with the reactivation of our company-owned McFarland Community Correctional Facility." Read More. |
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