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| Wackenhut Corrections Corporation Announces Relocation Of Its Corporate Headquarters |
| By Press Release |
| Published: 05/09/2003 |
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BOCA RATON, FL - Wackenhut Corrections Corporation (NYSE: WHC) is pleased to announce the relocation of its corporate headquarters, Eastern Regional offices and healthcare subsidiary Atlantic Shores Healthcare, Inc. from Palm Beach Gardens, Florida to Boca Raton, Florida. Wackenhut Corrections (WCC) has entered into a ten-year lease agreement at One Park Place, 621 NW 53rd Street, Suite 700, Boca Raton, Florida 33487. George C. Zoley, chairman of the board and chief executive officer of Wackenhut Corrections, commented that 'Wackenhut Corrections has shared offices with our former parent company, The Wackenhut Corporation, since our inception in 1984. Our relocation is a keystone event of the evolution of our corporation. Approximately 100 employees will occupy Wackenhut Corrections' new Boca Raton corporate offices.' WCC is a world leader in the delivery of correctional and detention management, medical and mental health rehabilitation services and other diversified services to federal, state and local government agencies around the globe. The Company currently has 59 contracts and/or awards representing 69 facilities in the United States, Australia, England, Scotland, Wales, South Africa, New Zealand, and Canada with a total design capacity of more than 43,067 beds. WCC also provides prisoner transportation services, electronic monitoring for home detainees, correctional health care and mental health services. WCC offers government agencies a turnkey approach to the development of new correctional and mental health institutions that include design, construction, financing and operations. This press release contains forward-looking statement regarding future events and future performance of the Company that involve risks and uncertainties that could materially affect actual results, including statements regarding estimated earnings, revenues and costs and our ability to maintain growth and strengthen existing contract relationships. 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 and forward-looking statements contained in this press release. Such factors include, but are not limited to (1) risks associated with the Company's ability to control operating costs associated with contract start-ups; (2) the Company's ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into the Company without substantial costs; (3) the Company's ability to win service contracts for which it has submitted proposals and to retain existing management contracts; (4) the Company's ability to sustain company-wide occupancy rates and other factors contained in the Company's Securities and Exchange Commission filings, including the forms 10-K, 10-Q and 8-K reports. |
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