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| Wackenhut Corrections Corporation Selected to Negotiate Contract With the Commonwealth of Virginia for Operation of 1,536-Bed Prison in Lawrenceville |
| By Press Release |
| Published: 05/09/2003 |
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Palm Beach Gardens, FL, February 5, 2003 - Wackenhut Corrections Corporation (NYSE: WHC) has been selected to negotiate with the Commonwealth of Virginia Department of Corrections and Department of Correctional Education to operate the Lawrenceville Correctional Center, a 1,536-bed medium security, adult male prison in Lawrenceville, Virginia. The contract, effective March 23, 2003, is expected to generate approximately $20 million in annual revenues and approximately $100 million over its initial 5-year term, not including annual contract adjustments. The contract is renewable annually for up to 10 additional years. George C. Zoley, Chairman of the Board and Chief Executive Officer of Wackenhut Corrections, said, 'We appreciate the confidence placed in our company by the Commonwealth of Virginia in making this selection. We will work diligently with the DOC and DCE in the negotiations to ensure the most cost-effective solution possible consistent with the Departments' budgetary and operating requirements. We look forward to becoming a contributing member of the public-private partnership with the community of Lawrenceville, DOC, DCE, and the Commonwealth of Virginia.' 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 43,500 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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