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The GEO Group, Inc. Message Board

  • mcprison mcprison Aug 25, 2002 11:29 PM Flag

    WHC gets 710-bed Aussie contract

    PR Newswire

    August 23, 2002, Friday 10:48 AM Eastern Time

    SECTION: FINANCIAL NEWS

    DISTRIBUTION: TO BUSINESS EDITOR

    LENGTH: 652 words

    HEADLINE: Wackenhut Corrections Australian Subsidiary Contracts for 710-Bed
    Prison at Brisbane, Queensland, Australia

    DATELINE: PALM BEACH GARDENS, Fla., Aug. 23

    BODY:

    A wholly owned subsidiary of Wackenhut Corrections Corporation (NYSE: WHC),
    Australasian Correctional Management Pty Limited (ACM), has been selected by the
    Department of Corrective Services Queensland, Australia as the preferred
    supplier, subject to contract negotiations, to continue to operate the 710-bed
    Arthur Gorrie Correctional Centre in Brisbane.

    (Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20010614/WCCLOGO )

    The new contract, effective December 23, 2002, is valued at approximately $
    13.3 million US per annum in revenues, for a period of 5 years, with a 5-year
    extension option. The total value of the five-year contract is approximately $
    66.5 million US, not including the annual C.P.I. indexing, or the five-year
    option term.

    ACM has managed the facility since its opening in June 1992. The current
    contract was due to expire and it was put out to tender by the Department in
    March this year.

    George C. Zoley, Chairman and Chief Executive Officer of Wackenhut
    Corrections, said, "ACM has developed a strong working relationship with the
    Department of Corrective Services since the Centre was opened. ACM represents
    best value for money and its selection indicates not only that it can reliably
    operate the facility, but also that it has a flexible approach in meeting the
    changing needs of the Department. We look forward to continuing this successful
    partnership."

 
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