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  • mcprison mcprison Feb 12, 2003 12:10 PM Flag

    New contract in CO

    PR Newswire

    February 12, 2003, Wednesday 8:05 AM Eastern Time

    SECTION: FINANCIAL NEWS

    DISTRIBUTION: TO BUSINESS EDITOR

    LENGTH: 570 words

    HEADLINE: Wackenhut Corrections Corporation Receives Notice Of Intent To
    Contract With State Of Colorado For The Construction & Operation Of 500-Bed
    Correctional Center

    DATELINE: PALM BEACH GARDENS, Fla., Feb. 11

    BODY:

    Wackenhut Corrections Corporation (NYSE: WHC), has been notified by the
    State of Colorado of the Colorado Department of Correction's intent to enter
    into a contract for construction and operation of a 500-bed Pre-parole and
    Parole Revocation Center to be located in Pueblo, Colorado. WCC anticipates
    negotiations to commence in mid-February.

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

    The contract is expected to generate approximately $9.6 million in annual
    revenues and approximately $48 million over its initial 5-year term (1 year,
    plus 4 1-year options), not including annual contract adjustments. Additional
    contract terms beyond the initial 5-year term require special permission of the
    State Controller and/or Attorney General.

    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 state of Colorado in making this selection. We will work diligently with
    the DOC 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 DOC and the community in which we will operate."

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