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."