I think you have just reflected the thoughts of most investors... at least the ones on this board. WHC is in phenominal shape right now, and it looks like everyone is waiting for someone to make a move... a BIG move.
Wackenhut Corrections Contracts With Bureau of Prisons To Build, Manage1,200-Bed Correctional Facility In N.C.
PALM BEACH GARDENS, Fla., March 7 /PRNewswire/ -- Wackenhut Corrections (NYSE: WHC) has signed a contract with the U.S. Department of Justice, Federal Bureau of Prisons to design, construct, finance and manage a 1,200-bed correctional facility in Winton, Hertford County, North Carolina to house District of Columbia prisoners.
As announced by Wackenhut Corrections in October 1999, the Bureau of Prisons had issued a conditional acceptance of Wackenhut's bid for the project at that time, pending a public review of its potential environmental impact.
Dr. George C. Zoley, vice chairman and chief executive officer of Wackenhut Corrections, said, "We are delighted to have been selected by the Federal Bureau of Prisons for this very important project and look forward to commencement of construction activities as soon as possible in order to facilitate the opening of the facility in March 2001. We are very grateful for the support for this project that has been provided by the Town of Winton, Hertford County as well as state and local government officials in North Carolina. We look forward to becoming a part of the community and providing information on the facility's operations on a regular basis."
It is the Company's intention to complete a state-of-the-art correctional facility that will meet the strict standards of the American Correctional Association at a construction cost of approximately $62 million. The contract for management of the facility is a fixed-price contract, with revenues for the three-year initial period and seven option years expected to total $327 million, not including award fees.
Wackenhut Corrections has selected Dr. Calvin R. Edwards to be the facility administrator/warden of the Winton facility. Dr. Edwards has a doctorate in public administration from the University of Southern California, and recently completed a 23-year career with the Federal Bureau of Prisons (BOP). He served in a succession of key positions for the BOP, including associate warden and warden of U.S. penitentiaries; Assistant Director, Human Resources Management; and Regional Director.
The Company anticipates conducting a job fair in Hertford County in October 2000, in order to begin the selection and training of correctional officers and support staff in time for an opening date in March 2001. After the facility is approved to accept inmates, the Company expects the Bureau of Prisons to begin a gradual input of approximately 40-80 inmates per week until it reaches its maximum capacity, to ensure an orderly activation of the facility.
The Company will provide rehabilitation programs for the inmates as well as security, health care, food service and facility management; and the Bureau of Prisons will conduct monitoring of contract performance.
The facility will be located on a 257-acre tract in a rural area west of Winton, Hertford County, North Carolina. Hertford County is located in the northeastern region of North Carolina bounded on the north by the Virginia state line.