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  • whosgross whosgross Mar 7, 2000 5:55 PM Flag

    Why is this share price so friggin low?

    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.

    On your marks... Set....

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    • 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.

 
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