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  • mcprison mcprison Mar 7, 2000 7:51 PM Flag

    Why is this share price so friggin low?

    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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