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The GEO Group, Inc. Message Board

  • mcprison mcprison Jul 11, 2000 12:24 PM Flag

    WCC gets new contract

    WCC Opens 383-bed Correctional Facility in New
    Zealand

    PALM BEACH GARDENS, Fla., July 11 /PRNewswire/ --
    Wackenhut Corrections Corporation (NYSE: WHC) (WCC)
    announced today that its subsidiary, Australasian
    Correctional Management Pty. Limited, will open the new
    383-bed Auckland Central Remand Prison in New Zealand on
    July 13, 2000 under a contract with the Department of
    Corrections of New Zealand.

    Dr. George Zoley, vice
    chairman and chief executive officer of WCC, said, "This
    is our company's first management contract in New
    Zealand and we are very pleased to work with the New
    Zealand Department of Corrections. We will now carry out
    a six-month phase-in plan for the facility with an
    input of about 65 inmates scheduled before the end of
    July, and an average of approximately 50 additional
    inmates per month thereafter."

    WCC's contract for
    management of the facility is for a five-year period and has
    the potential to generate total revenues of
    approximately $US58 million during the entire period. The new
    remand prison has 250 cells and the capacity to
    accommodate 359 adult male prisoners plus 24 beds for inmates
    with special needs.

    WCC, a world leader in the
    privatized corrections industry has contracts/awards to
    manage 56 correctional/detention facilities in North
    America, Europe, Australia, South Africa and New Zealand
    with a total of 40,732 beds. The Company also provides
    prisoner transportation services; electronic monitoring
    for home detainees; correctional health care; and
    mental health services.

    The company is a
    subsidiary of The Wackenhut Corporation (NYSE: WAK WAKB) and
    offers government agencies a turnkey approach to the
    development of new correctional and mental health
    institutions that includes design, construction, financing and
    operations.

    This press release contains forward-looking statements
    regarding future events and future performance of the
    Company that involve risks and uncertainties that could
    materially affect actual results. Investors should refer to
    documents that the Company files from time to time with the
    Securities and Exchange Commission for a description of
    certain factors that could cause actual results to vary
    from current expectations and forward- looking
    statements contained in this press release. Such filings
    include, without limitation, the Company's Form 10K, 10Q
    and 8K reports.

    SOURCE Wackenhut Corrections
    Corporation

 
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