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The GEO Group, Inc. Message Board

  • mcprison mcprison Aug 3, 2000 12:58 PM Flag

    WHC gets 3,000-bed contract

    Wackenhut Corrections Signs Contract To Manage
    3,024-Bed Prison in South Africa

    PALM BEACH GARDENS,
    Fla., Aug. 3 /PRNewswire/ -- Wackenhut Corrections
    Corporation (NYSE: WHC) (WCC) announced today that its South
    African joint venture, South African Custodial Services
    (SACS), signed a conditional contract with the Government
    of South Africa for the development and 25-year
    operation of a 3,024-bed maximum security prison at Louis
    Trichardt, in South Africa's Northern Province, subject to
    financial closure taking place within 14 days.

    Dr.
    George C. Zoley, vice chairman and chief executive
    officer of WCC, said, "This private-public partnership
    with the South African Government is an important step
    forward for our company in further expanding WCC's
    leadership in the international correctional services
    market. We look forward to our continuing association
    with the South African government and are fully
    committed to supporting its goals and
    objectives."

    The construction at the site was started after the
    execution of the Project Development Agreement (P.D.A.) in
    July 1999. The P.D.A. permitted work on the project to
    begin while the final contract negotiations were being
    completed. It is being constructed by SACS's general
    contractor, CGM, a consortium of three South African building
    contractors, Concor Construction Pty. Ltd., Group 5
    Construction Pty. Ltd., and Makhosi Holdings Pty.
    Ltd.

    The cost of construction of the Louis Trichardt
    prison is expected to be US $44.6 million, and is being
    financed through a combination of operator equity and debt
    from a South African banking consortium. SACS's joint
    lead financial arrangers are African Merchant Bank and
    Rand Merchant Bank.

    Wackenhut Corrections'
    partner in South African Custodial Services (SACS) is
    Kensani Consortium Pty. Ltd., a black South African women
    empowerment company. Kensani will also participate as a
    sub-contractor in the delivery of operations services related to
    facility maintenance and inmate programs.

    Wackenhut
    Corrections is the industry leader in the international
    corrections market, with awards or contracts for 58% of the
    private prison beds located outside the United States.
    The company now has contracts/awards to manage 56
    facilities in North America, Europe, Africa, Australia and
    New Zealand with approximately 40,732 beds, and
    additional contracts for mental health services,
    correctional health care, prisoner transportation, and
    electronic monitoring of home detainees.

    Wackenhut
    Corrections is a part of The Wackenhut Corporation (NYSE: WAK
    WAKB) and offers government agencies a turnkey approach
    to developing new correctional and mental health
    institutions that includes design, construction, financing and
    operations. The company provides a broad spectrum of
    correctional services, which include adult corrections,
    juvenile facilities, community corrections, and special
    purpose institutions.

    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, Form 10Q and Form 8K
    reports.

    SOURCE Wackenhut Corrections Corporation

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