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Corrections Corporation of America Message Board

  • mecosmo2 mecosmo2 Jan 7, 2000 10:00 AM Flag

    Contract for CCA in California

    Friday January 7, 6:59 am Eastern Time
    Company
    Press Release
    SOURCE: Prison Realty Trust,
    Inc.
    Corrections Corporation of America Contracts for San Diego
    Prison
    NASHVILLE, Tenn., Jan. 7 /PRNewswire/ -- Prison Realty
    Trust, Inc. (NYSE: PZN - news) announced today that its
    primary tenant Corrections Corporation of America (CCA)
    has signed a contract with the Immigration and
    Naturalization Service to house 800 detainees in Prison Realty's
    1,000-bed facility in San Diego, California. Opening is
    expected in the second quarter of 2000. The company
    expects the full capacity of this facility to be used by
    the INS or other federal agencies by the end of 2000.
    This contract is in addition to CCA's existing
    contract to house 200 INS detainees in a separate building
    on the same site.

    The contract provides for a
    per diem of $89.50. The term of the contract is for
    one year and provides for four one-year renewal
    options.

    CCA provides detention and corrections services for
    governmental agencies. The company is the industry leader in
    private sector corrections with more than 73,000 beds in
    79 facilities under contract in the United States,
    Puerto Rico, Australia and the United Kingdom. CCA's
    full range of services includes finance, design,
    construction, renovation and management of new or existing
    jails and prisons as well as long-distance inmate
    transportation services.

    Prison Realty's business is the
    ownership of correctional and detention facilities. The
    Company provides financing, design, construction and
    renovation of new and existing jails and prisons that it
    leases to both private and governmental managers. Prison
    Realty currently owns or is in the process of developing
    51 correctional and detention facilities in 17
    states, the District of Columbia and the United Kingdom.
    Prison Realty, which is based in Nashville, Tennessee,
    has announced a restructuring which will, pending
    shareholder approval, result in the combination of the
    Company with the companies operating under the name
    Corrections Corporation of America (``CCA''), which include
    CCA, the Company's primary tenant, and two
    privately-held service companies which provide correctional and
    detention facility management services to governments. The
    combined company, which would operate under the
    Corrections Corporation of America name, is expected to be a
    taxable subchapter C corporation, as Prison Realty would
    terminate its status as a REIT in connection with the
    restructuring. Pending shareholder approval, Prison Realty
    expects that upon the completion of the restructuring, it
    will issue up to $350 million in convertible
    securities to a group of investors.

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