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.