HEADLINE: Wackenhut Corrections Rescinds Notice of Contract Cancellation at Delaware County, PA Prison
DATELINE: PALM BEACH GARDENS, Fla., Aug. 28
BODY: Wackenhut Corrections Corporation (NYSE: WHC), today reported its intention to rescind its earlier notice of contract cancellation for the provision of contracted correctional services at the George W. Hill Correctional Facility located in Delaware County, PA, based upon newly negotiated contract terms that are subject to the review and approval of the Delaware County Board of Prison Inspectors at its September 19, 2001 board meeting. (Photo: http://www.newscom.com/cgi-bin/prnh/20010614/WCCLOGO ) George C. Zoley, Vice Chairman and Chief Executive Officer of Wackenhut Corrections Corporation ("WCC") said, "We are pleased to have resolved our financial concerns with respect to WCC's existing operating contract as well as reaching agreement an regarding the phased opening of a new 220-bed low security camp. The new agreement will improve the company's financial performance by approximately $1.6 million during the next year. "We look forward to continuing our public-private partnership with Delaware County and want to thank the county's officials for their cooperation and patience as we worked together to achieve our mutual objectives," Mr. Zoley concluded. In 1995, WCC was awarded the correctional services contract for the former 1000-bed county prison and in 1998 the Company was awarded the design, build and operations contract for the new 1562-bed multi-security George W. Hill Correctional Facility. WCC is a world leader in the privatized correctional management, medical and mental health rehabilitation services industry. The Company offers government agencies a turnkey approach to the development of new correctional and mental health institutions that includes design, construction, financing and operations. WCC has contracts/awards to manage 56 correctional, detention and mental health facilities representing nearly 39,000 beds in North America, Europe, Australia, South Africa and New Zealand. WCC also provides prisoner transportation services, electronic monitoring for home detainees and correctional health care services. The company is a subsidiary of The Wackenhut Corporation [NYSE: WAK WAKB].