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GEO expects the 545-bed expansion to cost approximately $40.0 million and to be completed in September 2009. GEO expects that the expanded Center will help meet the increased demand for detention bed space by federal, state, and local government agencies around the country.
George C. Zoley, Chairman of the Board, Chief Executive Officer and Founder of GEO, said, "We are moving forward with a 545-bed expansion of the company-owned Northwest Detention Center in Tacoma, Washington. We believe that this important expansion will continue to position GEO to help meet the increased demand for correctional and detention beds by federal, state, and local government agencies throughout the United States."
The GEO Group, Inc. ("GEO") is a world leader in the delivery of correctional, detention, and residential treatment services to federal, state, and local government agencies around the globe. GEO offers a turnkey approach that includes design, construction, financing, and operations. GEO represents government clients in the United States, Australia, South Africa, and the United Kingdom. GEO's worldwide operations include the management and/or ownership of 66 correctional and residential treatment facilities with a total design capacity of approximately 62,000 beds, including projects under development.
This press release contains forward-looking statements regarding future events and future performance of GEO that involve risks and uncertainties that could materially affect actual results, including statements regarding estimated earnings, revenues and costs and our ability to maintain growth and strengthen contract relationships. Factors that could cause actual results to vary from current expectations and forward-looking statements contained in this press release include, but are not limited to: (1) GEO's ability to complete the expansion of the Northwest Detention Center as scheduled; (2) GEO's ability to successfully pursue further growth and continue to enhance shareholder value; (3) GEO's ability to access the capital markets in the future on satisfactory terms or at all; (4) risks associated with GEO's ability to control operating costs associated with contract start-ups; (5) GEO's ability to timely open facilities as planned, profitably manage such facilities and successfully integrate such facilities into GEO's operations without substantial costs; (6) GEO's ability to win management contracts for which it has submitted proposals and to retain existing management contracts; (7) GEO's ability to obtain future financing on acceptable terms; (8) GEO's ability to sustain company-wide occupancy rates at its facilities; and (9) other factors contained in GEO's Securities and Exchange Commission filings, including the forms 10-K, 10-Q and 8-K reports.
SOURCE: The GEO Group, Inc.
The GEO Group, Inc., Boca Raton Pablo E. Paez, Director, Corporate Relations, 866-301-4436
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