The GEO Group Announces 545-Bed Expansion of the 1,030-Bed Northwest Detention Center in Tacoma, Washington
BOCA RATON, Fla.--(Business Wire)--
The GEO Group, Inc. (NYSE:GEO) ("GEO") announced today plans for a
545-bed expansion of the 1,030-bed Northwest Detention Center (the
"Center") located in Tacoma, Washington. The expansion of the
company-owned Center, which currently houses immigration detainees,
will increase the Center's total capacity to 1,575 beds.
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.
The GEO Group, Inc., Boca Raton
Pablo E. Paez, Director, Corporate Relations,
866-301-4436
Copyright Business Wire 2008
