[September 10, 2014] |
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The GEO Group Awarded Contract By U.S. Immigration And Customs Enforcement for the Continued Provision of Services under Intensive Supervision and Appearance Program
BOCA RATON, Fla. --(Business Wire)--
The GEO Group (NYSE: GEO) ("GEO") announced today that its
wholly-owned subsidiary, BI Incorporated ("BI"), has been awarded a
contract by U.S. Immigration and Customs Enforcement ("ICE") for the
continued provision of case management and supervision services under
the Intensive Supervision and Appearance Program ("ISAP"). The contract
will have a term of five years, inclusive of option periods, effective
September 8, 2014 and is expected to generate approximately $47 million
in annualized revenues.
ISAP is the core component of the Department of Homeland Security's
Alternatives to Detention program and provides case management and
supervision services for individuals in immigration proceedings. ISAP
employs a comprehensive case management system and location monitoring
systems to facilitate attendance at immigration hearings and compliance
with court orders. BI has provided case management and supervision
services under ISAP since 2004.
George C. Zoley, Chairman of the Board and Chief Executive Officer of
GEO, said: "We appreciate the confidence placed in our Company by ICE.
Through our wholly-owned subsidiary, BI Incorporated, we have developed
a succssful public-private partnership for the provision of community
supervision services under ISAP over the last ten years, and we look
forward to strengthening this important partnership."
The GEO Group, Inc. (NYSE: GEO) is the first fully integrated equity
real estate investment trust specializing in the design, financing,
development, and operation of correctional, detention, and community
reentry facilities around the globe. GEO is the world's leading provider
of diversified correctional, detention, community reentry, and
electronic monitoring services to government agencies worldwide with
operations in the United States, Australia, South Africa, and the United
Kingdom. GEO's worldwide operations include the ownership and/or
management of 98 facilities totaling approximately 78,500 beds,
including projects under development, with a growing workforce of
approximately 18,000 professionals.
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
successfully pursue further growth and continue to enhance shareholder
value; (2) GEO's ability to access the capital markets in the future on
satisfactory terms or at all; (3) risks associated with GEO's
ability to control operating costs associated with contract start-ups;
(4) 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; (5) GEO's ability to win
management contracts for which it has submitted proposals and to retain
existing management contracts; (6) GEO's ability to obtain future
financing on acceptable terms; (7) GEO's ability to sustain company-wide
occupancy rates at its facilities; and (8) other factors contained in
GEO's Securities and Exchange Commission filings, including the forms
10-K, 10-Q and 8-K reports.
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