America Service Group Inc. Announces Maryland Contract Award.Business Editors, Health & Medical Writers NASHVILLE, Tenn.--(BW HealthWire)--June 12, 2000 America Service Group Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ASGR ASGR America Service Group Inc. ASGR Armed Services Graves Registration Office ) today announced that its operating subsidiary, Prison Health Services health services Managed care The benefits covered under a health contract , Inc., has been awarded a contract by the Maryland Department of Corrections (DOC) to provide healthcare for approximately 19,500 inmates located in four of the five DOC regions within the state. The new contract commences July 1, 2000, for a term of three years, with two additional one-year extensions. Revenues for the first contract year are anticipated to be approximately $47.8 million, with inflation-based increases scheduled for succeeding years. "We are pleased by the confidence demonstrated in our company by Maryland Department of Corrections," said Gerard F. Boyle, chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of America Service Group. "Our focus now will be continuity of patient care and operating performance to exceed client expectations." The Company is already providing healthcare for approximately 7,700 inmates in the "Jessup" region, which is included in the new contract. Considering the Jessup region as a continuing operation, the new contract will add three DOC regions and increase the Company's annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. revenues by approximately $32.2 million. America Service Group Inc., based in Brentwood, Tennessee, is a leading provider of correctional healthcare services in the United States. Subsequent to the Maryland Department of Corrections contract, America Service Group Inc., through its subsidiaries, contracts with 123 government agencies to provide a wide range of managed healthcare programs for approximately 165,000 patients. The Company employs over 4,800 medical, professional and administrative staff nationwide. This press release may contain "forward-looking" statements made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. As such, they involve risk and uncertainty that actual results may differ materially from those projected in the forward-looking statements. A discussion of the important factors and assumptions regarding the statements and risks involved is contained in the Company's filings with the Securities and Exchange Commission. |
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