Avalon Completes Second Colorado Acquisition.OKLAHOMA CITY--(BUSINESS WIRE)--May 4, 1999-- Avalon Correctional Services, 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 : CITY), a leading owner and operator of community correctional facilities and programs, today announced it has completed the acquisition of certain assets and programs of Adams Community Corrections Programs, Inc., in Denver, Colorado. Adams Community Corrections Programs, Inc. is a private provider of residential and non residential services to adult offenders. The services provided by Adams Community Corrections Programs, Inc. increases Avalon'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 to approximately $19 million. The operations include 148 residential beds in two locations in addition to specialized spe·cial·ize v. spe·cial·ized, spe·cial·iz·ing, spe·cial·iz·es v.intr. 1. To pursue a special activity, occupation, or field of study. 2. programming for 225 offenders in the Denver area. "This transaction will complement our recently announced acquisition in Greeley, Colorado The City of Greeley is a home rule municipality in Weld County, Colorado, United States. According to 2006 Census Bureau estimates, the population of the city is 87,596.[4] and provide excellent economies of scale for Avalon in Colorado", said Donald E. Smith, Avalon chairman and chief executive officer. "The ability to strengthen our presence in the State of Colorado will allow us to provide quality services and additional programs to the contracting agencies and offenders living in the Denver area." Avalon Correctional Services, Inc. is a leading developer and manager of privatized community correctional facilities and correctional programming in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Avalon currently has a total offender offender n. an accused defendant in a criminal case or one convicted of a crime. (See: defendant, accused) capacity of 1,333 in Oklahoma, Colorado and Texas, in addition to specialized programming for 225 offenders. For more information about Avalon contact our web site at www.avaloncorrections.com or call 405-752-8802. Certain statements in this release constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. or statements which may be deemed or construed to be forward-looking statements within the meaning 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. The words "forecast," "estimate," "project," "intend," "expect," "should," "would," and similar expressions and all statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The above factors are more fully discussed in the Company's SEC filings. |
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