Avalon Continues Expansion -- 360 New Beds in Oklahoma; Company Awarded a Contract to Operate a Public Inebriant Alternative Program.Business Editors OKLAHOMA CITY--(BUSINESS WIRE)--May 21, 2001 Avalon Correctional Services, Inc. (Nasdaq:CITY) announced today that it has entered into an agreement to develop and operate a Public Inebriant in·e·bri·ant adj. Serving to intoxicate. n. An intoxicant. inebriant Alternative Program in Tulsa, Oklahoma. Southern Corrections Systems, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Avalon has also entered into an agreement to lease the vacant 360-bed Adult Detention Center in Tulsa, Oklahoma. The Company will utilize the facility to operate multiple programs, including the Public Inebriant Alternative program for the Tulsa County Criminal Justice Authority. Programs will also be provided for the Company's Private Pay Program and a new Intermediate Sanction Program. All three programs have been designed to provide effective programming and reduce the cost of incarceration Confinement in a jail or prison; imprisonment. Police officers and other law enforcement officers are authorized by federal, state, and local lawmakers to arrest and confine persons suspected of crimes. The judicial system is authorized to confine persons convicted of crimes. for the Company's contract agencies. The Company projects the Public Inebriant Program will result in annual cost savings of approximately $1.2 million for Tulsa County. The Company will name the new facility the Riverside Intermediate Sanction Unit ("Riverside ISU ISU Iowa State University ISU Issue ISU Idaho State University ISU Illinois State University ISU Indiana State University ISU International Skating Union ISU International Space University ISU I-Shou University (Taiwan) ") and renovations are scheduled to begin immediately. Renovation costs are projected to be approximately $1 million. 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 from the programs in the facility are projected to be $3 million. "We're pleased to introduce our services to the Tulsa County Criminal Justice Authority," said Donald Smith, Avalon President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "Our success to date has been achieved by offering effective solutions to agencies seeking an alternative to the high cost of incarceration. We are pleased to be able to meet this need for Tulsa County, and look forward to a long, rewarding relationship." Avalon Correctional Services, Inc. is a leading developer and manager of privatized community correctional facilities and correctional programming in the United States. Avalon currently has a total offender capacity of 2,060 beds in Oklahoma, Colorado and Texas, in addition to specialized programming for 1,000 offenders. For more information about Avalon contact our web site at www.avaloncorrections.com or call 1-800/919-9113. 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 filing with the Securities and Exchange Commission. |
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