CSC Commences Operations of a 1,200 Bed Facility in Colorado; Facility is Company's Largest to Date.SARASOTA, Fla.--(BUSINESS WIRE)--Oct. 20, 1998--Correctional Services Corp. ("CSC") (Nasdaq/NMS:CSCQ CSCQ Centre Suisse de Contrôle de Qualité (French: Organisation for Quality Control of Medical Analysis; Switzerland) CSCQ China Soaring Crane Qigong CSCQ Conseil de la Santé Communautaire du Québec ) announced Tuesday that it has commenced operations of a 1,200 bed all cell Adult Prison in Crowley, Colo. The facility is the company's largest under management and brings its total bed count to over 9,100, a 115% increase for the year. The company will manage the facility under a management contract with the Dominion Venture Group. Dominion built and financed the facility and has finalized an agreement to house up to 700 inmates from the state of Colorado and 100 from an out-of-state jurisdiction. The facility's initial phase of 900 beds is completed and additional capacity of 300 beds is expected to be available by the second quarter of 1999. The facility has begun to accept Colorado inmates and Dominion and Correctional Services Corp. are in discussions with several other jurisdictions to fill the remaining beds upon availability. "This is a great opportunity for our company to provide needed services to the state of Colorado," stated James F. Slattery, 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. and president. "We believe this opportunity is a result of our demonstrated ability to manage multi-user facilities in a manner that addresses the particular needs and requirements of each sending agency." Correctional Services Corp. is a leading developer and manager of privatized correctional and detention facilities 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. . Through its three divisions; Adult, Juvenile, and Community Corrections the company provides a diverse range of programs and services to local, state, and federal governmental agencies. The company has 36 contracts to manage facilities in Colorado, Florida, New York Florida is the name of some places in the U.S. state of New York:
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. STATEMENT UNDER 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 This press release contains forward-looking statements involving various risks and uncertainties. Actual results could differ materially from those projected due to factors which may include population fluctuations, acquisition risks, market conditions, government funding and availability of financing. These and other risk factors are outlined in the reports filed by the company with the Securities and Exchange Commission. |
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