Correctional Services Corp. Announces the Award to Its Subsidiary, Youth Services International, Inc. Three New Juvenile Contracts With Total Revenue of $30,000,000.Business Editors SARASOTA, Fla.--(BUSINESS WIRE)--Nov. 10, 2003 Correctional Services Corporation (Nasdaq: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 ) today announced the award of three new contracts to its juvenile subsidiary, Youth Services International, Inc. YSI YSI Yousendit (File Transfer Website) YSI Youth Science Institute YSI You Stupid Idiot was awarded a contract by the Georgia Department of Juvenile Justice A Department of Juvenile Justice is found in many places. Examples of such a department are:
YSI was also awarded two contracts from the Florida Department Florida is a department (departamento) of Uruguay. Population and Demographics As of the census of 2004, there were 68,181 people and 21,938 households in the department. The average household size was 3.1. For every 100 females, there were 100.4 males. of Juvenile Justice a 25-bed residential treatment program in Holt, Florida and an 18-bed S.T.O.P. Level 8 program in Milton, Florida. Both are expected to be fully operational by the end of the 4th quarter 2003. Both contracts have a 3-year base period with one 3-year option. The gross revenue for these programs over their full contract periods will be approximately $13M. Commenting on these contract awards 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. & President, stated, "We are very pleased that YSI was chosen by these two agencies as their preferred bidder to operate these important programs." Slattery further said, "I am very proud of the success our YSI team has achieved in our current Georgia and Florida programs and am confident we will attain the same level of excellence at these new programs." Also commenting on the awards, Jesse Williams, Senior Vice President, Operations for YSI who joined the company in July stated: "We have renewed our focus on quality operation and strong customer relations. I am very pleased that we were awarded these contracts and am confident other projects in our business opportunity pipeline will also be awarded to the Company." Through its Youth Services International subsidiary, the Company is the nation's leading private provider of juvenile programs for adjudicated youths with 20 facilities and 2,600 juveniles in its care. In addition, the Company is a leading developer and operator of adult correctional facilities operating 12 facilities representing approximately 4,500 beds. On a combined basis, the Company provides services in 15 states, representing approximately 7,100 beds including aftercare af·ter·care n. Follow-up care provided after a medical procedure or treatment program. aftercare the care and treatment of a convalescent patient, especially one that has undergone surgery. services. 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 Certain statements contained in this press release are not historical but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements regarding the expectations, beliefs, intentions or strategies regarding the future. The Company intends that all forward-looking statements be subject to the safe-harbor 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. These forward-looking statements reflect the Company's views as of the date they are made with respect to future events and financial performance, but are subject to many uncertainties and risks which could cause the actual results of the Company to differ materially from any future results expressed or implied by such forward-looking statements. Examples of such uncertainties and risks include, but are not limited to: fluctuations in occupancy levels and labor costs; the ability to secure both new contracts and the renewal of existing contracts; the ability to achieve profitability and public resistance to privatization privatization: see nationalization. privatization Transfer of government services or assets to the private sector. State-owned assets may be sold to private owners, or statutory restrictions on competition between privately and publicly owned . Additional risk factors include those discussed in reports filed by the Company from time to time on Forms 10-K, 10-Q and 8-K. The Company does not undertake any obligation to update any forward-looking statements. |
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