Correctional Services Corp. Finalizes Contract to Operate 872 Bed Jail in Texas.SARASOTA, Fla.--(BUSINESS WIRE)--June 22, 1998-- Facility Represents the Largest Contract in the Company's History and Brings 1998 Bed Growth to Over 60% Correctional Services Corp. (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 NMS See NetWare Management System. :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 ) Monday announced it has signed a contract to operate a 872 bed facility in Newton County, Texas Newton County is the easternmost county in the U.S. state of Texas. In of 2000, its population was 15,072. Its county seat is Newton6. Newton county is named for John Newton, a veteran of the American Revolutionary War. Geography According to the U.S. . The company has taken over the management of the facility from a previous operator. The facility currently houses inmates from the State of Texas as well as other jurisdictions. The contract is the largest ever awarded to the company and shows the continued recognition of the company as a high quality provider of correctional services. The addition of this facility brings the company's total number of beds under contract to 7,017, an increase of over 60% since the beginning of this year. The contract was awarded under a competitive request for proposal. The company has finalized a five year management agreement with the County. "We have added more beds in the first half of 1998 than any other full year in the company's history," 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. "This growth has been generated in both our Adult and Juvenile Divisions. I believe our momentum can be attributed to our employees' determination to excel in all aspects of our business. I am very proud of the accomplishments of our business development team, recognizing that their success is predicated on quality operations in all our facilities." Correctional Services Corp. is a leading developer and manager of privatized correctional and detention facilities in the United States. 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 31 contracts to manage facilities in 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.
CONTACT: Correctional Services Corp., Sarasota
Ira Cotler, Executive Vice President-Finance
941/953-9199
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