Correctional Services Corporation Announces Hiring of Thomas Rapone as Executive Vice President and Chief Operating Officer.Business Editors SARASOTA, Fla.--(BUSINESS WIRE)--March 4, 2002 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 hiring of Thomas C. Rapone as Executive Vice President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . Mr. Rapone replaces Michael Garretson who retired in January. Mr. Rapone will assume his duties April 15th and will be responsible for the day to day operation of the company. Mr. Rapone has spent the last 25 years serving in various capacities within the corrections' marketplace. Most recently, he was Vice President of Government Relations for a leading prison healthcare services firm. Prior to that position he was Chief Operating Officer of a private corrections/treatment firm with over 5000 individuals in its care. Mr. Rapone's experience also includes holding the positions of U.S. Marshal for Eastern District of Philadelphia, Commissioner of Corrections and Cabinet Secretary for Public Safety for the state of Massachusetts. "We are very excited to have Tom join our team," stated James F. Slattery 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. . "His combination of public and private sector corrections experience will greatly assist the Company as we reposition ourselves in the changing market in which we operate. His extensive knowledge of treatment programs will allow us to take advantage of the growing opportunities in this area." "I am looking forward to the opportunity to enhance the Company's business model and bring new opportunities for growth," stated Mr. Rapone. "Correctional Services Corporation has an excellent reputation and sound programs from which to build upon. I am anxious to assist Jim complete the Company's restructuring plan and position it for sold growth." Through its Youth Services International subsidiary, the Company is the nation's leading private provider of juvenile programs for adjudicated youths with 24 facilities and 3,800 juveniles in its care. In addition, the Company is a leading developer and operator of adult correctional facilities operating 11 facilities representing approximately 4,300 beds. On a combined basis, the Company provides services in 14 states and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. , representing approximately 8,100 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 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 Certain statements contained in this press release are not historical but are 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 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 successfully complete the asset sales and pay down debt, the possibility of unforeseen costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc facility closings, 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 10K, 10-Q and 8-K. The Company does not undertake any obligation to update any forward-looking statements. |
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