Correctional Services Corporation Announces New 140 Bed Contract Award to Its Subsidiary, Youth Services International, Inc.Business Editors SARASOTA, Fla.--(BUSINESS WIRE)--Jan. 14, 2004 Contract Represents 5th New Contract Award in Last 3 Months 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 that its juvenile subsidiary, Youth Services International, Inc., was awarded a contract to operate the 140 bed Augusta Youth Development Center by the Georgia Department of Juvenile Justice A Department of Juvenile Justice is found in many places. Examples of such a department are:
The company will take over operations of the center located in Augusta, Georgia on February 15, 2004 and expects to be fully operational by the end of the second quarter 2004. The facility will consist of a 100 bed special needs/mental health program and 40 bed general population treatment program. The contract, including annual renewal options, is for just over 4 years and is expected to generate revenues of approximately $8 million annually and approximately $35 million over the life of the contract. Commenting on the contract award, James F. Slattery, President & 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. stated, "We are very excited about this new opportunity. We have successfully delivered quality services for at risk youth in Georgia for the past seven years and are looking forward to providing effective treatment, mental health and educational services that will positively impact the youth placed in our Augusta program." Slattery further stated: "I am very pleased we are kicking off the new year with this significant contract award and looking forward to additional opportunities throughout 2004. This award represents our 4th program in Georgia and the 5th new contract awarded to the company during the last 3 months." Also commenting on the contract award Jesse Williams
He finished fourth at the 2002 World Junior Championships and eighth at the 2006 World Athletics Final. , Senior Vice President for Youth Services International, stated, "I am very proud of the good work we are doing in Georgia and elsewhere. Our Georgia team is committed to making the Augusta Youth Development Center a model program that produces genuine life changing opportunities for the kids that participate in this program." 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 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, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. 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 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 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 10-K, 10-Q and 8-K. The Company does not undertake any obligation to update any forward-looking statements. |
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