Correctional Services Corporation Begins To House Inmates In Beaumont Texas Jail; Facility Has Capacity of 500 Beds.SARASOTA, Fla.--(BUSINESS WIRE)--May 28, 1998--Correctional Services Corporation (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 ) today announced it has begun receiving inmates in the Jefferson County Detention Facility located in downtown Beaumont, Texas. The Company finalized an agreement to operate and manage the jail pursuant to the county's request for proposal process. The facility which has a capacity of 500 beds will be used to house inmates from the State of Texas and possibly other jurisdictions. The Company is operating the facility under a 5 year agreement (3 year base period plus 2 one year option periods) with the County. Upon full occupancy it is expected to generate approximately $7 million in annual revenue. "This facility further solidifies our base of business with and in the State of Texas" 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. "More and more counties are viewing our company as the partner of choice for the management of their local detention facilities. We believe our success in Jefferson County and elsewhere is a result of our commitment to provide the highest quality correctional services to our client agencies and our demonstrated ability to work in partnership with the local community." 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 29 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 Corporation, Sarasota
Ira Cotler, Executive Vice President-Finance
941/953-9199
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