Correctional Services Corporation Finalizes Agreement to Operate 96 Bed Secure Juvenile Treatment Facility in Nevada.SARASOTA, Fla.--(BUSINESS WIRE)--Feb. 8, 1999-- Company Provides Update On Tallulah Correctional Center for Youths Correctional Services Corporation ("CSC") (Nasdaq 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 ) announced today that it has finalized a contract to operate a 96 bed secure juvenile treatment facility in Clark County, Nevada Clark County is a county located in the U.S. state of Nevada. It is the most populous county in Nevada (2006 population estimate 1,912,654), and contains the city of Las Vegas. . The facility is the first of its kind to be privatized in the state. The facility is expected to become operational in the second quarter of 2000 and will be owned by the State. The contract will have an initial period of 3 years with two (2) one year renewal options. Upon full occupancy, the contract is expected to generate approximately $4.2 million in annual revenue. The Company noted that this is its first project for the State of Nevada. The State visited a number of CSC facilities and worked with the Company to tailor a customized program for this project. "The Company continues to demonstrate a recognition by juvenile justice professionals of the quality of its programs and personnel", 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. "We are very proud of the leadership position we have established in the juvenile marketplace and expect this to only be enhanced upon completion of our merger with Youth Services International." Commenting on CSC's December 14, 1998 commencement of operations at the Tallulah Correctional Center for Youth, James Irving James K. Irving OC LL.D (b. 1928) is the eldest son of billionaire industrialist K.C. Irving. J.K., as he is normally referred to, along with his brothers, Arthur and Jack, share the ownership of what is known informally as the Irving Group of Companies. , Vice President-Juvenile Division, stated, "We have submitted our Corrective Action Plan to the State of Louisiana CODE, OF LOUISIANA. In 1822, Peter Derbigny, Edward Livingston, and Moreau Lislet, were selected by the legislature to revise and amend the civil code, and to add to it such laws still in force as were not included therein. . The State has removed all of their operating personnel from the facility and we have begun the implementation of our operating plan. The initial success of our transition team at Tallulah is a tribute to the depth and capabilities we have within our juvenile structure. I am confident we will be successful in demonstrating these capabilities through the corrective process". Correctional Services Corporation is a leading developer and manager of privatized correctional and detention facilities in the United States. The Company provides a diverse range of Adult and Juvenile programs and services to local, state, and federal governmental agencies. The Company has 38 contracts to manage facilities in twelve (12) states and Puerto Rico with an aggregate of 9,910 beds. 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 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. |
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