Correctional Services Corporation Finalizes Agreement to Operate Juvenile Detention Center.Business Editors SARASOTA, Fla.--(BUSINESS WIRE)--Dec. 7, 2000 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 it has entered into a contract with the City of Littlefield, Texas to operate the Bill Clayton Detention Center. The company has assumed operations from the City after a previous operator was unable to fulfill its obligations. The contract has an initial period of one year and four (4) one-year renewal options. The detention center is expected to house 120 juveniles placed by the Texas Youth Commission (TYC TYC Texas Youth Commission TYC Torneos Y Competencias (Argentina) TYC To Your Credit TYC Toronto Youth Cabinet (youth members of the Toronto City Council) TYC Teconnaught Youth Club (Ireland) ). The current population at the facility is approximately 90, and the company has developed a plan with TYC to increase the population to 120 within the next 90 days. The contract is expected, based on a 120-bed utilization, to generate approximately $4 million in revenue on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. In addition, the Company will have the opportunity to utilize an additional 32 short-term detention beds for surrounding counties. "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. that the City of Littlefield has chosen Correctional Services Corporation to assume the operations of this facility," 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. "The City's decision was based on our reputation for quality services and our strong working relationship with the Texas Youth Commission. Our company is recognized as a leader in providing effective services for Texas juveniles in our 10 juvenile facilities located throughout the State of Texas." Through its Youth Services International subsidiary, the Company is the nation's leading private provider of juvenile programs for adjudicated youths with 34 facilities and over 4,400 juveniles in its care. In addition, Correctional Services Corporation is a leading developer and operator of adult correctional facilities operating 16 facilities representing approximately 6,700 beds. On a combined basis, the company provides services in 20 states and Puerto Rico, representing approximately 11,000 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 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: occupancy levels; the renewal of contracts, the ability to secure new contracts; availability and cost of financing to redeem YSI's debentures and to expand our business; 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 the Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. as well as those set forth in the Company's joint proxy statement/prospectus, dated March 4, 1999 and those set forth in reports filed by the Company from time to time on Forms 10-Q and 8-K. The Company does not undertake any obligation to update any forward-looking statements. |
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