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CCA EXTENDS TERM OF WARRANTS TO 1997

 NASHVILLE, Tenn., Aug. 31 /PRNewswire/ -- Corrections Corporation of America (NASDAQ-NMS: CCAX) today announced that its board of directors has extended the term of its outstanding warrant issue (NASDAQ-NMS: CCAXW) by one additional year.
 At its regular meeting on Monday, Aug. 30, board members authorized an extension of the expiration date for approximately 2,000,000 warrants to Sept. 14, 1997, from Sept. 14, 1996.
 CCA President Doctor R. Crants said: "Our stock price is largely unchanged from last year when we issued the warrants, despite the fact that the company's financial condition has shown substantial improvement. This one-year extension gives our warrant holders additional opportunity for the stock to fully reflect CCA's progress."
 CCA issued one warrant for every five shares of stock to shareholders of record Sept. 4, 1992. The warrants began trading on the NASDAQ National Market System on Sept. 14, 1992. Each warrant is convertible into one share of stock at a conversion price of $8.50.
 CCA manages prisons and other correctional institutions for governmental agencies. The company is the industry leader in private sector corrections with 8,687 beds in 21 facilities under contract in six U.S. states, Australia and the United Kingdom. CCA provides a full range of services that includes finance, design, construction, renovation and management of new or existing facilities.
 -0- 8/31/93
 /CONTACT: Peggy Wilson Lawrence of Corrections Corporation of America, 615-292-3100/
 (CCAX CCAXW)


CO: Corrections Corporation of America ST: Tennessee IN: SU:

CM -- CH001 -- 7398 08/31/93 10:01 EDT
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Publication:PR Newswire
Date:Aug 31, 1993
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