Correctional Services Corporation Announces Opening of Department of Homeland Security, South Texas Detention Complex; Contract
July 08 2005 - 8:43AM
Business Wire
Correctional Services Corporation (NASDAQ:CSCQ) announced today
that it has begun operations at its new 1020-bed South Texas
Detention Complex, receiving its first detainees this week. The
Company was awarded a contract to design, build, finance and
operate a regional detention complex for the Department of Homeland
Security, Immigration and Custom Enforcement ("ICE") last year. The
facility is now fully operational. The contract calls for fixed
monthly payments and is expected to generate revenues of
approximately $21.7 million annually. Commenting on the opening of
the facility, James F. Slattery stated, "This is an exciting
project for our company, one in which we were extremely pleased to
be awarded and very proud to be opening on time and on budget. We
look forward to working with ICE to provide the detention and
support services necessary to provide a safe and secure environment
while helping to reduce their overall operational cost." Safe
Harbor Statement Under The Private Securities Litigation Reform Act
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, as amended 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 facility closings, the ability to
achieve profitability and public resistance to privatization;
ability to obtain construction financing; and ability to complete
new construction projects within budgeted amounts. 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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