Kevin J. Foley Joins the Board of Trustees of Correctional Properties Trust
March 21 2005 - 5:16PM
PR Newswire (US)
Kevin J. Foley Joins the Board of Trustees of Correctional
Properties Trust PALM BEACH GARDENS, Fla., March 21
/PRNewswire-FirstCall/ -- Mr. Robert R. Veach, Jr., Chairman of the
Board of Trustees of Correctional Properties Trust (NYSE:CPV), a
real estate investment trust (REIT), today announced that Kevin J.
Foley was appointed to the Company's Board of Trustees, filling a
Class I trustee vacancy. His appointment to the board as an
independent trustee was effective March 17, 2005, at which time he
also was appointed to serve on the Board's Independent and
Investment Committees. Mr. Foley will serve as a Class I trustee
with a term expiring at the Company's 2005 annual meeting of
shareholders. Mr. Foley brings significant real estate and
government knowledge to the Company's board having served in the
Reagan/Bush and Bush/Quayle Administrations, and also the
Bush/Cheney campaigns. He has been president of The Foley Company,
a firm specializing in real estate development and investment since
1978. In addition, Mr. Foley has served on the U.S. Congressional
Awards Council and the U.S. Service Academies Selection Committee.
In Florida, he has served on the boards of St. Mary's Hospital
Foundation, the Children's Hospital at St. Mary's, and the Treasure
Coast Regional Planning Council. He has also served on the Palm
Beach County's Economic Council, Zoning Commission, and Criminal
Justice Commission. Mr. Foley, a Marine Corps veteran of Vietnam,
received a bachelor of science in economics and management from the
University of Dayton. President and CEO Charles R. Jones stated,
"Kevin has previously served as an independent director of our
subsidiary company, and I am pleased he has now joined our Board of
Trustees. His extensive government and political experience, along
with his real estate and land-use expertise will be a valuable
resource to the Company." Correctional Properties Trust, based in
Palm Beach Gardens, Florida, was formed in February 1998, to
capitalize on the growing trend toward privatization in the
corrections industry. Correctional Properties Trust is dedicated to
ownership of correctional facilities under long-term, triple-net
leases, which minimizes occupancy risk and development risk.
Correctional Properties Trust currently owns 12 correctional
facilities in nine states, all of which are leased, with an
aggregate initial design capacity of 6,856 beds. This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 regarding future
events and future performance of the Company that involve risks and
uncertainties that could materially affect actual results. Such
forward- looking statements are made pursuant to the "safe harbor"
provisions of the Private Securities Litigation Reform Act of 1995
and are qualified in their entirety by cautionary statements and
risk factors disclosure contained in certain of the Company's
Securities and Exchange Commission filings. For a description of
certain factors that could cause actual results to vary from
current expectations and forward-looking statements contained in
this press release, refer to documents that the Company files from
time to time with the Securities and Exchange Commission. Such
filings include the Company's Form 10-K for the fiscal year ended
December 31, 2004 and subsequent periodic reports. The Company
assumes no obligation to update or supplement forward- looking
statements that become untrue because of subsequent events.
CONTACT: Correctional Properties Trust Shareholder Services (561)
630-6336, or access Company information at
http://www.correctionalpropertiestrust.com/ DATASOURCE:
Correctional Properties Trust CONTACT: Correctional Properties
Trust Shareholder Services, +1-561-630-6336 Web site:
http://www.correctionalpropertiestrust.com/
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