Correctional Properties Trust Elects George R. Wackenhut Honorary Chairman Emeritus of the Board of Trustees
September 17 2004 - 3:45PM
PR Newswire (US)
Correctional Properties Trust Elects George R. Wackenhut Honorary
Chairman Emeritus of the Board of Trustees PALM BEACH GARDENS,
Fla., Sept. 17 /PRNewswire-FirstCall/ -- Correctional Properties
Trust (NYSE:CPV), a real estate investment trust (REIT), announced
Mr. George R. Wackenhut was unanimously elected Honorary Chairman
Emeritus of the Board of Trustees at a special meeting held today.
Mr. Wackenhut has served as a trustee of the Company since its
formation in 1998, and in accepting his resignation, the Board
elected Mr. Wackenhut Honorary Chairman Emeritus to encourage his
continued involvement and participation in the Board's activities.
Charles R. Jones, President and CEO, stated, "Mr. Wackenhut has
provided the Board and the Company with insightful guidance and
thoughtful advice during his tenure. I am personally grateful to
him for the wisdom and knowledge he so graciously provided to me,
and I am very pleased by his appointment as Honorary Chairman
Emeritus." Mr. Wackenhut has been a leading entrepreneur and
pioneer in law enforcement and public and private security services
for more than 50 years. "I am very proud to be one of the many who
has had the pleasure of working with Mr. Wackenhut in his extensive
endeavors and have benefited greatly from his leadership and
foresight," said Robert R. Veach, Jr., Chairman of the Board of
Trustees. 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 14 correctional facilities in ten
states, all of which are leased, with an aggregate initial design
capacity of 8,008 beds. This press release contains forward-looking
statements regarding future events and future performance of the
Company that involve risks and uncertainties that could materially
affect actual results. This information is qualified in its
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, without
limitation, the Company's Form 10-K, Forms 10-Q, Registration
Statements on Form S-11 and S-3, and Form 8-K. 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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