Correctional Services (NASDAQ:CSCQ)
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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.