The GEO Group Closes Acquisition of 1,287-Bed Joe Corley Detention Center in Montgomery County, Texas

  The GEO Group Closes Acquisition of 1,287-Bed Joe Corley Detention Center in
  Montgomery County, Texas

Business Wire

BOCA RATON, Fla. -- June 7, 2013

The GEO Group (NYSE:GEO) (“GEO”) announced today the closing of its previously
announced acquisition of the 1,287-bed Joe Corley Detention Center (the
“Center”) in Montgomery County, Texas for approximately $65 million. The
Center was bought from Montgomery County. GEO financed the acquisition of the
Center with free cash flow and borrowings available under its senior revolving
credit facility.

The Center houses federal detainees for U.S. Immigration and Customs
Enforcement and the U.S. Marshals Service under an Intergovernmental Service
Agreement. GEO has been managing the Center since 2008 under a contract with
Montgomery County. The Center is expected to generate approximately $27
million in total annual revenues. The acquisition of the Center is expected to
generate returns consistent with GEO’s owned facilities.

George C. Zoley, Chairman and CEO of GEO, said, “We are pleased with this
important facility acquisition in Montgomery County and look forward to our
continued partnership.”

The GEO Group, Inc. (NYSE: GEO) is the first fully integrated equity real
estate investment trust specializing in the design, financing, development,
and operation of correctional, detention, and community reentry facilities
around the globe. GEO is the world's leading provider of diversified
correctional, detention, and community reentry services to government agencies
worldwide with operations in the United States, Australia, South Africa, and
the United Kingdom. GEO's worldwide operations include the ownership and/or
management of 95 facilities totaling approximately 72,000 beds with a growing
workforce of approximately 18,000 professionals.

This press release contains forward-looking statements regarding future events
and future performance of GEO that involve risks and uncertainties that could
materially affect actual results, including statements regarding estimated
earnings, revenues and costs and our ability to maintain growth and strengthen
contract relationships. Factors that could cause actual results to vary from
current expectations and forward-looking statements contained in this press
release include, but are not limited to: (1) GEO’s ability to successfully
pursue further growth and continue to enhance shareholder value; (2) GEO’s
ability to access the capital markets in the future on satisfactory terms or
at all; (3) risks associated with GEO’s ability to control operating costs
associated with contract start-ups; (4) GEO’s ability to timely open
facilities as planned, profitably manage such facilities and successfully
integrate such facilities into GEO’s operations without substantial costs; (5)
GEO’s ability to win management contracts for which it has submitted proposals
and to retain existing management contracts; (6) GEO’s ability to obtain
future financing on acceptable terms; (7) GEO’s ability to sustain
company-wide occupancy rates at its facilities; and (8) other factors
contained in GEO’s Securities and Exchange Commission filings, including the
forms 10-K, 10-Q and 8-K reports.

Contact:

The GEO Group, Inc.
Pablo E. Paez, 866-301-4436
Vice President, Corporate Relations
 
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