The GEO Group Signs Contracts for 1,400 Modified Community Correctional Facility Beds in California

  The GEO Group Signs Contracts for 1,400 Modified Community Correctional
  Facility Beds in California

Business Wire

BOCA RATON, Fla. -- September 23, 2013

The GEO Group (NYSE:GEO) (“GEO”) announced today the signing of contracts with
the California Department of Corrections and Rehabilitation (the “Department”)
for the housing of 1,400 California inmates at the company-owned, 700-bed
Central Valley Modified Community Correctional Facility and the company-owned,
700-bed Desert View Modified Community Correctional Facility (the
“Facilities”) located in McFarland, California and Adelanto, California
respectively.

The contracts with the Department will be five years in length, and GEO
expects to begin the intake of inmates at the Facilities in the fourth quarter
of 2013. The Facilities are expected to generate approximately $30.7 million
in combined annualized revenues at full occupancy.

George C. Zoley, Chairman and CEO of GEO, said, “We are thankful for the
confidence placed in our company by the California Department of Corrections
and Rehabilitation. The reactivation of our Central Valley and Desert View
Modified Community Correctional Facilities will play an important role in
helping meet the need for correctional bed space in the State of California.
We look forward to our continued partnership with the Department and the
communities of McFarland and Adelanto.”

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 96 facilities totaling approximately 73,000 beds, including
projects under development, 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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